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Video: US Will Need Major Tax Increases, Not Cuts

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The US will extend the Bush tax cuts -- whether it can afford it or not.

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Last Friday at Minyanville's Festivus event, Yahoo's Tech Ticker set up shop and sat down with David Stockman. The two discussed the President's Deficit Commission Panel's failure to get the 14 votes necessary to send the recommendations to Congress.

Stockman doesn't believe the discussions in the government have made any progress, calling it more of a "sideshow." But the real story, he says, is "not what they failed to do in the long term...," it's what happens next week and the week after as Congress negotiates with the White House.

David says, "We're going to extend all the Bush tax cuts whether we can afford it or not... We need major tax increases and we're going to have them year after year."

That's just a taste; see the full video below.

No positions in stocks mentioned.

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