Ga. Dems split on tax deal

Sanford Bishop plans to vote for the compromise.

A political firestorm has erupted among Democrats since President Obama announced a deal with Republicans to extend the low Bush-era tax rates. It seems possible that President Obama negotiated without the input of Democratic congressional leaders, expecting them to follow his lead.

Lame duck House Speaker Nancy Pelosi is unhappy with several provisions and has not committed to pushing the bill through the House. Senate Majority Leader Harry Reid said the compromise was “something that’s not done yet. We’re going to have to do some more work.” This indicates that left-wing Democrats may hold the compromise hostage (to use President Obama’s metaphor) to extract more concessions from the Republicans.

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The looming Obama tax increases

Will the Bush tax cuts soon be the Obama tax increases?

There has been much talk recently of extending the Bush tax cuts. These tax cuts were passed during President Bush’s administration in 2001 and 2003 to fight the recessions that resulted from the tech stock bubble and the 9/11 terror attacks. To get the votes needed to pass the tax cuts, an expiration date of December 31, 2010 was written into the law.

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