Quote:
Originally Posted by detbuch
Bush and the Republicans wanted his tax cuts to be permanent, they had to agree to the Democrats' insistence on a sunset expiration in order to get them passed. Giving Obama and the Democrat Party credit for making them permanent is a twist. It wasn't as if Republicans opposed Obama and the Democrats allowing them to be extended during his first term--the Republicans were absolutely in favor of extending them. They were the ones who originally created them and wanted them originally to be permanent, against the wishes of the Democrats. That the Democrats agreed to extend them testifies to how important the tax cuts were to prevent economic decline, and makes apparent the lie that they were the cause of the recession.
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The reason for the 10 year sunset was to keep the net cost projection artificially low in an effort to gain support...that's the white elephant in the room...the Bush tax cuts were with borrowed money in an effort to create long-term growth. Instead we got two wars and a credit bubble.
-spence
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