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TheStreet Open House

Even Dem Foes Of Tax Cut Plan See It Passing Soon

HOPE YEN

WASHINGTON (AP) â¿¿ The White House expressed confidence Sunday that President Barack Obama's deal with Republicans will pass by year's end, averting a Jan. 1 increase in income taxes for nearly all Americans, even the highest earners. In a sign of fading resistance, a Democratic leader said the lame-duck House will try to make changes, but won't block the bill.

Ahead of a test vote in the Senate on Monday, Obama adviser David Axelrod predicted the president's compromise deal would win out despite a tougher sell in the House. Majority Democrats, who lose control of the House to Republicans in January, voted last week not to allow it to reach the floor without changes to scale back relief for wealthy estates.

The package also would renew a program of jobless benefits for the long-term unemployed that is due to lapse within days and put in place a one-year cut in Social Security taxes.

"We believe that when it comes back to the House, that we will get a vote, and that we'll prevail there, because at the end of the day, no one wants to see taxes go up on 150 million Americans" on New Year's Day, Axelrod said. "No one wants to see 2 million people lose their unemployment insurance, and everybody understands what it would mean for the economy if we don't get this done."

Axelrod said he didn't foresee "major changes" in the House to the compromise.

Maryland Rep. Chris Van Hollen, a member of the Democratic leadership who represented the House in negotiations with the administration, made clear that Democrats strongly object to extending breaks to estates as large as $5 million. He said the package will be taken up in the House in some form, but there would be an effort to change the estate tax provision.

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