full storyPresident Obama's former director of the Office of Management and Budget made a public break with the administration Tuesday. In his debut Op-ed in the New York Times, Peter Orszag made the case for the extension of the Bush-era tax cuts, given to people making over $250,000 a year, something the president does not support.
Orszag's Op-ed suggests the White House compromise with Republicans in Congress to extend the Bush tax cuts. "In the face of the dueling deficits, the best approach is a compromise: extend the tax cuts for two years and then end them altogether. Ideally only the middle-class tax cuts would be continued for now. Getting a deal in Congress, though, may require keeping the high-income tax cuts, too. And that would still be worth it," Orszag wrote in the New York Times. "Why does this combination make sense? The answer is that over the medium term, the tax cuts are simply not affordable. Yet no one wants to make an already stagnating jobs market worse over the next year or two, which is exactly what would happen if the cuts expire as planned. "
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