Former top Clinton aide George Stephanopoulos on Monday pestered his old White House colleague Erskine Bowles on the need to let the Bush tax cuts expire. The Good Morning America co-host also touted the critique of liberal columnist Paul Krugman in opposition to a panel calling for deficit reduction.
Stephanopoulos pushed Bowles, the co-chairman of the National Commission on Fiscal Responsibility and Reform: "By extending [the Bush tax cuts, that's going to cost about $4 trillion...Couldn't some of this be avoided by keeping the tax rates where they are? I mean, by letting them go back to where they were in 1998 when you were White House chief of staff?"
Citing more liberal conventional wisdom, the ABC anchor critiqued, "[Paul Krugman] says taking away the deduction for the home mortgage deduction, the deduction for employer provided health care will end up creating a mixture of tax cuts and tax increases that is tax cuts for the wealthy and tax increases for the middle class."