While the original framework would have benefited the middle class, it would have done so at the cost of borrowing 700 billion dollars. Economists say that using this money to extend the cuts to the wealthiest three percent of our people would be unlikely to create a significant number of jobs. However, the tax cuts I secured will have a positive effect on job growth.
So far the debate has been about money; but there is more to the story.
What we decide will impact the way many Americans live their lives. Even though everyone will be affected in some way, many will feel the effects more than others.
Borrowing 700 billion dollars in the midst of a recession; especially when it could be avoided, is not justifiable. Doing so will mean that some additional number of Americans will lose their homes, their education, or their health. Inevitably, some will lose their lives.
With the well being of millions of Americans at stake, I cannot agree to any deal that would mean the borrowing of billions of dollars when we can avoid doing so at small cost - even to the wealthiest three percent of our people.
Americans of all political persuasions should agree on this point. We can argue about money but not about the well being of our people.
I hope that agreement can be reached before the end of the year; but, if it isn't, I will not extend the Bush tax cuts until it is. I believe that solutions will be found in the near term but even it this is not possible before the end of the year, negotiations will continue and the final agreement will be made retroactive to January first. This will mean that no one earning less than $250,000 a year will ultimately pay more in taxes than they are paying now."
Obviously, the President will face a more conservative Congress next year, so it is understandable that he wanted to make a deal before that happened. Nevertheless, the new conservatives will face a difficult decision: Will they hold out for the wealthiest Americans at the expense of the other 97 percent? Will they force a huge increase in the national debt when their whole reason for coming to Congress is to reduce debt and spending? The President may be in a better negotiating position than he thinks.
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