Comment Re:Can he win? (Score 4, Interesting) 395
Well, to be fair he did want to let the Bush tax cuts expire in 2010, which would have cut the deficit considerably. These were sunsetted when they were put into effect so that the Bush administration could claim minimal impact on long-term debt.
It was a deal with Congressional Republicans. Obama got a reauthorization and extension of unemployment benefits (this was in the Great Recession), an inflation adjustment for the alternative minimum tax so it wouldn't bite middle income people, an extension of the child tax credit and earned income credit. Congressional Republicans got an extension of Bush tax cuts on people making more than $250,000 and a reduction of the estate tax.
Basically when push came to shove, both parties preferred to kick the debt can down the road for a few more years. It may have even been the right choice at the time given the weak private sector spending. Just as there are no atheists in foxholes, there are no deficit hawks during recessions.