Will Obama's Tax Cuts Go the Way of Clinton's?
Leon E. Panetta, who was Mr. Clinton’s first budget director, said he had warned Mr. Obama of the realities ahead, should he win. “I’ve told him, Bill Clinton found this out. He walked into the Oval Office, and suddenly he found he had a bigger deficit than he even thought he had.” Mr. Clinton’s reaction, he said, was, “I’m not going to be able to do what I want to do!”
As you'll probably recall, one of the first things that Clinton did once in office was to abandon his middle class tax cut, which was central to his campaign. Reading between the lines of Panetta, I wonder how long it will take before Obama tosses aside his "tax cut" for 95 percent of Americans. You can already see the seeds of the justification: "When I checked under the rug, I found that eight years of George Bush has created more of a mess than I ever anticipated, and so..."