A recent Congressional Research Services report has estimated that extending the '01, '03, and '04 tax cuts will cost the Treasury $2.286 trillion over 10 years. The CRS cost estimate was based on Congressional Budget Office estimates and calculations by the CRS, according to the report. This estimate dwarfs the recent efforts of Congress to cut back on spending. Before recessing for Thanksgiving, the House passed a $50 billion "Deficit Reduction Bill," and the Senate passed a smaller $35 billion version, mostly with cuts to social welfare programs. Congressmen have been patting themselves on the back for these acts of fiscal discipline, yet extending the tax cuts -- whose benefits go primarily to the wealthy -- will wipe out any savings generated by the spending cuts and increase long-term deficits.