President Obama bowed to his pragmatic populist tendancies and helped craft the package that extended all the Bush tax cuts. Now that its passed both the House and Senate, the decision may well turn out to be a politically astute one in the run-up to his 2012 re-election campaign. I comment on this more extensively at the National Review’s blog “The Corner.” Needless to say, the stakes are high for the Republicans and they need to deliver on their promise of fiscal austerity.
Anthony Randazzo’s thorough take on what the tax package means can be found here and here as well.