Pressure is building on the Obama administration from both the left and the right to extend the Bush tax cuts as a way of not making the economic situation worse during a strong recession. On Thursday, centrist Democratic Sen. Ben Nelson of Nebraska said that he supports extending all of the Bush cuts until the economic recovery is fully underway, according to
The Hill. This follows similar statements of support earlier this week from other prominent Democrats and Republicans as well as a New York Times column by Obama’s former budget director, Peter Orszag.
"I support extending all of the expiring tax cuts until Nebraska’s and the nation’s economy is in better shape, and perhaps longer, because raising taxes in a weak economy could impair recovery," Nelson said in a statement Thursday.
Still, Obama is becoming absolutely intransigent on the issue. He has repeatedly refrained from promising he will veto legislation that extends tax cuts not only for the middle class, but also for individuals with incomes above $200,000 and families with incomes above $250,000. But he has been staunch in his opposition to extending the cuts.
Many small business owners have spoken out against ending the cuts. Some has said that ending the cuts will amount to a tax increase of at least 10 percent to their bottom line in the midst of a recession. That affects crucial decisions on hiring and buying equipment, which of course stimulates the economy.
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