POWIP Piece of Work In Progress – Former Abode of Dan Collins

zOMG!11!1! Obama compromises with the wingnuts on Booooooooooosh! tax cuts

At least according to Fox news, which is standing by to broadcast an announcent they maintain will be coming from the White House sometime over the next two hours.  Famous econo-gnome Paul Krugman is not amused; which puts a big smile on this knuckle-draggers face.

The deal purportedly extends all the existing tax rates for the next two years, undoubtedly to be demagogued in the 2012 election, as well as a 13 month extension of unemployment benefits.  And, in a new wrinkle, the deal also purportedly contains a reduction in the social security payroll tax; although it's unclear whether it will be a complete social security tax holiday.

So gird your loins, and stand by for the sound of crying, gnashing of teeth, and rending of garments from the nutroots.  Already, over the weekend, there have been several members of the left-leaning punditocracy calling for that drastic act.  If the reporting from Fox is accurate, it'll go from breathless to head exploding in a matter of seconds.

So stay tuned, and, you know, stock up on the popcorn ...

UPDATE: Obama's palavering on about how he decided that all this was necessary, and how he wouldn't countenance the tax cuts for millionaires; whatevz.  This is so much face-saving pablum by the popinjay-in-chief.  Still look for the left-heads to be popping all over.

Rocketman