The package will cost about $900 billion over the next two years. The deal comes only days after the deficit commission report, which urged serious action to combat America's long-term debt problem (or crisis).
Ironies abound. Democrats spent years railing against George W. Bush for not paying for his tax cuts. Democrats are now emulating the very actions they criticized. Republicans have spent two years preaching about the primacy of deficits. The GOP victory however means a tax deal that will likely prove more costly to the deficit than the stimulus package. This bi-partisan compromise is, oddly, politics as usual.