Thom's blog - Friday December 10th, 2010

You need to know this. President Obama’s tax cut compromise was rejected by House Democrats in a near unanimous caucus vote yesterday. Without significant changes to the bill – it’s likely Speaker Pelosi will not bring the package to the floor anytime soon. Reacting to the rejection in the House – the Senate is preparing to take the first steps and schedule a vote as early as Monday. To gain more support among Democratic Senators – additional tax provisions were added to the legislation targeting clean energy investments like hybrid automobiles - energy efficient homes - and biodiesel fuel. But the measures likely won’t sway angry Democrats in the House who still want to see changes made in the proposed new estate tax - which amounts to $66 billion giveaway to millionaires and billionaires. Regardless of whether or not the bill passes – major Democratic donors have already lost faith in their President. And they plan on expressing their discontent by holding out on campaign funds in 2012. As big Republican donors plan on flooding super PACs with millions in special interest money for the next election – Democrats could face a real uphill battle if their wealthy supporters sit on the sidelines in two years.

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