Obama taking heat from democrats on Bush tax cuts for wealthy

President Obama is feeling the heat for taking a compromise deal from republicans that extend the Bush tax cuts to the wealthiest Americans.  House Speaker Nancy Pelosi is not happy with the deal and the democratic base is outraged by the Obama surrender.

Bloomberg reports Rep. Nancy Pelosi, “criticized the elements of the plan demanded by Republicans, including extending the top tax rates and the estate tax, while stopping short of saying she’ll urge House Democrats to reject the deal.” She added, “Republicans have held the middle class hostage for provisions that benefit only the wealthiest 3 percent, do not create jobs, and add tens of billions of dollars to the deficit.”

In a statement on Monday, President Obama expressed his concern over fears that if he did not go along with the all-or-nothing republican proposal that all of the tax cuts would have expired at the end of this year and that would unfairly punish the struggling middle class with a tax hike.

President Obama called the compromise the only way to avoid “collateral damage for political warfare here in Washington,” and expressed his displeasure with Republicans for forcing his hand “regardless of the cost of impact on the deficit,” he said in televised remarks.

The extension of the Bush tax cuts for the wealthy will put an extra $104,000 into the pockets of millionaires and add $800 billion to the federal deficit, according to reports.