Obama needs to be recalled. Not a single major campaign promise has been left unbroken. The last to fall is the tax on the middle class. What a jerk.

Editor's notes: Now, he is going to tax our mortgage interest. Our mortgage - the wife and I - is a 6% loan and we pay $7000 in annualized interest. Obama promised "not one dime" of taxes would be assessed to folks earning under $250,000 a year - we earn far less than half that amount. We are retired and live off our retirement funds. This little Obama lie will cost us $2,000 a year - to help pay for a program that was going to reduce our national debt by a trillion dollars. --- jds.

From The Hill – The popular tax break for mortgage interest, once considered untouchable, is falling under the scrutiny of policymakers and economic experts seeking ways to close huge deficits.

Although Congress last year rejected the White House’s proposed cut to the amount wealthier taxpayers can deduct for home mortgage interest payments, the administration included it again in its 2010 budget — saying it could save $208 billion over the next decade.

And now that sentiment has turned against all the federal red ink — and cost-cutting is in vogue — Democrats on President Barack Obama’s financial commission are considering the wisdom of permanent tax breaks such as the mortgage deduction and corporate deferral. Calling them “tax entitlements,” senior Democratic lawmakers have argued they should be on the table for reform just like traditional entitlement programs Medicare, Social Security and Medicaid.

The new spotlight on the mortgage deduction and other tax expenditures comes as the Obama administration and Congress consider ways to reduce deficits the Congressional Budget Office (CBO) expects will average nearly $1 trillion over the next decade. (kevinkristy - author)