Rep. Jesse Jackson Jr. (D-Ill.) criticized Obama’s plan to extend all tax rates for two years as following in the vein of “Reaganomics,” the free market-oriented policies sought by the GOP president when he was in office in the 1980s.

“If we recklessly cut taxes for the wealthiest 2 percent, then Obamanomics will look an awful lot like Reaganomics,” Jackson said in a statement…

“I’m worried that the deal President Obama cut with Republicans sets us up for a Reagan-style set of bad choices,” Jackson said, worrying that new tax cuts would empower a GOP-held House next year to pursue cuts to social programs.