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By John Podesta and Robert Greenstein
Published: August 24 2010 20:39 | Last updated: August 24 2010 20:39
Congress can kill two birds with one stone when President George W. Bush's tax cuts expire in December. It can "“ and should "“ extend cuts for strapped middle-class families while America digs its way out of recession. It should also let the tax cuts for the wealthiest 2 per cent of households expire, as a wide range of economists recommend, to make a sizeable dent in the nation's unsustainable longer-term budget deficits.
Our leaders face the enormous challenge of navigating economic policy through a narrow channel. The president and Congress must provide near-term support for an economy still struggling to recover from a devastating recession, while simultaneously addressing longer-term structural budget deficits. Extending the middle-class tax cuts but permitting tax cuts for the wealthy to expire on schedule supports both goals.
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