House Democrats have voted to kill the tax compromise worked out between President Barack Obama, conservative Democrats, and Republicans — instead seeking to raise taxes on businessmen and investors in the middle of a deep recession.

This brings up a few problems, none of which are good politically for Democrats.

First of all, Republicans aren’t going to accept raising taxes in the middle of a recession, and they can point to the fact that they worked out a compromise between themselves and the White House — it wasn’t Republicans who were inflexible on the issue.

So that means, barring a change of heart in the House over the next few weeks, taxes will go up before extensions can be passed. A Republican House will easily pass the extensions but that House won’t meet until several days (three, I think) into the month of January. Taxes go up on everyone — poor, middle class, upper class — on January 1st.

Barack Obama, meanwhile, looks like a limp-wristed fool who couldn’t even get his own party to support his stated agenda. He lacked the political capital to get not only Democrats but his fellow liberals to stay on his side. They bucked him. They rejected his plan. They effectively spit in his face.

And in the process they have stated their support for raising taxes. For everyone.

Update: From Mark Knoller of CBS News:

House Dem Caucus sends word it’ll bring up modified tax cut plan before recess, but not the Obama/GOP deal.

Spoiler alert: It will contain tax increases on small business, businessmen, and investors. All while extending unemployment benefits for, oh God what is it now, fifteen…twenty years?

And then it’ll go to the Senate to be euthanized.