Big-Time Dem Donors Defecting Over Tax Cuts for Wealthy

'Cave-in to GOP' sapping support for 2012
By Rob Quinn,  Newser Staff
Posted Dec 10, 2010 2:41 AM CST
Updated Dec 10, 2010 5:46 AM CST
President Obama supporters hope all will be forgiven by the time the election rolls around.   (AP Photo/J. Scott Applewhite)

(Newser) – Wealthy liberals will have more money in their pockets because of President Obama's extension of tax cuts for the richest Americans—but they don't plan on sharing it with Obama's re-election campaign. Donors angered by the tax-cut deal say the president has caved to Republican pressure and they plan to withhold funds from the president's 2012 campaign in protest.

"I do not plan to support Obama and his reelection effort," hedge fund manager Art Lipson, who has donated hundreds of thousands of dollars in previous elections, tells the Los Angeles Times. "He's got many great qualities, but he is not a fighter." The president's advisers, however, are confident that the backlash will be ancient history by the time Obama's re-election campaign gathers steam.

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