McCain’s former economic adviser flips on Bush tax cuts.

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"McCain’s former economic adviser flips on Bush tax cuts."

eakinwatch.jpgThroughout the presidential campaign, Sen. John McCain’s (R-AZ) top economic adviser and former CBO director, Douglas Holtz Eakin, argued passionately for McCain’s proposal to extend the Bush tax cuts (and cut some more taxes for the wealthy on top of it). Holtz-Eakin, however, has now come out against making the tax cuts permanent, acknowledging that it would explode the deficit:

Though economist Douglas Holtz-Eakin spent the 2008 presidential campaign advising Sen. John McCain to defend the Bush-era tax cuts, he now thinks they should be allowed to expire on Dec. 31, 2010 due to “the prospect of an Argentina-style fiscal meltdown.” Said Holtz-Eakin: “If you ask: ‘Who pays the taxes?’, it’s the first step toward not having the answer be: ‘Our kids.’”

Recall, McCain also flip-flopped on the Bush tax cuts, but he opposed the cuts in 2001 and argued for them in 2008.

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