Well sure, but incurring a deficit of $1.9 trillion doesn't count because, as the Republicans argued at the time, it's just giving us back what is already "ours". In fact, since we really got the money from China, it's like we actually made a $1.9 trillion profit.What could possibly be wrong with that? Why are you whining so much? But that socialist freak in the White House is going to steal our money back if he doesn't agree to extend the cuts and add another $2 trillion plus to the deficit. Sure, we had to make the cuts expire to avoid violating the law that prevented us from using reconciliation to pass a bill that added substantially to the debt after ten years. But heck, we got rid of that law as quickly as we could so Obama has no excuse for not incurring $2 trillion in additional debt. Maybe Switzerland will lend it to us this time. I hear the Chinese are already a little qweezy from the bank bailout.
EDIT: Just for a little context. The cost of the tax cuts is equivalent to the cost of the entire Medicaid program. Thus, the cuts could be extended after January 1, 2011 by simply eliminating Medicaid nationwide. Of course, that would actually double the total number of people without medical coverage to almost one third of our entire population (Closer to 40% of all children) and, in the process, would bankrupt much of our health care industry. Alternatively, we could cut all defense related spending by 25%, or all non-defense related spending by almost 40%. Each of these actions would simply offset the cost of extending the tax cuts without doing anything to reduce the current deficit. If all three were done -- elimination of Medicaid, 25% reduction in all defense related spending, and a 40% reduction in all non-defense discretionary spending -- the effect would be a 60% reduction in our current deficit and we would still have to allow the tax cuts to expire.