Just when you thought Congress was spent -- literally -- and done for the year they'll turn around and surprise you. No money left to do anything? United Republican opposition? Democrats are planning to take on the great white whale of spending: extending President Bush's middle class tax cuts. The cost is estimated from $1.6 trillion to extend them to as much as $2.7 trillion to make them permanent. According to Senate Democratic sources, the latter is what they're going to go for -- and they're planning to do it before the midterm elections.
As I write in a time.com story this morning, Dems are hoping to box the GOP in with this move. Republicans have balked at renewing Bush's tax cuts unless those for the wealthiest are included. The questions are: will Republicans protest at a) such huge amounts of deficit spending, and/or b) extending the middle class cuts without those for the top two tiers?
Is it just me, or is $2.7 trillion a lot of money just to box someone in politically. I'm not knee-jeck opposed to the policy, but the Democrats would have to show why keeping tax cuts for the middle class (but not the rich) will actually create jobs, etc., not just bask in their (rare) political genius here. The flaw in their scheme is they forget this kind of gimmick is why everyone hates Washington in thr first place.
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