Expiration date watch: Repealing the Bush tax cuts

All of Barack Obama’s policy statements come with an expiration date, Jim Geraghty often said, and now the Left may experience the same frustration as the Right did during the campaign.  The latest example comes today, with the expiration delivered by David Axelrod.  Those Bush tax cuts Obama wanted repealed?  Not so fast:

President-elect Barack Obama may consider delaying an election promise – to roll back tax cuts on high-income Americans – as part of his economic recovery strategy, a senior aide and an adviser said on Sunday.

David Axelrod, one of Obama’s closest confidants chosen to be a senior White House adviser, was asked if the tax cut could be ended later than Obama called for during the campaign. “Considerations will be made,” he said on “Fox News Sunday.”

Considerations, eh?  I suppose the meltdown on Wall Street had a lot to do with those “considerations”.  The near-unanimous chorus from economists about the dangers of raising taxes in the middle of a recession may have produced those “considerations” as well.

Now that Obama has to actually govern his way out of a global financial collapse, he’s realizing that he needs all the capital he can get to invest back into economic growth. And that’s not a bad thing.