Don't extend the George W. Bush tax cuts, David Stockman, the director ofOffice of Management and Budgetunder President Reagan, told CNBC.
"We couldn't afford those tax cuts back when they were implemented by Bush. We can't afford them now," said Stockman.
"This is $300 billion a year. I think both parties are dreaming. Our fiscal situation is far worse than they're really telling the public, and since they're unwilling to cut taxes, and since we can't keep borrowing a trillion and a half dollars year in and year out, it's time to face the music."
Meanwhile, the White House continues to cite a report from the Congressional Budget Office that maintains that extending tax cuts for the wealthy could add $700 billion to the US deficit over the next decade.