Well, here's a bit-o' blast of the obvious headed for the ears of the oblivious...

The federal government will need to either cut spending or raise taxes down the road to pay for extending President Bush's recent tax cuts, the Treasury Department said in a report released yesterday, dismissing the idea popular with many Republicans that such sacrifices can be avoided.
...
But the Treasury's view reflects "a recognition the federal government has to finance the tax relief" to avoid a rise in government debt, Robert Carroll, deputy assistant secretary for tax analysis, said in an interview.

The report stressed that the economic effects of extending the tax cuts "depend crucially on whether they are financed by lower spending or higher taxes in the future."

Any third-grader would have been able to tell the republicans that eventually the bill would come due. The question is, why would they listen to a third-grader when they all listened instead to a Harvard MBA who had no clue?

This is even more amazing looking at how Treasury tries to justify toeing the administration line and keep the tax cuts in place in perpetuity...

The Treasury report was its first using "dynamic analysis," an approach that looks at how tax changes alter consumer and business behavior in ways that affect the economy's growth.

A reduction in income tax rates, for example, might initially reduce the government's revenue, but over time might encourage more people to work, and to put in longer hours, increasing tax payments to the government over time.

See? It all works out in the end...