Tax Cuts May Hurt Economy if Extended, Says GOP Leader
Tax cut extensions discussed this week in the Senate have Senate Minority Leader Mitch McConnell saying than an extension of the tax cuts instituted by former President George W. Bush was a prudent step in a fragile economy.McConnell, a Kentucky Republican, said on CNN's "State of the Union" Sunday that the debate should focus on immediate economic recovery rather than the long-term effect on the deficit."What might happen down the road is not the subject today," said McConnell. "The question is, do we want to raise taxes in the middle of a very, very tough economy? All the Republicans think that's a bad idea. And a substantial number of the Democrats think the same thing."McConnell said holding down government spending was the best way to trim the budget deficit while the lower tax rates would stimulate job creation. He pointed to a report coming in December from a bipartisan presidential commission on deficit reduction that will include ideas on how to handle the nation's long-term liabilities."We'll wait and see what they recommend, but hopefully it'll be something that would be supported on a bipartisan basis," he said.