House Republican leaders, such as Rep. Eric Cantor of Virginia, took a strong stand yesterday against allowing the Bush tax cuts from 2001 to expire for those individuals making more than $200,000 a year for individuals or $250,000 for couples. (The tax cuts are due to expire at the end of this year--10 years after passage--because they were not "paid for" through countervailing budget measures.)
President Obama is a strong advocate for renewing the tax cuts only for those making less than those amounts. Should the Republicans get their way, the federal deficit would increase by $700,000,000,000 more over the next 10 years than with Obama's proposal. Since tax cuts have the exact same effect on the federal deficit as spending--without the concomitant widely-dispersed benefits--it is plain to see that the Republicans are the real big spenders. Boy, won't the Tea Partiers be pissed when they realize this!