Watch LIVE

‘Don’t raise taxes in a recession,’ says… Barack Obama

News

Lick your finger and stick it high in the air. You feel that? The political winds in Washington are a' changin. Cue a major shift in policy rhetoric from President Obama:

Drawing a bright line with congressional Republicans, President Barack Obama is proposing $1.5 trillion in new tax revenue as part of his long-term deficit reduction plan, according to senior administration officials.

[...]

Key features of the proposal:

$1.5 trillion in new revenue, which would include about $800 billion realized over 10 years from repealing the Bush-era tax rates for couples making more than $250,000. It also would place limits on deductions for wealthy filers and end certain corporate loopholes and subsidies for oil and gas companies.

So less than one year after insisting that the Bush-era tax cuts must stand, Obama wants to ditch 'em.  What happened the president who agreed that raising taxes during a recession is a bad idea? Surely NBC News' Chuck Todd remembers this exchange in August 2009:

Of course, Obama's position in 2009 was opposite of the stance he took the previous year as then-Senator Obama running for office insisting he'd raise taxes, "no doubt about it."

Most recent
All Articles