As the details of the actual bill are coming out, it looks like Obama had a great day, Senate tax bill lures Democrats with sweeteners:
But in the face of loud resistance from Democrats, congressional leaders and the White House agreed to add some sweeteners, including the continuation of a federal tax break for mass transit users, an ethanol tax credit and a grant program for renewable energy developers....Charles Krauthammer also points to the bigger problem:
Senate Majority Leader Harry Reid (D-Nev.), in a statement Thursday, endorsed the plan for the first time.
In the deal struck this week, the president negotiated the biggest stimulus in American history, larger than his $814 billion 2009 stimulus package. It will pump a trillion borrowed Chinese dollars into the U.S. economy over the next two years - which just happen to be the two years of the run-up to the next presidential election. This is a defeat? ...I have a sinking feeling we wuz had.
At great cost that will have to be paid after this newest free lunch, the package will add as much as 1 percent to GDP and lower the unemployment rate by about 1.5 percentage points. That could easily be the difference between victory and defeat in 2012.
Obama is no fool. While getting Republicans to boost his own reelection chances, he gets them to make a mockery of their newfound, second-chance, post-Bush, Tea-Party, this-time-we're-serious persona of debt-averse fiscal responsibility.
Which is why by the time it comes to a vote, Democrats will line up behind Obama, claim that they are falling on their swords in the name of bipartisanship and the middle class, and any Republicans who oppose this bad deal will be the bad guys.
It's make-or-break week, and I think it's beginning to look like break.
I'm coming around to the view that this Congress needs to be shut down before it can do more damage. When the cavalry arrives on January 3, all these matters can be dealt with.
Update: The comments are way too sparse on this. Someone tell me I'm wrong. Please.
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