WHICH IS WHAT VOTERS WANT BUT NOT WHAT THE LEFT EXPECTS:

What Will President Obama Do? (Howard Gleckman, 05 Nov 2008, TaxVox)

Economic Stimulus: Congress will not enact a stimulus plan in a lame duck session, but it will set the stage for big tax cuts and spending hikes in the first weeks of the Obama Administration. The measure could include many of the tax credits he proposed in the campaign, as well as costly new alternative energy subsidies he favored. Obama could quickly name a Treasury Secretary so his nominee can work with current Treasury boss Hank Paulson to address the ongoing financial market crisis. Reregulation will be another tough issue that will sap a lot of his administration's vigor.

Tax hikes on the wealthy: They are not going to happen as long as the economy is in a slump. Obama may try for these rate increases in 2010, but not in 2009.

Health Reform: For at least a month, Obama operatives have been quietly passing the word: There will be no major reform of the health insurance system in a first Obama Administration. Instead, the new president will focus on expanding SCHIP, the health program for low-income children, and pushing incentives to encourage hospitals and doctors to adopt information technology.

Climate Change: Forget about cap and trade—the critical effort to raise prices to discourage the use of fossil fuels. It won’t happen in a slumping economy.

Deficit Reduction: Off the table.

Ted Kennedy isn't likely to leave the UR any choice about major health care reform, particularly since he's getting input from industry and Republicans on his bill. It'll be a proposal to which the new president can't say, "no."

Posted by Orrin Judd at November 5, 2008 11:36 AM