President Barack Obama’s economic offensive may not charm business or Republicans. The president’s plans to spend $50 billion on roads and railways and grant businesses $300 billion of investment tax credits have merit. But they don’t look enough to sway a disillusioned corporate America already wondering about the fate of $4 trillion in soon-to-expire tax cuts from the Bush years. And the GOP is in no rush to pass a second stimulus before looming midterm elections.
An NY Times op-ed by just-departed WH budget chief Peter Orszag is getting lots of play because he advocates temporarily extending all the Bush tax cuts. After that, though, he wants all of them to expire. This is the part that really got my attention: