Current Events News

Welcome to this week’s edition of  “Trending Topic Tuesday,” where we share our take on what’s going on in the world and what promotional products would appropriately (or inappropriately) market the subject matter.

As tax cuts from the Bush era are set to expire at the end of the year, a heated debate has developed on capital hill.

The bill, as it now stands, would extend tax cuts from the Bush era for 2 additional years, continue funding unemployment benefits for another 13 months, and enact a one year payroll tax reduction. Another confrontational factor, the estate tax, which would add $893 billion to the federal debt over the next five years.

Reinstating these cuts would mean about 150 million Americans would not see their taxes increase in 2011, but many are concerned that reinstating these terms will strangle the economy and the national deficit even further. On Monday, it was said the senate will open this unhinged debate.

President Obama is in the hot seat with both parties, and people and politicians are confused about where he stands. After insisting that tax cuts for the upper class were “irresponsible,” reinstating these cuts for 2011 will promote them.

As of right now, all that Obama says he wants to do is put the right laws in place to make the recovery stronger. However, even economists are unsure of which method will work. Now that everything has been turned on its head, no one knows what to expect. All that we can do now, is advise the magic answer ball.