New York (CNNMoney.com) - They're often called the "Bush" tax cuts. But at this point they might as well be called the Bush-ama tax cuts.
That's because President Obama has embraced the tax relief measures introduced in 2001 and 2003, proposing they be extended indefinitely for most Americans. If lawmakers do nothing, the measures expire Dec. 31.
The tax cuts lowered income and investment tax rates, boosted the child credit, reduced the estate tax, and narrowed inequalities affecting married taxpayers.
Another reason for the new Bush-ama moniker: Like President Bush, President Obama has not called on Congress to pay for the cost of the tax cuts. In fact, the extension of the cuts is exempt from the new "pay-go" rules that Obama signed into law recently.
Extending the tax cuts for most Americans will increase the federal deficit by an estimated $2.2 trillion over 10 years.
Deficit hawks are uber-frustrated.