http://blog.buzzflash.com/node/12706Submitted by mark karlin on Thu, 05/19/2011 - 9:23am.
EditorBlog
"Letting Bush tax cuts expire would halt
rise in debt over next decade."
That's a point made in an analysis and charts released by the Center on Budget and Policy Priorities last week, and picked up by a few columnists.
One of those writers, James Fallows of the Atlantic, writes about one of the primary reasons for the burgeoning deficit:
The very large, but permanent and worsening, budgetary impact of the "Bush tax cuts" - which when first proposed back in the pre-9/11 era, were supposed to end in 2010 and were in response to what back then seemed to be the "problem" of a burgeoning surplus in federal accounts! Since "extending" those cuts just sounds like business as usual, I think it is hard for most people to envision the profound and growing effect they have.