Obama tax cuts to pass, experts agree
President Barack Obama’s tax deal with Republicans will likely win grudging passage in the Congress, backers and critics agreed yesterday, after Obama clashed with liberals in his own party who branded it a giveaway to the rich.
White House adviser David Axelrod said he believed the House of Representatives would approve the sweeping package without significant changes, despite loud complaints from liberal Democrats that Obama conceded too much to Republicans.
The Senate is expected to pass it early this week, then send it to the House for consideration.
“We believe that when it comes back to the House, that we will get a vote and it will prevail there,” Axelrod said on CNN’s “State of the Union.”
Obama’s $856 billion tax deal, struck after Republicans made major gains in November congressional elections, extends all tax cuts passed under the Republican administration of former President George W. Bush, including those for wealthier Americans, that are set to expire on Jan. 1.
Democrats had hoped to allow tax rates to rise for the wealthiest 2 percent of U.S. households to avoid increasing the country’s record-high deficit, and were particularly angered by what they see as an excessively generous tax rate for wealthy estates.