Obama's Bid to Beat the Deficit: Tax the Rich
THE AUSTRALIAN: BARACK Obama has set the scene for an ideological battle in next year's presidential election, announcing tax increases for the wealthy.

The proposed hike is part of his plan to reduce the federal budget deficit by $US4 trillion ($3.8 trillion) over 12 years.

In a break from his conciliatory style, Mr Obama has ripped into his Republican opponents for trying to put the burden of deficit reduction on the poor and elderly while continuing to cushion the wealthy.

The President announced a broad plan for reducing the US budget deficit yesterday, including cuts to government health programs and defence spending.

But he raised Republican hackles by refusing point blank to extend tax cuts introduced by the Bush administration for people earning more than $US250,000 a year.

Mr Obama said he had agreed to renew the tax cuts for high-income earners once, as part of a deal with Republicans to guarantee cuts for the middle class. "I refuse to renew them again," he said. » | Brad Norington, Washington Correspondent | The Australian | Friday, April 15, 2011

US Economy in Deep Hole

Barack Obama Gives Way to Republicans Over Bush Tax Cuts
THE GUARDIAN: Allies say president 'blackmailed' into extending tax cut for wealthier Americans which may cost $4tn in lost revenue

Barack Obama talks with the Republican whip Eric Cantor after a meeting with bipartisan congressional leadership. Photograph: The Guardian
Barack Obama is bowing to Republican demands to extend a deep tax cut for wealthier Americans, to the fury of some of the president's allies who say he has succumbed to "blackmail".

In a bruising political battle that appears to set the tone for Obama's dealings with the Republicans in Congress following their victories in last month's midterm elections, the president had sought to extend a tax cut for middle-class Americans introduced by the Bush administration seven years ago which expires at the end of this month. But he wanted to see a return to pre-cut rates for households with an income above $250,000 a year, on the grounds that wealthier Americans could afford to pay more. The move would generate trillions of dollars for the financially-strapped treasury over the next decade.

The Democratic leadership believed that provided the middle class was looked after, the Republicans would find it difficult to justify tax cuts for the wealthy. The House of Representatives, still controlled by Democrats until the new Congress is sworn in next month, passed Obama's plan by a clear majority last week. But Republicans blocked the legislation in the Senate at the weekend and said they would rather see everyone's taxes rise than agree to scrapping the cuts for the wealthy.

Some Democrats called on Obama to stand firm and let the Republicans carry the blame for the inevitable middle-class backlash. But leading Democrats say the president is backing down and has agreed to extend tax cuts for everyone. In return, the White House appears to have extracted an agreement to extend benefits for the long-term unemployed. >>> Chris McGreal in Washington | Tuesday, December 07, 2010

Will Sarah Palin Become The Next U.S President

The rumors are taking a hype after the recent comment by Sarah Palin to Barabara Walters,who is an American Journalist, that she could beat Obama in 2012. Many questions are arising on her role in 2012 elections, some of the people think Sara is going to run for Presidency in the next elections. But Sarah can really do it what she believes she will do?



After the recent defeat at mid-term elections, the people of America must be expecting some change soon and this new face could be Sarah Palin. In her recent interview, she accepted that she is in the discussion with her family about this matter and soon she will come out with a determined decision about his run for president in 2012.



Let's see who's gonna accept the former super-model as a super-president..



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