If Bush's tax cuts are allowed to expire as they are set to on December 31st, the deficit would be cut in half, instantly.
If the tax cuts are continued for the rich, we would have to borrow $700 billion to pay for it.
If the tax cuts are continued for everyone, we would have to borrow $3 trillion to pay for it.
This 2-year extension "compromise" would have us needing to borrow $70-140 billion for the rich's portion and $383 billion for the middle class's portion.
As usual, Obama intends to deal with this backwards, too -- He intends to give Republicans what they want (tax cuts for the rich) and put off all other legislation for the benefit of the People (like, oh, adding a public option to healthcare legislation) until later, hoping that Republicans will agree out of gratitude for the rich's tax cuts.
It's for actions like this that I call Obama a fraud, a con man. Any lawyer who negotiated a contract like this on behalf of a client would likely find himself facing a malpractice suit for breach of fiduciary duty. This is history repeating itself. This is exactly what Obama did releasing the TARP money. The banks were over a barrel and wanted the money so badly that Obama just gave it to them, no strings attached. "We'll talk about transparency, who the banks are actually giving the money to, and regulations later."
Once the money was in spent, the banks said, "Forget you and your regulations and transparency! We don't have to tell you anything and we're not going to."
Then they gave themselves great big bonuses.
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