Chris Good recently published a new article Will Democrats Buy the Deal? on Atlantic on December 7, 2010.
Although congressional aides said their Democratic leaders like much of the proposed package, they still weren't sure they could sell it to their members Tuesday. Among their objections: extending the tax cuts for incomes of more than $250,000 a year and letting the estate tax revert to a lower rate, aides said. Sen. Harry Reid, D-Nev., his party's leader in the Senate, reacted coolly to the plan. "Now that the President has outlined his proposal, Senator Reid plans on discussing it with his caucus tomorrow," his spokesman said in a statement. In the Senate, liberals led by Sen. Charles Schumer, D-N.Y., have been adamant that they don't want to extend tax cuts for the rich. Though they fell short of blocking such an extension Saturday, they have more than enough votes to launch a filibuster to block the new deal. The numbers are easier in the House -- Democrats control 255 of the 435 seats. But the House tends to be a more liberal-dominated chamber, and House Speaker Nancy Pelosi, D-Calif., has been adamant that she doesn't want cuts extended for the wealthy.
Although congressional aides said their Democratic leaders like much of the proposed package, they still weren't sure they could sell it to their members Tuesday. Among their objections: extending the tax cuts for incomes of more than $250,000 a year and letting the estate tax revert to a lower rate, aides said. Sen. Harry Reid, D-Nev., his party's leader in the Senate, reacted coolly to the plan. "Now that the President has outlined his proposal, Senator Reid plans on discussing it with his caucus tomorrow," his spokesman said in a statement. In the Senate, liberals led by Sen. Charles Schumer, D-N.Y., have been adamant that they don't want to extend tax cuts for the rich. Though they fell short of blocking such an extension Saturday, they have more than enough votes to launch a filibuster to block the new deal. The numbers are easier in the House -- Democrats control 255 of the 435 seats. But the House tends to be a more liberal-dominated chamber, and House Speaker Nancy Pelosi, D-Calif., has been adamant that she doesn't want cuts extended for the wealthy.
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Posted by Yi Song, Associate Editor, Wealth Strategies Journal.
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