David Axelrod tells CBS's "The Early Show" that Obama would not have been able to spare middle-class taxpayers a significant increase in the new year if he hadn't agreed to GOP demands that existing rates be continued for the wealthy as well.
Axelrod said he hopes lawmakers will "focus on the consequences of inaction," saying that if the legislation fails, taxes on the typical family will soar by $3,000 and the long-term unemployed will go without government benefits.
The adviser said that any compromise is going to have "something that each side" opposes.
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