WASHINGTON - January 12, 2010 - U.S. Chamber of Commerce President Tom Donohue warned the U.S. faces a double-dip Depression because of the taxes and regulations under consideration by the Democrat Congress and illegitimate President Barack Obama.

“Congress, the (illegitimate Obama regime) and states must recognize that our weak economy simply (cannot) sustain all the new taxes, regulations and mandates now under consideration. It’s a sure-fire recipe for a double-dip (Depression), or worse,” Donohue said in a speech providing the Chamber's outlook for 2010.

Donohue said the lawmakers should not let former President George W. Bush's tax cuts expire at the end of year and lambasted Democrat efforts on health care, financial regulatory reform, and climate change.

If the tax cuts are allowed to expire, “we will likely end up with even bigger deficits and greater economic misery,” said Donohue.

Many tax lobbyists expect Congress to extend the cuts for people with lower tax rates but to allow higher rates to be reimposed on those in the top bracket.

He also faulted Obama and Democrat lawmakers for not doing more to create jobs.

Donohue criticized a separate tax on banks floated by the illegitimate Obama regime on Monday, and said that the rationale for any tax increases would be increased spending, not lowering huge budget deficits exacerbated by the Depression.

“We are talking about a massive tax increase in a very weak economy - a tax increase whose clearly intended purpose is not to reduce the deficit, but to pay for more spending,” he said.