A growing number of House Democrats are refusing to back President Obama's tax cut compromise.

Rep. Peter Welch, D-Vt., sent a letter to House Speaker Nancy Pelosi this week, calling the proposal "fiscally irresponsible" and "grossly unfair." More than fifty House Democrats signed on.

On Thursday, the House Democratic Caucus voted to reject the tax cut deal.

Rep. Jim McDermott, D-Wash., told Fox News on Saturday that "The proposal that the president and the Republicans worked out is not acceptable to the Democrats in the House."

President Obama has a different definition of what is not acceptable.

In his weekly radio address, the president said, "If Congress doesn't act, tax rates will automatically go up for just about everyone in our country. Typical middle class families would end up paying an extra $3,000. That's unacceptable to me."

The president added that a deal had to be "hammered out" in order to continue unemployment insurance.

McDermott, a senior member of the House Ways and Means Committee, calls that timetable a "manufactured deadline," and blames Republicans for putting unemployment insurance at risk.

"They want to use [unemployment insurance] as leverage to get the tax break for the millionaires," said McDermott. "And we have resisted that. Now tax breaks will expire on January 1st."

McDermott vowed to reject the compromise, even if it means letting tax cuts expire for everyone.

"The Republicans will pass it four days later. There is no crisis here," says McDermott. "This is not a terror orange alert we're given here. This is trying to force Democrats to pass what the Republicans passed that led us in the ditch."

McDermott, who serves as Chairman of the House Income Security and Family Support Subcommittee, argues that unemployment benefits, not tax cuts, are the key to stimulating the economy.

"When you are unemployed and you get a check, you buy food for the family. It goes to grocery store and 7-Eleven and whatever else," said McDermott. "That keeps people working and creates jobs all over the place."