Update on the Tax Cuts

Here’s the latest on the proposed tax cuts about which I wrote the other day. Yesterday congressional Republicans reached a compromise between the extreme tax-cutters and those fiscally responsible Republicans who wanted to limit the tax cuts and find offsetting revenue to make the changes budget-neutral. So what was the White House response? They ordered the House leadership to cancel the deal and postpone the whole tax cut effort. They would rather try again from scratch in September, when they hope that they can get enough votes without any compromising at all on their tax cut wish list. The Washington Post has the story.