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Tuesday, January 15, 2008
Where a Fiscal Stimulus Debate Might Head
Well, this just isn't helpful. Congressional Republicans are making noises that they really aren't in a mood to hold hands with Democrats and implement a fiscal stimulus package that would actually, you know, work.
The New York Times is reporting a selection of statements by a few Congressional Republicans indicating that the Republican caucus may demand that extension of the Bush 2001-2003 tax cuts be included in any fiscal stimulus package.
The Democrats are insisting that Republicans not inject their desire to extend the tax cuts into negotiations of a short-term rescue package intended to dampen the impact of a recession. But in interviews, several Republican lawmakers said they could not imagine a debate not involving long-term tax policy.
House Budget Committee ranking member Rep. Paul Ryan (R-WI), referring to the possibility of a stimulus deal: "The closer we get to the 2010 implosion of the tax code, the more uncertainty hangs over the economy, the more this becomes a dark cloud."
House Ways and Means member Rep. Dave Camp (R-MI): "The planning for 2010 in a business sense is happening now...So it isn't too soon to talk about making permanent the Bush tax cuts....I think that [the 2001-2003 Bush tax cuts] has to be part of the discussion. It can't simply be what gets us through the next quarter. It has to be what gets us through the next decade."
House Ways and Means member Rep. Wally Herger (R-CA): "I can't emphasize enough the importance of not looking at this in the short term."
It should be noted, however, that sensibility may yet prevail. BNA quoted ($) Ways and Means ranking member Rep. Jim McCrery (R-LA) saying "...but as a practical matter, it [the 2001-2003 tax cuts extension] won't happen in '08, in my opinion."
Posted by Craig Jennings
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