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Obama Refuses To Say He’d Veto Extension Of Bush Tax Cuts For Wealthy

This HuffPo article on Obama’s interview with George Stephanopoulos on ABC this morning:
clipped from www.huffingtonpost.com
President Obama on Thursday refused to commit himself to vetoing legislation that would temporarily extend the Bush tax cuts for the wealthy, even as he and his administration have steadfastly argued that such an extension would waste hundreds of billions of dollars.
In an interview with ABC News‘s George Stephanopoulos, the president was asked on four occasions whether his commitment to letting the Bush tax cuts for the wealthy expire was strong enough to veto even a “short term extension.” On each occasion, Obama demurred.
The exchange, for what it’s worth, was flagged by a Republican congressional aide who noted how little Democrats would likely feel emboldened by the remarks. It does, indeed, seem increasingly likely that Congress punts on the issue, passing a temporary extension of all Bush tax cuts with the goal of revisiting their expiration in two years.
Senate Minority Leader Mitch McConnell (R-Ky) has said he would be willing to discuss this compromise.
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Krugmann explains the Bush Tax Cut expiration…

Start here, then go into the NY Times and read the rest. Your clarity on the subject will improve 100%:
clipped from www.nytimes.com
We need to pinch pennies these days. Don’t you know we have a budget deficit? For months that has been the word from Republicans and conservative Democrats, who have rejected every suggestion that we do more to avoid deep cuts in public services and help the ailing economy.
But these same politicians are eager to cut checks averaging $3 million each to the richest 120,000 people in the country.
What — you haven’t heard about this proposal? Actually, you have: I’m talking about demands that we make all of the Bush tax cuts, not just those for the middle class, permanent.
Some background: Back in 2001, when the first set of Bush tax cuts was rammed through Congress, the legislation was written with a peculiar provision — namely, that the whole thing would expire, with tax rates reverting to 2000 levels, on the last day of 2010.
Obviously, the idea was to go back at a later date and make those tax cuts permanent. But things didn’t go according to plan. And now the witching hour is upon us.
Read the rest HERE. blog it