The Obama Administration is under serious pressure to extend the Bush tax cuts for the rich. Insiders have been suggesting over the past week, that Obama & Co. is flirting with the idea of caving. Extending these tax cuts would dig the nation into an even bigger debt hole. Once again Republicans - who claim to be concerned about annual deficits & the national debt - are saying one thing and doing another, as is normal for them.
The Republican media has carefully framed the expiration of the tax cut as a tax increase by Obama. The way that they manipulate the public through the media is just uncanny. They are making the Bush tax policy appear as if it was a permanent law and the evil Democrats are going to radically change tax policy. Of course this is all BS. The tax policy was never permanent...which is why the legislation is sun shining to be reconsidered by Congress. The cuts were temporary. This misconception (that Republicans purposely created) has allowed them to frame the scheduled expiration as an increase. This has been another textbook example of the power & influence of Conservative right wing media.
Commentary on why the Bush tax cuts should be allowed to expire.