In a press conference yesterday, President Obama reaffirmed his commitment to the current deal on tax cuts that has been reached between the White House and Republicans in Congress. If passed, the compromise would extend Bush-era tax cuts for two years, including those for the wealthiest households. It would also extend unemployment benefits for 13 more months and give businesses a major tax break. Economists say the deal would add $900 billion to the deficit over the next two years.
President Obama has already received strong opposition from members of his own party who believe the President is compromising too easily with Republicans. We talk with Rep. Chris Van Hollen (D-Md.), a member of the Democratic leadership who has come out in opposition to the deal.
Van Hollen was one of the Democratic negotiators with the White House and Republicans to find a compromise on tax cuts. He is also the incoming ranking Democrat on the Budget Committee.
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