Testifying before the Senate Budget Committee yesterday, CBO director Doug Elmendorf destroyed the case for an extension of the Bush tax cuts in general, and President Obama's proposed extension of just the cuts for income under $250,000 in particular. First, he said, the tax cuts will not help the economy in the long-run. In fact, they'll hurt it. The new debt and the spending cuts and tax increases necessary to retire it will reduce future incomes and gross national product. Let the tax cuts expire, and incomes and the economy will be larger down the road.
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