July 31, 2014

Debt Woes Make Bush Tax Cuts Hard To Extend

June 21, 2010
Congressional Quarterly

Excerpt

The income tax rate cuts also enjoy broad bipartisan support, and the political price of inaction would be much higher than the failure to continue the collection of business and individual tax provisions in the extenders package. Both President Obama and his Republican rival, Sen. John McCain of Arizona, campaigned in 2008 on extending most of the tax cuts permanently. They differed only on whether all or most of the Bush-era tax policies should continue.

“The American people think it’s status quo, so it’s very different from the extenders and the extra stuff attached to the extenders,” said Diane Lim Rogers, chief economist at the Concord Coalition, which advocates fiscal restraint.