Chuck Schumer Not a Fan of Tax Deal

Good for Chuck Schumer: New York’s senior senator this morning stood up against the idea of a tax code “overhaul” that would most likely turn out to be another tax cut for the wealthy. Schumer, calling the idea “little more than happy talk,” focused on the reality that all those great-sounding loophole closures would mysteriously vanish once Republicans had the upper-bracket tax cuts in hand. Schumer’s deficit-reduction alternative — savings from social programs including Medicare and Social Security — would be even more painful, however, and would provoke an even more bitter political fight. One thing is certain: Paul Krugman just got more good column material.