It is over (except for the shouting and the gnashing of teeth). The President signed the “The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010”. Reid and Pelosi not there; claimed too busy. Truth: the President is a terrible negotiator and they know they blew it by not passing the tax provisions before the election.
However, it really is not over. This is temporary for only two years. Hence, the debate can now begin on what to do for after 2012.
President Obama should, and may, frequently speak out for not extending the upper income tax cuts. The Republicans will want to make permanent.
Personally, I believe they should not have been extended for anyone and certainly should not be extended beyond 2012. We are borrowing money from our descendants to live beyond our means. We should dramatically cut federal spending and allow the tax cuts to expire in 2013. The Simpsons-Bowles Deficit Commission was a good start to the discussion.
Where are the leaders with the courage to stand for what is right? I believe this is true conservatism. (sorry for the personal views)
By Kevin Staker