The nonpartisan Congressional Budget Office recently warned that allowing tax hikes to take effect in January could plunge our already struggling economy back into recession. Despite this warning, Democrats have expressed their willingness to allow tax hikes to hit every American if Republicans will not back the president's plan to raise taxes on our nation's job creators. With 23 million Americans unemployed or underemployed, the last thing Congress should be doing is making it more difficult for businesses to create new jobs.
Despite 41 straight months of unemployment above 8 percent and the weakest economic recovery since World War II, President Obama has announced his intention of raising taxes on nearly 1 million of our nation's businesses. Now Senate Democrats are joining the president's effort and attempting to hold the economy hostage by announcing their determination to let taxes rise for every American if Republicans don't agree to tax hikes on our nation's job creators. With more than 23 million Americans out of a job or underemployed, raising taxes on our nation's job creators is the worst possible thing we can do for our economy.