Tax Cuts Update: Despite Schumer's Threat, There's Little Appetite To Let Them ExpireSam Stein - HuffingtonPost
First Posted: 12- 6-10 12:21 PM | Updated: 12- 6-10 12:21 PM
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WASHINGTON -- This past weekend, as the White House and congressional lawmakers negotiated away a temporary extension of the Bush tax cuts for the wealthy, dejected liberals were offered one last droplet of hope.
Amidst the talk of capitulation, Sen. Chuck Schumer (D-NY) suggested that rather than extend current rates for two years in exchange for other tax-cut goodies and unemployment insurance, the party might simply let all the tax cuts expire. After all, the president could come back next Congress and build his own package of middle-class tax cuts, branded under the Obama (not Bush) name.
"There are lots of people in our caucus who do have that appetite
," said the New York Democrat.
If that appetite needed further whetting, it came Monday morning in the form of an op-ed from The New York Times's Paul Krugman.
"Mr. Obama should draw a line in the sand, right here, right now," wrote Krugman, the earnest voice of the progressive masses. "If Republicans hold out, and taxes go up, he should tell the nation the truth, and denounce the blackmail attempt for what it is.
"Yes, letting taxes go up would be politically risky. But giving in would be risky, too -- especially for a president whom voters are starting to write off as a man too timid to take a stand."
Yet acts of political defiance -- despite Krugman's wishes or Schumer's provocations -- don't appear to be in the cards. On the Hill and in the White House, the notion that Democrats would let the Bush tax rates revert to previous levels is considered, to put it bluntly, a bluff. And not even all Democrats have been handed the right script.
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More: http://www.huffingtonpost.com/2010/12/06/despite-schumers-threat-a_n_792544.html
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