The nation’s current tax rates should be extended beyond 2012, two respected budget experts testified at a Senate hearing on Tuesday.
Clinton administration budget director Alice Rivlin and retired Sen. Pete Domenici (R., N.M.) both advocated in favor of extending tax cuts amid an ongoing recession that has left countless Americans struggling to pay the bills, the Wall Street Journal reports:
"The basic point is, we’re not in favor of just extending the tax cuts…you’ve got to embed it in some sort of process" that prompts Congress to deal with broader tax code issues and other problems, said Alice Rivlin, a former Clinton administration budget director, at a Senate committee hearing on Tuesday.
"I don’t think there’s any alternative" to extending current tax levels, added retired Sen. Pete Domenici, a New Mexico Republican. But the package should include "a mechanism for assuring [a broader overhaul] would happen," he added.