Mr. Obama keeps attacking Republicans for refusing to pass his latest stimulus-spending splurge. He seems to have forgotten that less than two years ago the GOP won a landslide midterm election by promising voters they would end the avalanche of spending and debt.
The only jobs plan that has any chance of passing the House and Senate before
the election is a bill to cancel all tax increases in 2013. With White House
support, this would fly through the House and Senate and eliminate one major
antigrowth headwind, as even some Keynesian economists and the Congressional
Budget Office are telling the President.
The dilemma for the White House is that calling off next year's tax increase
would undercut Mr. Obama's re-election theme of redistributing income. His
liberal base has become so obsessed with the politics of envy that it is
demanding higher taxes no matter the economic or political costs.
The question for Senate Democrats is whether they want to jeopardize their
personal futures, and their majority, by jumping off the same tax cliff. With
the House poised to pass an extension of the tax rates for at least one year,
Senate Democrats have to decide if they want to vote before Election Day to
wallop an already weak economy with a giant tax increase.