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In other words:

Agree on the $2 trillion deal, get the debt limit increased by enough to last through the presidential election without a default, then run on a promise to veto any extension of the Bush tax cuts for the wealthy, which would go a long way - okay maybe half way with the $250,000 cap - toward achieving a goal of $4 trillion in savings over 10 years.

Anyone else agree?  Or do you think he would regret making a promise to veto them?

UPDATE: Here are some numbers on the Bush tax cuts, in case I need to convince you:

If the tax cuts are allowed to expire after all, the Congressional Budget Office projects the following deficits over the next five years if things go as currently budgeted and the tax cuts expire as scheduled:

Year - Deficit
2010 - $1,349 Billion
2011 - $980 Billion
2012 - $650 Billion
2013 - $539 Billion
2014 - $475 Billion
2015 - $480 Billion

Now, if you use the $250,000 cap - which seems likely - it's not as good, but still significant:

So of course I want President Obama to break his stupid campaign promise to extend the Bush tax cuts for all households with incomes below $250,000. The tax cuts are still unaffordable (CBO shows that even the <$250K portion would cost $2.2 trillion over ten years–all but around $400 billion of the full complement of Bush tax cuts), would still go mostly to the rich (high income households “march” through all the lower tax brackets after all and hence get the highest dollar benefit of lower-bracket rate reductions, and they also benefit the most from the lower rates of taxation on capital income), and would still do nothing to broaden the tax base to make the system more efficient.

But I submit that even people who love the Bush tax cuts and believe in “supply-side economics” (even the extreme Laffer-curve view) and sympathize or even participate in the “tea party movement” and just generally like low taxes (or dislike taxes in general) should want President Obama to break his campaign promise.


Because many of these same people who like low taxes also claim to not like the large budget deficits we’re running now or the unsustainable fiscal path that lies way out in front of us… and because President Obama has also promised to get the deficit down to a “sustainable” level of around 3 percent of GDP in five years. But the President’s own budget, which includes the deficit-financed extension of those “middle-class” Bush tax cuts (that $2.2 trillion worth), isn’t consistent with such a low deficit. CBO says that under the President’s budget, the deficit would be 4.3 percent of GDP in 2015–a level considered unsustainable because it exceeds the typical rate of economic growth. That’s why the President’s budget also proposed a fiscal commission that would recommend policies (by the end of this year) to help squeeze out the remaining 1 to 1.5 percent of GDP difference.

The White House argues the savings is about twice that amount:

The Bush tax cuts are set to expire at the end of the year, and Mr. Obama has strongly urged Congress to extend them for all Americans, except for individuals making more than $200,000 or households making more than $250,000. Allowing the tax cuts to expire for the wealthiest 2 or 3 percent of Americans would save the country $700 billion, the president argues.

Do you agree Obama should do this?

62%22 votes
25%9 votes
0%0 votes
0%0 votes
5%2 votes
5%2 votes

| 35 votes | Vote | Results

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Comment Preferences

    •  We Need To Win Back Congress (0+ / 0-)

      Along with the White House and get a super marjority in the Senate.  We need Obama to just do it and let those Bush cuts expire no matter how the election goes.  I really fear what will happen if Cons take over the 3 branches in 2012.  God help us.

      Never be afraid to voice your opinion and fight for it .

      by Rosalie907 on Sun Jul 10, 2011 at 08:37:04 PM PDT

      [ Parent ]

  •  IMO, he shouldn't promise that (2+ / 0-)
    Recommended by:
    khereva, sirclown

    He should play hardball and do it. At that point December 2012, after the election, he has nothing to lose.

  •  He already ran on that promise. (4+ / 0-)
    Recommended by:
    terra, Spiny, Alice Olson, Sandino

    He lied.

    If he promises it again, who will believe him? (I mean, other than the usual suspects)

    grieving citizen of the murdered Republic, unrepentant rebel against the Empire.

    by khereva on Sun Jul 10, 2011 at 06:22:22 PM PDT

    •  He opposed them, but did he promise to veto them? (0+ / 0-)

      I'm just suggesting he be very specific, no negotiating.

      •  I would like to live in a chocolate forest. (1+ / 0-)
        Recommended by:

        That's not going to happen.

        It is, however, more likely than what you are proposing.

        And even if he promised to veto it, as I said, who would believe him?

        grieving citizen of the murdered Republic, unrepentant rebel against the Empire.

        by khereva on Sun Jul 10, 2011 at 07:02:08 PM PDT

        [ Parent ]

        •  Just the Amateur Left will believe (1+ / 0-)
          Recommended by:

          The professional left, the professional right and the professional corporate middle all know he folds at the first opportunity. The amateur right will believe him because Fox will tell them it means that married gay couples will seize their guns and have undocumented workers performing free abortions from their government funded Cadillacs.

      •  What? (1+ / 0-)
        Recommended by:

        To end the Bush tax cuts for Jan. 1, 2011, the Congress had to nothing. Obama led the charge to extend them in December 2008. No one was discussing it until about Thanksgiving and the President and Democratic Senators went into overdrive.

        Al Franken wrote some screed on the Huff Post calling his vote to extend the tax cuts the hardest thing he has ever done despite selling millions of books railing against the Bush tax cuts.

        •  Did you forget..... (0+ / 0-)

          that Republicans were going to shut the government down?  Or would facts get in the way?  

          I have serious problems with the deal, but it did extend unemployment and middle class tax relief.  And the cuts ended up not being cuts at all.  

          It shouldn't happen again but I understood it at the time.  I support it in context.  And to allow all of the tax cuts to expire will bring with it some political fallout from the middle class.  

          Now it's time to say that a robust economy and more jobs will make up for any tax relief.  But there is some context to the deal.  It's not as black and white, with cherrypicked facts.  

          And it's December 2010, not December 2008.  Before he was President.  

          How simple it is in this bubble that completely ignores the outrageous obstruction of Republicans and makes it all simple like a three year old saying, "But you SAID......"

    •  He also promised (0+ / 0-)

      that he wouldn't raise taxes on people making under 250k, right? So if he hadn't cut the deal which included the extension for the top 2%, he would have...lied.

      Ever think that maybe he just did what he thought was RIGHT for the country?

      •  His instincts suck, then. (0+ / 0-)

        And capitulation to the Republicans, over and over and over and over, can't be what he thinks is right for the country... or he never would have run as a Democrat.

        grieving citizen of the murdered Republic, unrepentant rebel against the Empire.

        by khereva on Mon Jul 11, 2011 at 06:25:08 AM PDT

        [ Parent ]

        •  Everything about him sucks (0+ / 0-)

          as would everything about anybody and everybody elected to the office, in the eyes of many here.

          Color me unimpressed.

          •  Holding him accountable for his actions, and for (0+ / 0-)

            his failures, isn't a strategy to impress you.

            It's basic citizenship.

            grieving citizen of the murdered Republic, unrepentant rebel against the Empire.

            by khereva on Mon Jul 11, 2011 at 06:28:45 AM PDT

            [ Parent ]

            •  Since I disagree with your framing (0+ / 0-)

              I simply disagree with you.

              And since I know that this President is the most liberal of my 52 years, and understand the depth of what progressive ideas are up against - corporate, propaganda, bumper-sticker talking points and such - I'm amazed that he's gotten as much done as he has.

              I don't think PPACA was capitulating or caving. I don't think Dodd-Frank was, either. I don't think the stimulus or the auto bailout were, nor the SJC appointments.

              So frame it as you will. Have a nice day.

              •  The most liberal of your 52 years? (0+ / 0-)

                That doesn't even pass the laugh test.

                Honestly, you're entitled to your own opinion, and you're welcome to it-- but you're not entitled to your own facts.

                grieving citizen of the murdered Republic, unrepentant rebel against the Empire.

                by khereva on Mon Jul 11, 2011 at 01:38:45 PM PDT

                [ Parent ]

    •  He Didn't Lie (0+ / 0-)

      He had to get DADT approved, extention of unemployment for all those out of work (include me in this group) and several other bills that Cons were holding to his head.  He knew he'd get flack by extending the Bush tax cuts but he was doing what he thought would be better for those who are currently suffering and those who wanted DADT passed.

      Never be afraid to voice your opinion and fight for it .

      by Rosalie907 on Sun Jul 10, 2011 at 08:40:36 PM PDT

      [ Parent ]

      •  He failed on all of those. (0+ / 0-)

        So if that was his rationale, it sucked.

        He hasn't certified DADT, he didn't extend unemployment for all.

        grieving citizen of the murdered Republic, unrepentant rebel against the Empire.

        by khereva on Mon Jul 11, 2011 at 06:26:54 AM PDT

        [ Parent ]

    •  You're lying. (0+ / 0-)

      Or uninformed.

      He promised he wouldn't raise taxes on the middle class, and that he wanted to raise taxes on the rich.

  •  I don't want to hear any more promises from Obama (1+ / 0-)
    Recommended by:

    I simply want to hear the honest-to-god truth. Some transparency would be fantastic. I'm not being would be wonderful to hear a real, actual, honest plan for what he intends to do to get this country out of this mess.

  •  He will never promise to veto Bush tax cuts (1+ / 0-)
    Recommended by:

    for incomes below 250k. He's been saying repeatedly that he wants those extended.

  •  The extension in 2010... (0+ / 0-)

    ...came with the unemployment extension, after the Blue Dogs in the House convinced Nancy Pelosi not to try to push the middle-class extension ealier in the year. The Republican held the UI extension hostage, remember?

    The best thing to do is not focus on the tax cuts much, as they will expire in December, 2012, after the election.

    Push the President to do something, and he will start to try and save the sub-$250K cuts. That will only lead to another extension. Trying to end them now as part of the austerity crap was the wrong thing to do, considering the Republican majority in the House.

    I, of course, have no frakkin' cluse as to what the President has in mind after he wins the election. Our best hope is to get the Republicans out and replaced with Democrats in the House, and try to get a Dem supermajority in the Senate.

    Float like a manhole cover, sting like a sash weight! Clean Coal Is A Clinker!

    by JeffW on Sun Jul 10, 2011 at 06:42:40 PM PDT

  •  How bout (0+ / 0-)

    not talking so much about reducing deficit and talking more about boosting the economy and focusing on jobs?  

    "You have attributed conditions to villainy that simply result from stupidity"

    by newfie on Sun Jul 10, 2011 at 07:56:16 PM PDT

  •  Anyone who makes more than 3 times (0+ / 0-)

    the minimum wage should have their taxed increased. It should be stepped up the more you earn. If you make 5 times or 10 times minimum wage, your taxes should go up even more. A lot more. People who earn less than 1.5 times the minimum wage should not have to pay any income tax.

  •  Three months before he signed the extension (1+ / 0-)
    Recommended by:
    johnny wurster

    And, I can't find it, but I'm certain he said, after signing it, he wouldn't do it again.  So, I'm thinkin' he's already made that promise, for what it's worth.

    If we don't fight hard enough for the things we stand for, at some point we have to recognize that we don't really stand for them. Paul Wellstone

    by Alice Olson on Mon Jul 11, 2011 at 02:20:29 AM PDT

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