I thought the Bush tax cuts only benefitte dthe rich?

[Jim in CT]

Spence -

"The tax cuts are going to expire, this will cause a lack in revenues "

So when the cuts expire, meaning tax rates increase, you think tax revenues will go down? I'm not saying I disagree with you, I'm just suprised to hear that...

"there is no magic formula that says when taxes go down the economy is always stimulated."

You leave the public with more money, more money will be spent or invested, stimulating the economy. How can that fail to occur? People aren't going to put extra money in their mattress.

"those at the top who will just park it long-term."

Maybe. Or maybe they will use that money to expand businesses. It's not fair, but people at the top are the ones who drive the economy and create wealth opportunities for many others. I can't say that's "fair", but it's reality. When Clinton slashed capital gains taxes, the rich invested a lot more money, because it was more lucrative for them to do so. That's what primes the pump. Well, one of the things that primes the pump.

"why isn't Congress doing more to cut expenses?"

Because Obama and the current congress are implementing a liberal agenda, which is spend, spend, spend...

" I've not heard any serious proposals to cut costs."

When a candidate like Sean Bielat has the courage to say, for example, we have to cut medicare and social security, the media says that Bielat doesn't care about seniors. That's how that gets played. There is a massive disincentive for politicians to tell the truth during campaigns.

Gov Christie, in NJ, is standing up to the state unions and making massive cuts. He's making a lot of people unhappy, but he's doing what clearly has to be done. We need more like him.

Good, fair, probing questions.