The President and Congress would like to stimulate the economy, which is showing signs of flagging.
In an unusual move, both the White House and Congress agree on something. People need more money to get the economy moving.
The cost of filling the car's gas tank has shot up, and it's not like you can just keep spending more money that you don't have. Unlike the denizens of Washington, D.C., of course, who spend without having to look at the bottom line.
There are so many houses on the market that there's no demand for new construction. No new construction means a down-turn in the appliance industry. The carpet mills slow up production, the paint manufacturers lay off workers, and it goes on down the line.
To help you do your patriotic duty, the government would like to give you a break. You get to pay less in taxes, meaning more money in your pocket, and you take that windfall and buy some stuff.
Cash infusions like that suggested will work. The problem is, Congress won't cut back on their own spending in the face of a decrease in revenues. For a brief moment, the economy can be jolted back on track, but at the cost of more borrowing. The deficit will balloon a little more, and sooner or later, the bill will come due.
By all means, cut our taxes. But don't keep spending money that you don't have.