White House hopes GOP will accept tax cuts
This part of the story is interesting. The dems have been crying about tax cuts on the rich for the better part of the past decade. Here, according to Gibbs, the rich were only granted $700 billion of the $4 trillion in cuts. This is, of course, a lot of money. Did it create jobs, though? It isn’t even a quarter of the cuts. The left has a lot of explaining to do for all their vilifying if you ask me.
Congressional analysts say renewing the tax cuts for everyone would cost the government $4 trillion over the next decade. With polls showing a broad public anger over spiraling federal deficits, President Barack Obama wants to exclude individuals earning over $200,000 and couples making over $250,000 — who account for $700 billion of that total.
Gibbs said borrowing $700 billion to give tax cuts to millionaires “doesn’t make any economic sense, and it certainly lacks common sense.”