NY Times "The nation faces a nasty dual deficit problem: a painful jobs deficit in the near term and an unsustainable budget deficit over the medium and long term. This month, the Senate will be debating an issue with significant implications for both — what to do about the Bush-era tax cuts scheduled to expire at the end of the year.
"In the face of the dueling deficits, the best approach is a compromise: extend the tax cuts for two years and then end them altogether. Ideally only the middle-class tax cuts would be continued for now. Getting a deal in Congress, though, may require keeping the high-income tax cuts, too. And that would still be worth it."
Peter Orszag clarifies "rift" with Obama admin over Bush tax cuts "Orszag's Op ed yesterday was big news because it was assumed that foes of ending the tax cuts for the rich could point to his stance -- and to Orszag's deficit hawkishness -- to buttress their own position.
"But Orszag told me that a key point had gotten lost: He only favors temporarily extending the tax cuts for the rich reluctantly, and only if it's the sole way of obtaining a deal that would end them altogether."
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