Republicans in the Senate have unanimously joined forces to oppose any extension of the Bush Tax Cuts for the middle and lower class, unless they get their way and extend it for the rich as well.
Without the Republicans on board, the Bush Tax Cuts will expire at the end of this year, raising taxes for everyone. Obama would like to keep the tax cuts in place for those earning $200k or less ($250k for couples). While any extension of the Bush Tax Cuts adds to the deficit, the break given to the upper crust of society adds $700 billion to the government’s flow of red ink over the next 10 years.
So, do we go another $700 billion into debt and let the rich keep that much more of their money? Do we want our grandchildren paying off that debt? Or do we want to gut the social safety net for the poor and for our seniors, so that the rich can have $700 billion more to play with?