This clip is way too political for me, and I don't often agree with Sanders, unless he's talking about Bernanke, but he strikes a note here.
I would have no problem with the 2-year extension had it been paid for - balanced by commensurate cuts in federal spending. The Pentagon would be a good place to start. But there were no spending cuts. Congress couldn't find the balls guts. So the tax cuts should have been allowed to expire.
The 2-year increase to the deficit because of the extension will be approximately $700 billion, about the price of TARP. The easy fix, that won't hurt anyone but the military, is to cut the Defense budget by 50% over the next 5 years.
I think the neo-cons just bombed my computer.