February 10, 2010 01:55 PM | Permalink |
To avoid larger budget deficits, the federal government must collect at least as much revenue as the President proposes. There are two bare minimum requirements for Congress to achieve this. First, Congress must not extend any more of the Bush tax cuts than President Obama proposes to extend. Second, Congress must raise at least as much revenue as President Obama has proposed ($760 billion over ten years) through loophole-closers and new revenue measures.