Time and again during his presidential campaign, Barack Obama was unequivocal: "We are going to roll back the Bush tax cuts for the wealthiest Americans." But when the chips were down, now-President Obama blinked and backed away.
Twice in less than nine months, Obama has shelved his pledge in deadline-pressing negotiations with congressional Republicans. Obama insists he still is determined to find new revenue by making taxpayers who make more than $200,000 and big corporations pay more, but frustrated liberals say he has already missed key opportunities.
Inaction on taxes and his willingness to consider structural changes to Medicare and Social Security, long-cherished Democratic programs, have strained relations with some Democratic lawmakers and liberal backers who complain Obama has been too willing to backtrack from his positions. The increasingly urgent twists and turns over raising the government's debt ceiling placed Obama's concessions in sharp relief.
"It's his wanting to be the reasonable guy and thinking this is the way to appeal to independent votes," said Lawrence Mishel, president of the labor-leaning Economic Policy Institute. "I think he's engaged in a fool's game that ultimately won't win him independent voters and will actually just hurt people and the economy."
