Barack Obama recently unveiled a proposal which would include $300 Billion in tax cuts, due to the economic conditions in the U.S., and it looks like Pelosi isn't a happy camper about Obama wavering on repealing the Bush tax cuts for the wealthy.
Now Pelosi is publicly urging Obama to honor his campaign promises which would increase the taxes on the wealthy.
House Speaker Nancy Pelosi (D-Calif.) is urging the incoming Obama administration to stick to its campaign pledge and immediately increase taxes on the wealthiest Americans, a position that President-elect Barack Obama has wavered on since winning election.
Pelosi told reporters today that she "couldn't be more clear" in opposing some Obama advisers' wish to wait for the tax cuts on the highest income earners to expire in two years, as they are set to do under current law. "Put me down as clearly as you possibly can as one who wants to have those tax cuts for the wealthiest in America repealed," she said.
Obama has decided to hedge his bets on this one and will not make a firm commitment and in an interview with CNBC Wednesday night, he said "I'm not prepared to make a hard and fast commitment.... What I've said is that I'm less concerned about whether it happens this year or next year. More concerned with the basic principle that we've got to restore balance and fairness to the tax system."
Immediately raising taxes on the very people that are keeping our economy running, even by a thread, is not exactly the smartest move and it seems that Obama is fast learning that reality while Pelosi is trying to pressure him into doing what she thinks is best.
Even Senator Richard Durbin, number two Democrat in the Senate seems to "get it" as his statement implies when he says, "The president-elect [Obama] believes this may not be the moment. I agree with her [Pelosi] in principal, but I disagree with her on timing."
Durbin admits that the odds of an immediate repeal are slim to nothing.
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