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Monday, August 3, 2009

One of many promises hike for the middle class

Politicians rarely keep all their promises given the reality of situation, once they get in office, but to go back on the cornerstone of one's campaign is very problematic for Obama...As Bush 1. (George Hubert Walker Bush)saw with his infamous "no new taxes" quote, Obama may finally start to feel the fickleness of the American voter if he decides to raise income taxes (he has actually already raised taxes on the middle class with almost all of his programs thus far) in this tight economy. From the AP:

President Barack Obama's treasury secretary said Sunday he cannot rule out higher taxes to help tame an exploding budget deficit, and his chief economic adviser would not dismiss raising them on middle-class Americans as part of a health care overhaul....As the White House sought to balance campaign rhetoric with governing, officials appeared willing to extend unemployment benefits. With former Federal Reserve Chairman Alan Greenspan saying he is "pretty sure we've already seen the bottom" of the recession, Obama aides sought to defend the economic stimulus and calm a jittery public....Treasury Secretary Timothy Geithner and National Economic Council Director Larry Summers both sidestepped questions on Obama's intentions about taxes. Geithner said the White House was not ready to rule out a tax hike to lower the federal deficit; Summers said Obama's proposed health care overhaul needs funding from somewhere...."There is a lot that can happen over time," Summers said, adding that the administration believes "it is never a good idea to absolutely rule things out, no matter what."...During his presidential campaign, Obama repeatedly vowed "you will not see any of your taxes increase one single dime." But the simple reality remains that his ambitious overhaul of how Americans receive health care -- promised without increasing the federal deficit -- must be paid for.

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