Obama scraps cap-and-trade, higher taxes for rich

In an hour-long contrition speech yesterday, the president jettisoned controversial policies, but stood firm on health care.

After the Democrats received a drubbing in the midterm elections Tuesday, Barack Obama admitted that carbon tax legislation and tax reform that would place an increased burden on the rich, were dead. Both policies are abhorred by the Republicans, who now control the House. He refused to back down on the contentious health care bill he’s already passed, despite Republican threats to kill it. With the Senate still controlled by Democrats, Obama said that both parties would need to work together to move forward, but Republican John Boehner, who is set to become speaker of the house, said that his party’s majority was now “the voice of the American people.”