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"Tax Extenders" Bill the Latest Test of Congress's Commitment to Fiscal Discipline

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Publication Date: June 2008

Publisher(s): Center on Budget and Policy Priorities (Washington, D.C.)

Special Collection: John D. and Catherine T. MacArthur Foundation

Topic: Banking and finance (Taxation and tax policy)

Keywords: Economic projections; Tax code; Federal budget

Type: Brief

Abstract:

"Tax extenders" legislation, now before the Senate, has become the latest battleground in the intensifying debate over whether Congress should pay for new tax and budget measures so they don't expand the deficit.  Unfortunately, key congressional Republicans are now arguing that any extension of existing tax provisions should be deficit financed, on principle.

This claim will make it much tougher for Congress to live up to its pledge of fiscal discipline and could ultimately lead to multi-trillion dollar increases in the national debt."