In his blog below, my colleague Craig casts a favorable light on the offsets Sen. Max Baucus uses to bring his $8 billion small business tax cut into PAYGO compliance, calling them "progressive" in net affect. Just one point: if this tax package is ultimately enacted, these particular offsets will no longer be available for other legislative initiatives, whether increased entitlement funding or AMT reform. As we look at offsets going forward, we should consider the opportunity cost of using them, asking in each case: have we bought what we most need with offsets we can afford? ========== [By the way, can someone explain to me why, without Baucus' tax package added to it, the GOP will filibuster the minimum wage bill? As House Ways & Means chair Charlie Rangel remarks, "Maybe he (Sen. Baucus) doesn't have a strong feel for the depth of support that this bill has. ... I strongly disagree that this thing would be filibustered."]