As reported in the Kansas City Star:
Democrat Barack Obama says he would delay rescinding President Bush's tax cuts on wealthy Americans if he becomes the next president and the economy is in a recession, suggesting such an increase would further hurt the economy.
Nevertheless, Obama has no plans to extend the Bush tax cuts beyond their expiration date, as Republican John McCain advocates. Instead, Obama wants to push for his promised tax cuts for the middle class, he said in a broadcast interview aired Sunday.
"Even if we're still in a recession, I'm going to go through with my tax cuts," Obama said. "That's my priority."
What about increasing taxes on the wealthy?
"I think we've got to take a look and see where the economy is. I mean, the economy is weak right now," Obama said on "This Week" on ABC. "The news with Freddie Mac and Fannie Mae, I think, along with the unemployment numbers, indicates that we're fragile."
So let's get this straight: Senator Obama planned to pay for his middle-class tax cuts by raising taxes on anyone making over $250,000/year. This, the Tax Policy Center tells us, would result in a $3.3 Trillion increase to the Federal deficit over the next decade--even without Obama's many new spending programs and healthcare promises.
Now, however, Obama still plans to cut taxes for the middle class, but without raising them on the wealthy, while pushing for an additional stimulus package and supporting the multi-billion-dollar bail-out of Freddie Mac and Fannie Mae, which means that (according to Treasury Secretary Henry Paulson):
Effectively, the federal government has now become the nation's mortgage lender....
This, is, of course, Change We Can Believe In.