So much for the idea that Peter Orszag’s piece in the NYT today was some sort of “trial balloon” on the part of the administration, to see if it might reverse itself on the matter of the Bush tax cuts.
Turns out The White House is now directly going against the prescription put forth by its former CBO head (not to mention many others), as the NYT reports that Obama will flatly reject any calls to extend the Bush tax cuts.
The conventional wisdom is that this is at best neutral for the economy and politically. Will be very interesting to see how this plays out.
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