The 2010 Spending Debate
by Matt Lewis, 1/8/2008
Today's my last day at OMB Watch and the BudgetBlog. I've had a great time here, and I might be starting up my own blog- we'll see, but for now, I thought I'd leave a parting thought.
The great 2010 tax cut debate, where we'll decide what do to with the expiring Bush tax cuts will be the most important budget issue for some time to come (Iraq being a close second). Without that revenue, a progressive agenda will have a hard time going anywhere.
That debate should be more about spending than taxes. Lots of people are proposing that the expiring tax cuts be used to finance new health care plans. And if we're going to let taxes go up, which will cause some pain and raise fears, the new revenue needs to be for something very important and powerful. I highly doubt it'd be enough to argue that the expiring tax cuts aren't really tax increases, or that we'll have to pay for them in the long run if they're extended, or even that they're for the rich.
And having the expiring taxes pay for health care, in particular, is the right thing to do. New revenue should be used to face our highest-priority challenges.
