At its root, President Obama’s jobs stimulus plan pays for spending and tax cuts now by promising tax increases that wouldn’t kick in until 2013 — after next year’s elections — and would last through the rest of the decade.
His bill, which the White House submitted to Congress on Monday afternoon, amounts to $194 billion in spending and $253 billion in tax cuts in the next couple of years, all of which is funded by raising taxes by $467 billion over the rest of the decade.
Emphasis added. This leads me to repeating a question I asked earlier today: Who’s playing political games?
Does the president fear that hiking taxes now might threaten the increasingly fragile economic recovery?
UPDATE: From Instapundit:
MEGAN MCARDLE: “I was tentatively in favor of the jobs plan that Obama proposed last week. But that’s before I realized that he has no intention of trying to get it passed. . . . I really wish that Obama hadn’t wasted my Thursday evening, and that of 31 million other Americans, listening to a jobs plan that was only designed to produce one job–a second term for Barack Obama.”