POLITICS

Mike Bloomberg Likes Orszag's Solution To Tax Cut Debate

09/30/2010 03:19 pm ET | Updated May 25, 2011

New York City Mayor Michael Bloomberg said on Thursday that he supports a proposal by former OMB Chair Peter Orszag to extend the Bush tax cuts across the board for two years and then let them all expire.

But when asked to expand upon his position, he declined to provide further explanation and mocked the idea that follow-up questions were necessary.

Speaking at The Atlantic's Washington Ideas Forum, Bloomberg acknowledged that he was philosophically torn over what to do about the tax cuts. Bowing to the realities of a poor economy, he said that current rates should be kept in place "for everyone for, lets say, two years and see what happens."

"I would be worried a little bit about the economics of stopping any growth," he added. "The economy is so fragile you don't want to do that. I'm not a fan of increasing the size of the deficit, which it clearly would do. But all things considered, I would extend the tax cuts for two years."

The mayor finished by saying he thought Orszag "had it right" when he wrote that the cuts should be extended for two years and then ended altogether

Orszag's approach to the tax cut argument generated a host of debate after it initially appeared in the pages of the New York Times -- both because it cut against the Obama administration's approach and was disputed as economically ineffective. But when the Huffington Post approached Bloomberg after the fact to see if he'd expand on his thinking, he refused to do so.

"Talk to Jason," he said, pointing to his spokesperson. "I was very clear about my position."

"Ask Mr. Orszag about it," he added "I'm not going to repeat myself. I just said it."

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