A helpful explanation from Mr. Orzag

You might have heard that the President is thinking about breaking his promise regarding tax increases. Fortunately, he sent out his OMB director, Peter Orzag, to explain what's going on. Quoting now:

“What I did say is look, the typical thing that’s going to happen, and it’s already been happening, is everyone is going to come along with this idea—the value added tax, this thing under $250,000, Social Security, Medicare changes, what have you—and you’re looking for us to say no, yes, no, yes, no, yes—which will mean that the commission has absolutely nothing to talk about and nothing to do. The president has been very clear that we’re not going to play that game.”

You know what's really amusing? That was the clarification.

But notice closely one thing that was said: value added tax. Remember those three little words, which have huge implications. Your life could get a whole lot more expensive soon if you don't pay attention to such things.