Of course we all remember when he criticized McCain from taxing health care benefits, right? And we also remember he promised he wouldn’t tax those making under $250,000 but I guess it too much to ask of a politician that he keep his promises:

President Obama, in a pivot from some of his harshest campaign rhetoric, told Democratic senators yesterday that he is willing to consider taxing employer-sponsored health benefits to help pay for a broad expansion of coverage.
Senate Finance Committee Chairman Max Baucus (D-Mont.) said Obama expressed a willingness to consider changing the existing tax exclusion. The decision would probably anger liberal supporters such as labor unions, but such a tax change would raise enormous sums of money as Congress and the White House are struggling to find the estimated $1.2 trillion needed to pay for health-care reform over the next decade.

I think he’s more afraid of angering the Chinese, they’ve already made it clear that he’s got to cut spending. And Geithner promised Obama would cut the deficits and curtail spending but, of course, Democrats can’t curtail spending so raising taxes is the next best thing, even if it means that your campaign promises are, “Just words.”