The elephant in the living room: 700,000 lost jobs

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That's what the GOP has claimed will be the cost of allowing the Bush tax cuts to lapse.  The figure is based on an Ernst & Young study financed by the US Chamber of Commerce.  The Congressional Budget Office, ostensibly non-partisan, says 200,000 jobs would be lost initially, but would be quickly regained.  Furthermore, the US economy is expected to add some 12 million news jobs in the next ten years.

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