Billionaire investor George Soros, who has contributed generously to Democratic campaigns, weighed into the political debate of Bush-era tax cuts, saying President Obama should let them expire.
President Obama says he wants to extend the tax cuts for families with income less than $250,000 and individuals who make less than $200,000 a year. Republican leaders want to extend the tax cuts for everyone. The tax cuts expire at the end of the year.
Speaking at a conference at Columbia University Tuesday, Soros said the White House should use the money toward another federal stimulus program.
"That, I think, is actually what is needed because currently, with the rebuilding of liquidity that is occurring everywhere, you do need this government stimulus to get the economy going," he said. "I do not believe that monetary policy can be successfully substituted for fiscal policy."
Soros, who made a fortune betting on currencies, said President Obama has "failed to make a convincing case" for more stimulus.