The Looming Flip-Flop

Matt Cooper on Obama's economic predicament:

My bet is that he's going to have to modify his plans slightly. Whatever majority he garners should he win, it's not going to be one that's eager to hike taxes. Bill Clinton had almost 60 Senate Democrats in 1993 and barely got his tax hikes through. I'm not sure it's going to be that much easier this time, even with a bevy of Democrats. Of course, Obama just has to let the Bush tax cuts expire, but since he wants to keep them in place for lower-income workers, he still has to pass something. Watch for the top tax rate to go up a tad, but any increase in capital gains taxes are a harder sell. There's going to be too much market volatility and too much organized interest against those hikes.