An unmitigated disaster. Deficits will balloon even more, and the tax cuts will do nothing - NOTHING - to stimulate the economy. If there is anything to the Laffer curve - and I think there might be - we are far, far to the low tax side of the peak.
Next, people who might actually know something.
No help for 99ers. That sucks.
Southern Beale speaks for the left.
Krugman didn't like it going in.
I still think he's an optimist.
Update: Here's James Kwak.
And Obama will no longer be able to say the tax cuts were a mistake made by President Bush that he was letting expire. Now he owns the mistake. This is a long way of saying that this isn’t a two-year tax cut to stimulate the economy (with a 0.29 multiplier, remember) in a recession. It’s a wedge of about 2 percent of GDP that is part of the structural deficit for the foreseeable future . . ..
So finally, you have to ask, what does Barack Obama want? Does he really like most of the Bush tax cuts? Does he really think the bulk of the tax cuts are good for the country, and that going along with the tax cuts in the top brackets is a reasonable price to pay to keep them?
Update 2 (H/T to the LW):
Bernie Sanders is mad as hell, and he's not going to take it.
Update 3 (12/08): Yes, this is "The Public Option Debate All Over Again." Obama starts from an already compromised position, then gives in from there.