New York (CNNMoney.com) - President Obama says the country can't afford the $700 billion it would cost to permanently extend the Bush tax cuts for high-income households.
He said it would be "irresponsible" to borrow that much money just to hand out $100,000 tax cuts to millionaires.
Fair enough. The United States is staring at a serious medium- and long-term debt situation, so the less it's aggravated the better.
But why then is it OK to borrow $3 trillion to permanently extend the tax cuts for the majority of Americans - something the president and both parties support doing?