Blue Dog Democrats Buck Pelosi, Obama on Tax Cuts

Moderate Democrats in the House have joined House Republicans, Senate Republicans, and moderate Democratic senators in calling for a full extension of the Bush tax cuts (or Obama tax cuts, if you must):

"While those in the highest income brackets comprise only 2% to 3% of American
taxpayers, economists estimate that they are responsible for 25% of national
consumer spending," states a draft of the letter obtained by Washington Wire.

"As 70% of our economy is driven by consumer spending, this is not the time to
jeopardize further growth," they lawmakers write.

Read the full story at WSJ.

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Derek Thompson is a senior editor at The Atlantic, where he writes about economics, labor markets, and the entertainment business.

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