The Bush tax cuts would be allowed to expire. But you would go far and wide to find a politician who is willing to consider allowing the tax cuts expire.
You might recall that the reason why the tax cuts were set to expire in the first place was because they would have completely shattered the long-term federal budget if they were made permanent. The party of the Confederacy figured that they could make them permanent later. But even though they controlled the Congress completely up to 2006 and the White House to 2008, they couldn't ram it through into law.
You also will not find a politician who is willing to tell the truth, and that is this:
The Federal budget will never be slashed enough to balance the budget with the Bush tax cuts in force. The Republicans will never stand for the defense budget cuts necessary to get there and the Democrats will never stand for cutting Medicare (and neither will the older Teabaggers).
So if we are going to ever balance the Federal budget, the tax receipts have to equal the spending. And if that means taxes have to go up, well, so be it.
It is time that people, especially the Right, grew up and realized that shit has to be paid for.
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