Others say extending the breaks for the wealthiest tax bracket means more economic damage to everyone, including businesses, in the future.
"While extending the tax cuts, albeit deficit-financing them, may have a positive effect on the economy through 2012, the impact is negative in 2013 and beyond because larger budget deficits reduce investment in productive capital, resulting in smaller capital stock," said Sara Imhof, Midwest regional director for the nonpartisan Concord Coalition.
She said extending the full range of tax cuts would equal $2.7 trillion in additional federal debt over the next decade.
A better solution, Imhof said, is tax reform. She said reform could create a broader tax base that "provides sufficient revenues to cover government expenses."