Remember when the Democrats were braying, only days ago, of how Republicans were hurting the unemployed by holding up the tax bill until ALL Americans were assured their taxes wouldn't increase? Nancy Pelosi and the Democrats have shelved the compromise bill that Republicans worked out with President Obama. The problem is that this is now going to send businesses into a bit of a panic, as well as untold numbers of the unemployed who are stressing over whether their unemployment benefits are going to be extended in a job shrinking economy. Just when it appeared that businesses could breath a sigh of relief at not having taxes increase on January 1, the House Dems have iced the bill. This may in fact turn out to be a godsend for Republicans, as the compromise that the GOP leadership worked out wasn't that great to begin with. In its current form, the tax rates are only maintained at current levels for 2 years, set to expire just in time for the 2012 Presidential election. This would be a ready-made wedge issue for Democrats to play the class warfare card. If the Republican Leaders are wise (which I'm not convinced they are), they can try to lock in the current rates for at least 5 years, taking that issue off the table for 2012. - Brian
Pelosi pledges to win changes as House Dems reject tax-cut deal
By Mike Lillis and
Russell Berman - 12/09/10 11:45 AM ET
The House Democratic Caucus on Thursday rejected the tax deal negotiated between the White House and Senate Republicans.
The non-binding vote of the caucus held during a closed-door meeting puts tremendous pressure on House leaders to win changes to the proposal.
House Speaker Nancy Pelosi (D-Calif.) issued a brief statement after the vote indicating that lower-chamber Democrats will fight to alter the bill.
"We will continue discussions with the President and our Democratic and Republican colleagues in the days ahead to improve the proposal before it comes to the House floor for a vote," Pelosi said.
“Democratic priorities remain clear: to provide a tax cut for working families, to create jobs and economic growth, to assist millions of our fellow Americans who have lost their jobs through no fault of their own, and to do this in a fiscally sound way.”
READ MORE HERE h/t to The Hill
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