It would also seal the end of 0bama's shot at a second term. His campaign promise of "not one dime of increased taxes yada yada" will become an albatross around his neck. He blames Bush for the economy knowing that a good portion of the electorate is uninformed enough to buy it, well, they're also uninformed enough to think that he's raised their taxes. All the evidence they'll need is the higher amount of withholding in their checks.
Yep, we'll be treated to endless loops of "Read my lips, no new taxes" followed by "I don't think we should raise taxes on anyone making less than $250,000". The media can only be asked to ignore so much and the fact is they raised taxes on smokers, most of which make less than the pulled straight from his fourth point of contact $250,000.