The G20 summit is under way in Cannes. While the European sovereign debt crisis is at the top of the agenda, one of the more noteworthy topics being discussed is a so-called "Robin Hood Tax," a financial transaction tax on stocks, bonds and derivatives trades. Microsoft founder and philanthropist Bill Gates is at the summit to address world leaders in support of the tax, which he says could be utilized to help developed nations meet their global aid obligations to the world's poorest countries.
House Democrats rebelled Thursday against President Barack Obama's tax cut deal with Republicans, threatening to keep it off the floor. This comes after the House Democratic Caucus met yesterday and approved a motion to reject the provisions of the compromises — most notably the provisions related to the estate tax. Currently the deal struck between the President and Republicans would extend Bush-era tax cuts for the super-rich, and drastically ease the estate tax burden. We speak with the man leading the charge in the House Democratic caucus, Rep. Peter DeFazio (D-Ore.). He also weighs in on whether President Obama can count on his support in 2012.