Momentum builds for extending all of President Bush's tax cuts

Funny how "reasonable" Democrats become when it's only 8 weeks from facing the electorate.

Momentum built Thursday for extending all of the Bush-era tax cuts after President Obama avoided a veto threat and a key Senate Democrat voiced support for the extension.

Sen. Ben Nelson (Neb.), a centrist who has been a key vote on several Obama administration initiatives, said Thursday he supports extending all of the George W. Bush-era tax cuts until the economic recovery has taken root. Raising taxes on wealthier taxpayers could hurt the economy, he said.

"I support extending all of the expiring tax cuts until Nebraska’s and the nation’s economy is in better shape, and perhaps longer, because raising taxes in a weak economy could impair recovery," Nelson said in a statement Thursday.

Earlier in the day, Obama refrained from promising to veto legislation that extends tax cuts not only for the middle class, but also for individuals with incomes of more than $200,000 and families with incomes of more than $250,000.