It's not an option either party is pushing, but letting the Bush tax cuts expire would put the United States close to balancing the budget by 2015, reports The Washington Post. "If we actually ended the Bus-era tax cuts, that would pretty much do it," Obama's former budget director, Peter Orszag, told CNN last week. Official budget estimates show that the goal could be accomplished in five years, not counting interest payments on national debt. By contrast, the Republican plan to renew the tax cuts would add almost $4 trillion to deficits by 2020, while President Obama's plan to extend cuts for all but the richest Americans would add $2 trillion.
Read original story in The Washington Post | Tuesday, Sept. 21, 2010