Rep. Jesse Jackson Jr. is a friend and former campaign co-chair of President Obama. Jackson Jr. likens Obama to Reagan

A co-chairman of Barack Obama's 2008 campaign compared the president's economic agenda to that of Republican President Ronald Reagan on Friday.

"If we cut taxes for the wealthy, while maintaining massive military spending in support of two wars, then the new Republican Congress will be empowered to cut social programs in order to reduce the deficit," Rep. Jesse Jackson Jr., a longtime friend and sometimes critic of the president, said in a statement. "So it will be a choice between cutting programs for the poor, children, the unemployed, the uninsured and veterans or allowing deficits to pile up. That was President Reagan's strategy: A 'starve the beast' plan of lowered taxes and increased military spending that would force Congress to make deep cuts in program for the most vulnerable."


Liberal House Democrats have expressed outrage with the deal Obama cut with congressional Republicans to extend individual income and other expiring tax rates as well as unemployment insurance benefits.

On Thursday, the Democratic Caucus voted to disapprove the plan as constructed — a nonbinding move intended to send a forceful message about progressives' desire to see it amended.

But the proposal still looks to be on track for enactment. The Senate voted Thursday night, 65-11, to clear its decks to consider the bill, and proponents of the legislation were hopeful that a basket of sweeteners would help soften opposition in the House.

But Jackson's statement made clear that the president is still facing significant criticism from within his own party.

"A tax cut for the wealthiest Americans is the wrong policy at the wrong time. It will not stimulate the economy. It will only add to the debt without creating jobs," he said. "If we recklessly cut taxes for the wealthiest 2%, then Obamanomics will look an awful lot like Reaganomics."