A temporary tax cut, apparently. Peter Orszag has decided that the party doesn’t need to go down with the ship – or, more accurately, the ship’s captain:
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.
I’d feel bad about the way that the administration is grinding metal on this, if only… actually, I cannot conceive of a situation where I’d feel bad about watching the administration squirm as it realizes that it has to break yet another badly thought-out and hastily-made campaign promise. Although I suppose that we haven’t plumbed the depths of stupidity, at that: the depths of stupidity would be to impose a new tax of roughly the same amount to the average taxpayer and claim that this wasn’t breaking the huge albatross around his neck his most famous badly thought-out and hastily-made campaign promise:
Ain’t easy video embeds a thing? I don’t know how political activists managed before them.