I hope that is a lesson learned by the GOP never to make a ‘temporary’ tax reduction again. The Bush tax cuts should have been permanent all along.
(HA HA I know... the GOP learning a lesson... That’s a good one)
"Permanent" tax cuts would've been subject to the Byrd Rule and thus the cuts would've never been passed in the first place.
This is true, the 2005 to 2006 GOP congress under GWB left this time bomb and O was smart enough to get Pelosi House to extend it exactly two years till now when he was safely re-elected,.
The reason why Bush settled for tax cuts that were temporary is because it was passed ~ 2003 in the Senate using budget reconciliation rules which bypasses the 40 vote filibuster, they only needed 50+Cheney instead of 60, but that puts an expiration date on them UNLESS the CBO scores them as deficit neutral or deficit negative, more taxes than spending as O-care was. And of course it was scored as adding deficits as the GOP position in those days was that deficits are great for the economy, so they expired.
Hell, Bush couldnt get McCain to vote for them.
So the date was Dec 2010 and as I said, O being much moe clever than Rs got Pelosi House to extend them exactly 2 nmore years with GOP Senators help..