It seems as if the reality check that is our economy and the nature of economics itself has caused Obama to go back on his promise to repeal the Bush tax cuts. In all likelihood, he will allow them to expire in 2011 as originally designed by the Bush administration.
From myway via Patterico, here is a quote from a top Obama aid:
Obama's plans, outlined by his transition team on television talk shows, could put aside his campaign pledge to repeal a Bush tax cut for the wealthy. With the downturn in the economy, those tax cuts may remain in place until they are scheduled to die in 2011, said William M. Daley, an economic adviser. "That looks more likely than not," he said.
Okay, so even if they are still pushing the "tax cuts for the rich" angle (and I must be rich, because I remember my tax cut rolling in courtesy of "W"), this still proves that down deep, Obama is a "supply-sider" after all!
Seriously, I am encouraged that Obama isn't blindly keeping keeping all of his rhetorical promises, the reprieve will be nice. This also means, at least for the next couple years, Obama will borrow and spend instead of tax and spend. But we are used to that by now.
Come 2011, I shall batten down the hatches.