“I don’t think there’s ever been any fiscal time bomb set to go off all at once like this,” said Robert Bixby, executive director of the nonpartisan Concord Coalition. . . .
The GOP will push to keep the Bush tax cuts largely intact, arguing that allowing them to expire at the same time as the expected payroll tax cut would be devastating.
“Republicans want to continue them,” Bixby said. “And actually so do most Democrats, including the president, up to … $250,000 of income.” . . .
Democrats argue that the Bush tax cuts on the wealthiest Americans should expire.
“They’re saying that letting the tax cuts expire on upper income people would not have negative economic effects … because they can afford the shock better,” Bixby explained. . . .
Assuming the lame-duck Congress opts for delay, one path forward could include passage of a bill that binds the next Congress to a certain level of cuts.
"Just kicking the can down the road would be a very bad thing to do,” Bixby observed.
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