Obama’s Tax Cave Is Worse Than Expected
Based on what the New York Times describes as President Obama’s “substantial concessions to Republicans,” Democrats in Congress have reason to fret. Not only did Obama agree to extend the Bush tax cuts for the wealthy, but he caved into Republican demands to neuter the estate tax. Apparently a deficit hawk is someone who adds to the deficit—in this case $900 billion over two years. To keep things in perspective, Republicans otherwise refused to extend unemployment benefits at a cost of $56 billion, because, you know, that would add to the deficit. Unemployment benefits will be extended as part of the compromise.
Posted by
on December 7, 2010. Filed under