Orzag suggests that politically, Obama's preferred move might be to propose increase to base deduction limits and lower payroll taxes for everyone. Once tax cuts expire, Obama can propose tax reductions that still stabilize the deficit long term.
He suggests that if Romney wins, we are more likely to see a lame duck session and retroactive extensions of the Bush tax cuts (Assuming Republicans maintain control of the House).
Hmmm, sounds like he has either gifted, or is floating, the democratic talking points for this election. Dems can say that they are advocating tax cuts for the entire population, whereas, the Republicans only want to help the top 1%. They can point to Euro and say the austerity advocated by Republicans is destructive and counterproductive to the economy and yet justify their actions by suggesting that their plan stabilizes the long term debt picture. Finally they can say that by playing chicken with the debt ceiling, to the point of causing a debt downgrade, the Republicans have put political interests of the elites above national interests.
Certainly puts Romney in an awkward position. Congressional districts, because of redistricting, tend to be safe once you have secured a primary win. Hard to see how either candidate will produce a coat tail effect this year.
Whether the Dems can take advantage of this idea remains to be seen. Republicans have shown that, politically, good execution of poor ideas (prescription drug benefits, gay marriage, swift boats) trumps bad execution of good ideas (health care reform).