The gap has widened significantly since President George W. Bush’s re-election in 2004, when it was a mere 3 percentage points. But by the time Mr. Bush left office in January, less than a quarter of Americans approved of his performance.

These days, 38 percent of Americans say they are Democrats, 28 percent call themselves Republicans, and another 29 percent identify as independents, according to an average of national polls conducted last year by The New York Times and CBS News.

Emanuel, speaking in deliberately soothing tones, told anchor Bob Schieffer on CBS’s “Face the Nation” that Limbaugh has been up front about “praying for failure” by President Obama.

“I think that’s the wrong philosophy for America,” Emanuel said. “What Americans want us to do, and what President Obama has been very clear about, is work together setting our goals …

“Our goal, Bob, is to continue to reach out and it’s our desire that the Republicans would work with us and try to be constructive, rather than adopt the philosophy of somebody like Rush Limbaugh.”

If it wins voter approval, the taxes would remain in place for as long as four years. If it's rejected, they'd expire much earlier.

Why? It's a poison pill aimed at inducing labor unions, especially the powerful California Teachers Association, not to oppose the measure, even though they despise spending limits. At the same time, however, it creates an opening for anti-tax groups to short-circuit the new taxes by defeating Proposition 1A.

The Standard & Poor’s 500 Index will probably gain in three-quarters of the next 44 years, just as it did in the period since Buffett took over Berkshire Hathaway Inc. in 1965, he said today in his annual letter to the company’s shareholders.

While Buffett and business partner Charlie Munger can’t predict how stocks will perform in 2009, they’re certain “that the economy will be in shambles throughout 2009 — and, for that matter, probably well beyond,” he wrote.