White House said to be considering tax cuts ahead of midterms

There’s a pretty good chance this will be seen as cynical or an admission of defeat — possibly both. But hey, they’ve got to do something right?:

With just two months until the November elections, the White House is seriously weighing a package of business tax breaks – potentially worth hundreds of billions of dollars – to spur hiring and combat Republican charges that Democratic tax policies hurt small businesses, according to people with knowledge of the deliberations.

Among the options under consideration are a temporary payroll-tax holiday and a permanent extension of the now-expired research-and-development tax credit, which rewards companies that conduct research into new technologies within the United States.

Administration officials have struggled to develop new economic policies and an effective message to blunt expected Republican gains in Congress and defuse complaints from Democrats that President Obama is fumbling the issue most important to voters. Following Obama’s vacation and focus on foreign policy in recent weeks, White House advisers have arranged a series of economic events for the president next week, including two trips to swing states and a news conference.

After throwing $812 billion down the stimulus bill rat hole, I’m not quite sure how  you “combat Republican charges that Democratic tax policies hurt small businesses” by adopting the policies the GOP has been advocating all along. Oh and just a reminder, the total cost of a payroll tax holiday for one year would have been right around $800 billion, and it would have likely been a much more timely and efficient stimulus had it been adopted from the outset.

Beltway ConfidentialeconomyUSWhite House

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