Bush era tax cuts

When Bush was in  the White House and he had a GOP Congress, they passed some tax cuts. And they themselves attached an expiration date to the tax cuts. (Why?)

So now it’s Obama’s problem. Now, it’s a problem for the Democratic congress. And now, it seems the new truth is that addressing whether or not to allow them to expire – as designed by the GOP – is according to the GOP – just wrong, wrong, wrong. These guys are becoming the party of silly, silly, silly.

This morning, Ezra Klein writes about the impact of continuing the tax cuts. He says:

There is no policy that President Obama has passed or proposed that added as much to the deficit as the Republican Party’s $3.9 trillion extension of the Bush tax cuts. In fact, if you put aside Obama’s plan to extend most, but not all, of the Bush tax cuts, there is no policy he has passed or proposed that would do half as much damage to the deficit. There is not even a policy that would do a quarter as much damage to the deficit.

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