Democrat Rep. Barney Frank, the chairman of the House Financial Services Committee, said Wednesday that he will not support the White House’s compromise with Republicans on tax cuts but predicted that the economic package will pass.
“No, I won’t vote for it. I don’t think that I should be coerced,” Frank said on MSNBC’s Andrea Mitchell Reports.
When asked if the deal is going to pass, Frank replied “I’m afraid that it is, yes”
The Massachusetts Democrat also dinged the White House for implying that progressive Democrats who are resisting the compromise have been engaging in “political theater” over an unviable position. “We ought to be able to have honest differences of opinion without those kinds of characterizations,” he said.
Watch the full interview here:
Visit msnbc.com for breaking news, world news, and news about the economy


Don't hold the vote until next year. Then, the majority of Dems can avoid voting for it, and the Repubs can vote for it, and make it pass. Then, the ad campaigns for 2012 can all feature the voting records of the parties. You know- who all voted FOR more deficits!
DBO - the tape from the Senate vote last Saturday should come in quite handy in 2012!
Anyone want some popcorn? lol
that's right drive by, let the house vote down the compromise this year and let it go into next. I mean really what do many of the house democrats have to lose, absolutely nothing, since many ain't coming back in 2011. What a perfect way to show that those who voted them out in November made the right choice.
I do give obama credit for his efforts at bipartisanship as that was one of his campaign points.
This is President Obama's deal, drive-by...
That's what most will remember.
Democrats will reap no benefit from opposing their own President on this.
drive by-postponing would cause a huge dive in the equities markets, wiping out additional 401k/IRA savings. only people that dont plan for their own retirement (have no self respect or any idea of self responcibility) would want that.
You DO know that if they don't vote on it this year, it automatically expires, don't you? If they put it off they will have to start over and come up with a whole new bill that gives tax cuts to the rich, and they will have enough votes to push it through. Then they can accuse the Dems of raising taxes on everyone by not voting on the extension, and the Repubs can take credit for cutting taxes when they pass their new tax cut bill. Either way, it's a loss for the Dems.
When asked if the deal is going to pass, Frank replied “I’m afraid that it is, yes”
Of course it will pass. But Saturday, when the Senate had their chance to do the right thing, they didn't. And when they had the chance to vote BEFORE the midterms as the President wanted, they didn't.
So we end up with get this crap. But by all means blame President Obama. Why not? No one wants to blame their own Senators for their selling out of the American people. ALL THEIR RED OR BLUE DOG SENATORS. OR JUST PLAIN COWARDS.
Just blame the President.
Pat,
Knowing that the dems could have taken care of this in the summer, but didn't. Why do you think it is crap?
Everyone knew that the tax cuts were going to happen. I will also agree, that I knew that unemployment was going to get extended, but I did not think that they would add another year, which means, that those who take advantage of it, and there are some, can sit at home for 3 full years now. And we don't have a single cut in the package. I think that compromise is the way government is suppose to work. I mean even your John Adams had to compromise with the Declaration of Independence to get it through the Continental Congress.
Of course I am not from Massachusetts, I only visit historical areas and leave quickly:0 And I think that the President did a good job with compromising, for a change.
And maybe you can tell me why Nancy is wanting to get a hold of someone's estate so bad after they die.
Pat,
You have it absolutely right. They punted before the mid-terms. Like they really believed that their hands would be strengthened and the Grand Obstructionist Party would break ranks with McConnell & Bonehead and they would miraculously find 60+ votes in the Senate? Unfortunately for all of us (rich excluded), me thinks they doth protest too much.
actually, it was the lib congress under bush that kept him from making the tax rates permenant (they are not tax cuts) had that been the case, more certainty would have enabled capitalism to likely have had us further out of the recession than we are now (in spite of the redistributionist laws passed by the last 3 year lib legislature)
btw, the libs ran all of congress for the last 3 years, and could have worked on this long before the 11th hour. they are like children, waiting until the day before to complete a work assignment.
but dont dispair, a few soldiers, elected by patriots will soon enter the house. in two years we will vote in additional soldiers, and restore the Republic.
Everyone knew the tax cuts were going to happen
I agree with you on this. I hate it, but I knew it wa coming. But some Dems are giving us the phony outrage over this legislation. I had two "arguments" this morning with two very liberal courtroom attorneys, of which I am not. And you know what? They ended up agreeing with me. I say argument in quotes because I'm not known as the most aggressive person in the world. I'm pretty quiet and reserved (except here of course). These two attorneys are v. aggressive. But they listened to me and what I thought happened. Not what everyone is saying. And I told them what's going on with DADT and the compromises that need to be made. Did they think that was okay?
Yes, of course they said. You have to compromise.
Yet when it comes to the President, he isn't allowed to compromise for some reason.
If you came here and visited John Adams' home, you would have been 3 minutes from my house. If you came here and visited Faneuil Hall, you would have been 3 minutes from my office. Next time you're here, I'll buy you a beer. And give you a tour. I love telling stories about the founding of our country (much to the chagrin of people driving in cars with me LOL) as I point out every historical everything. And it all began right outside my office window with the Tea Party in the Harbah.
Pat, I typically disagree with you on every issue on here, and am shocked at your last paragraph above.
Mitch, very good, I am glad someone else on this understands that The United States of America, is a Republic, not a Democracy.
thanks Texas. unfortunately, the revisionist redistributionists must always be reminded, not only a Republic, but also, a group of States United.
Keep Texas free, keep Texas strong. it is a beacon for Patriots round the country.
Pat,
I am a little tired of the Congressional Democrats blaming the President. They should have taken this up earlier, but nooooooo. And during the midterms, they were too busy running scared. Well here we are. Although the extension to the rich is a hard pill to swallow, this is more about the middle class and helping the unemployed. The President should do this, the President should that, blah, blah, blah. What about the congressional Democrats. Where is their responsibility? They did mind riding his coattails, but the minute the going gets rough, they run like like little girls. And the far-left liberals are calling for the President's head. Stop whining. He is systemically trying to work his way through. Knowing he did not have the votes why fight a losing battle. The only people who would get hurt is the middle class and where would all those fighting liberals be then. Blowing hot air while others suffered.
I am a proud Democrat. I'd also like to think I'm fairly pragmatic as well. Under the circumstances, this was the right thing to do.
As always, the President is the only adult in the room.
Let's hear it for the 43% of the voters in Barney Frank's liberal Democratic 4th Massachusetts Congressional District who had the sense to vote for his opponent.
Big Bear - You (and Michelle Bachmann) misunderstand the unemployment extension. It does not extend unemployment past 99 weeks for anyone, it preserves the 99 week limit. Here is the response to Michelle Bachmann's similar mistaken statement from the Huffington Post.
" It would preserve the 99 weeks by reauthorizing Emergency Unemployment Compensation and Extended Benefits programs, which together provide up to 73 weeks of benefits beyond the standard 26 funded by states."
Heartlight3, you are correct about the unemployment extension. Those that have already reached the 99 weeks, will not get an further benefits. The extension is for those whose benefits fall between 26 weeks and 99 weeks.
I am gonna bet you that when all is said and done, those at 99 weeks will get more unemployment time. They are not going to allow people who have been off 2 years without a job, not keep getting their checks.
I thought was one of the reasons they were extending it, so those whose time was up last week, could still claim unemployment. Because if their 99 weeks is up, then why the complaints about not getting unemployment anymore. JMO
I am amazed at how many progressives are feeling betrayed by President Obama. I was a Hillary supporter and was so angered that the progressives were saying she was too calcuating and triangled around things. I new Obama was the same as Clinton and that he was not an more liberal than Clinton. I think they should give him a brake he never called himself a progessive and alot of us progressive had wishful thinking. He is alot better than McCain or Palin would have been for our Country. I just wish he would stand up more against the Republicans and show some backbone. If he does not I am afraid he might just be the one term President the Republicans are hoping he is.
many believe the earliest progressive President was Teddy Rosevelt. back then it meant realizing that a minority voice/needs should never be put to a national vote. but also back then, people were being basically enslaved by monopolies, and worked under sweatshop/life threatening conditions.
libs should really use a different word besides progressives. libs are redistributionists. it is not the same thing. one is a label assigned to a republican President, the other is typically assigned to theives, rapists, and murderers.
Redistribution is what has been happening for the past 30 years.
I know plenty of unemployeed and lower income people, and I am willing to bet anyone, that they are to concerned with their own day to day lives to be concerned about the rich getting richer and the deficit. Now if something can be done to lift these people up now I am all for it. I'd like to know how many "Liberals and Progressives" have gone without the surety of employment, food on the table or a warm place to live. I appreciate their concern and advocating but the reality is after January when the new majority takes control the middle and lower classes aren't going to get a thing, so it's get the best deal now. Holding out on principle does not help the poor or the middle class.
The Democrats had a majority and couldn't sell good product. The elected officials blame Obama but they are just as responsible if not more so. The Senate voted 3 times last weekend for the "Obama Tax Package", the Democrats couldn't get the required 60 votes.
Exactly and very well put. Easier to blame the President than to take responsibility themselves.
I rather like how this is playing out. Boehner is on tape saying that he would vote for the tax cuts even if the bill did not contain cuts for the $250,000 and over crowd. The House forces the vote and Boehner votes no. Before he is Speaker of the House, he is on tape and on paper as a filthy liar.
The republicans refuse to do anything during this lame duck if they don't get their way on the tax cuts for those over $250,000. They hold the poor, middle class and unemployed hostage. The President compromises, gets a good deal, and the Republicans celebrate...oh...woops. The Republicans are celebrating adding $900 billion to the defecit! Just a couple of weeks ago they were crying about the unemployment extension being put on the defecit! Uh-oh. Theoretically, the "tea" party should be crapping their drawers...but are they? What are the tea-party candidates going to do when they are sworn in? Denouce their Speaker as a liar and a hypocrite? He betrayed them as well!! If they do not denounce him, then they have to display how powerless they actually are - and everything they ran on this year was the bull that most of us thought it was.
So...the Speaker-elect is a proven and documented liar and the republicans are, once again, spending like frat-boys - not caring how it's paid for, as long as they get their way. The tea party has to stand against the republican leadership or risk being completely emasculated....and all of this before they even get control of the House!!!
I think the President did just fine and the democrats have more political capital than they ever could have dreamed!!
shocked and disgusted - welcome to the world of politics, where every statement may have spin and every statement made is subject to change. One can posture on any subject but then change in the name of compromise or "for the common good". Politicians of all persuasions have done this for centuries
failure to pass will result in nosedive in equity markets, wiping out additional 401k/IRA savings. of course Barney (I didnt know my boyfriend was running a child prostitution ring out of my basement) Frank would appose it.
time to get rid of this filth, force him out like his FHLMC/FNMA buddy Dodd.
should make us all sick to our stomachs just to listen to this trash
This from the man that was one of the primary reasons for our economic problems with his socialist idea that everyman should own a home-whether or not they could afford one.No Money Down BARNEY is what we call him in NC.( and that is one one the NICEST things we call him). Lucky for him he was re-elected in a LIBERAL district in Mass..in NC, he could not be elected DOG CATCHER!!!
unfortunately, we would probably elect him here in delaware.
btw, has anyone seen the map of blue and red congressional districts. The most vociferous opponents are from safe urban seats. There are not too many dem reps who do notcome from either the east coast or left coast.
I thought Frank was pro-deficit!!!!!
Frank is typically one of the problems in this Country, certainly not part of any solution!!!!!!
This is just the first of many bills that Frank will not vote for. Stay tuned for January's ass kicking of the democrats.
Pat: It is Obama's fault. He allowed Pelosi and Reid to run this country without any input from him. He was to busy running the globe and having a grand old time. Now he is trying to take the bull by the horn and make something of his presidency. And the dems re-elected Pelosi to lead them in the House? What did they not understand about last months vote? It took the dems 30 million to get Reid re-elected in a state with 3 million people and a crazy person, Angle, almost beat him. What a great senate lead. He represents the state with the highest unemployment and foreclosures. You'd think Obama would have pushed for some more reasonable leadership in his on party. And darn if he's not going to take another 2 weeks off and goto Hawaii? He does not have a person there anymore. No-one in the state actually claims to know him. I just don't get it.
The current Making Work Pay tax credit provides $400 for a single person and $800 for a couple. It is a flat tax credit. In other words, whether you make $30,000/year or $100,00/year, the tax relief is exactly the same. Under the Making Work Pay credit, regardless of salary, if you get paid bi-weekly and you are single, you bring home $15.38 more per paycheck.
Now, notice how the payroll tax holiday scales up very nicely for the higher income earners.
If you earn $20,000/year, your bi-weekly paycheck will be exactly the same.
At $30,000/year, you will see an increase of $7.69 per paycheck.
At $40,000/year, you will see an increase of $15.38 per paycheck
At $50,000/year, you will see an increase of $23.08 per paycheck.
At $60,000/year, you will see an increase of $30.77 per paycheck.
You get the point. Essentially, the real effect of the tax holiday doubles for every $10,000/year that you earn. I tend to believe that there are probably a lot more people earning $40,000/year or less than there are those earning $50,000/year or more. And I would tend to think that those who are working, but earning $30,000 or less are probably a lot more cash strapped right now than those earning $50,000 or more. Is the message here that if you are broke and have trouble making your car payments or rent every month, you should go see a movie every couple of weeks?
By comparison, a two family household with two wage earners who both earn $100,000/year, the entire net gain per paycheck every two weeks would be somewhere in the neighborhood of $123 or so. This for people who already have a combined bi-weekly paycheck of about between $4600-5000 depending on how many kids there are, etc.
I am not bagging on rich people. I am just wondering what the overriding philosophy of this is and what exactly it is supposed to accomplish.
If it is supposed to be a stimulative measure, then it would make more sense to me to do something that affects a greater number of people in more meaningful ways in order to engender behavioral changes in the form of spending that they wouldn't ordinarily exhibit.
Removing all payroll tax from someone who earns $30,000 would result in a net increase of about $70/paycheck on a bi-weekly basis. That would undoubtedly result in increased spending from the vast number of people who earn less than that. This is basic math. If the benefits are basically meaningless to the majority of the people and gradually scale upward to the point that they never really become meaningful, then it has no impact on the society.
Basically, the one-third or so of the workforce that earns $30,000 a year or less will see such a meaningless year to year adjustment that their habits will not change at all.
keeping 70/pay bi-weekly, or keeping 140 a month, instead of giving it to the Fed to waste...sounds good to me.
Yah, but unfortunately, that isn't what is going to happen. That $70/bi-weekly figure assumes that someone earning $30,000/year is paying no payroll taxes at all. My point was that with the current plan, the amount of increase in take-home pay the $30,000 earner is going to get will be so minimal that there will be no real incentive to change spending behavior.
The figure for the $30,000 earner is likely to be in the range of $7.69/bi-weekly, which, while nice, I suppose, is certainly not the game changer that many seem to hope it will be.
Hence the stimulative effect of this, assuming that there is supposed to be some sort of stimulative effect, will be similarly minimal since you aren't really affecting the people whose behavior really needs to be affected in this economy.
Look at at it this way, if you have 20 people who are trying to build a house, you don't give the most nails to the 2 people who already have nail guns and don't give any at all to the 10 who have broken down old hammers and a smattering to remaining ones who have better hammers in various states of repair and expect that house to go up any faster.
If you really want to change how fast the house goes up, you make sure all 20 people the right hammers and nails to do the job, even if they have to do it by hand and don't have nail guns.
i understood your point, and appreciate your artfull explanation. unfortunately, i am a simple guy. basically: we cant let these pigs get any more money, as they will only find new ways to spend it.
Sure you give more nails to the ones with the nail guns than the ones with the broken hammers. The guys with the nail guns will put more useful nails in while the ones with broken hammers will waste good nails by bending them all out of shape. If you take away the nail guns from the ones that have them and give all 20 people better hammers, the job takes longer and you may run out of money for nails because you spent too much buying better hammers for everyone.
Make work pay credit phases out depending on income level.
Few individual members of Congress are more responsible for last month's resounding rejection of the Democratic Party than Barney Frank is...and thus, few are more responsible for the political environment that President Obama is forced to deal with.
Barney Frank is a coward and a turncoat.
He represents the worst that the Democratic Party has to offer.
Welcome to the new 'Party of NO' :)
Hear, hear, lance...
Will the Democratic Party really reject the President?
Were it any other party, any other time...I'd say no.
But, these are Democrats...
All bets are off.
When was the last time anyone was hired by someone who didn't own a business? Those are the so-called rich that would be taxed. Why would you want to take money from those that produce (hiring, investing) and give it to the government to spend (Post office, health care - Medicare)? The rich vs. poor thing is a political ruse to get you to not focus on the real issue. Cutting taxes isn't the government giving taxpayers money; it's the government not taking any more of YOUR money. Wise up America! The more money we send to Washington, the more power and influence they have over the population. This isn't a Democrat vs. Republican thing. It's an American principle; small government; more influential local entities (state, county, township). The more taxes the Feds collect, the LESS incentive they have to cut their budgets and reduce the overspending.
I was hired by a corporate manager - so I guess I was hired by someone who doesn't own a business. The people who will benenfit most will be the Wall Street Execs looking to bonus $144 Billion for driving the economy into the ditch. Where are all the jobs they create with their wealth?
Another one that should have gotten the boot, he must come from a state without newspapers and TV so they don't hear what goes on while he is in office. Then again some vote as the elders or friends tell them to, how said.
Both parties just continue to hand things to the people in order to get elected or re-elected. The Democrats want to continue to give people things with no way to pay for it and the Republicans want to continue to ignore that we need tax increases (and not just on the "wealthy") just to pay for what we already have. Medicare alone is running at a 150 billion dollar a year deficit. Medicare, Medicaid, Social Security and Welfare alone (direct entitlement programs ) account for over 50% of the entire budget, and its only going to get worse. But no one is going to tell the American people that its unaffordable, even though it is. So what do we do? We reduce the social security tax next year by 2% when the bipartisan commission and every actuary who has ever looked at it says we need increases in taxes and cuts in benefits to avoid disaster in 20 years. I am glad I am 53; this country is headed for total financial ruin until both parties tell the truth---we are cutting back on entitlement programs AND we are raising taxes just to try and close the gap. What do you think the likelihood is of that happening?
And we won't vote for gay marriages either then. There. ANOTHER stalemate brought to you by the idiot Democrats.
Frank won't because he has his head lodged where many guys have been before!
i have asked this over and over, and no lib will ever explain:
why dont the libs just recalculate all their post clinton returns based on clinton tax rates, and donate the money to the treasury?
huh libs? huh?
I'm ging to guess a thousand dolars to my family represents a hell of a lot more than $10,000 does to a millionaire's family. I could be wrong of cours.
Or not. I'll put in an extra $1,000 if everyone making over a million puts in $10,000. Who'd be with me.
OR- I could save my thousand, and buy typing lessons.....It's probably cost that much.
Ummm Mitch, because the Libs are about redistributing YOUR wealth, not theirs ...
Well, I think Obama did the right thing and while I am no fan of his politics, I do support compromise. No one is happy with the deal and that is the point in compromise, no-one gets exactly what he or she wants. I hope President Obama realizes how fickle the left is and moves over to those who are moderate. Nancy Pelosi has been further exposed and I do hope that the President takes back the reins of the country away from Pelosi and Reid but particularly Pelosi. While I realize after January she will no longer be the speaker of the house, she has had WAYYYYYY too much power and influence. I hope President Obama sees that clearly now.
he didnt have to comprimise, the libs run the presidency and both houses of congress till the patriot soldiers are seated in January.
The pole smoker has spoken, who cares what he has to say?
The tea party is watching this..... anyone who votes for this will have a tea party funded candidate running against them and they will out spend you ... and unseat you !
guess Barney (never met a boy he didnt like) Frank doesnt know DADT is still in effect!
Typical Barney Fife, er Frank, wouldn't tolerate any attempt to provide input when he was wrongfully in a position of power but now that his input is not wanted or even relevant, he has a hissy ft. Well Barney, you jammed us on a health care bill you probably still have not read, it was your committee that contributed to the economic meltdown and you aren't even man enough to man-up to it, and now you're complaining about not being able to raise taxes. Barney, if you don't like the way things are - don't run for re-election.
Can't this loser shut his pie-hole? Nobody cares about his opinion except the losers who voted for him.
Pat,
Absolutely correct. When Congressional Democrats had the chance they blew, and now they are whining because the President had to make a deal. The tax breaks for the rich suck, but the middle class got a lot out of it and those who depend on that unemployment as a lifeline. This was not a time to support gridlock because the middle class would be hurt