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Just as a willingness to tackle Medicare (and healthcare costs in general) is the litmus test for being serious about the long-term federal deficit, there’s a litmus test for being serious about the medium term deficit too. Here it is: you should be in favor of letting the Bush tax cuts expire in 2012. All of them.

There was a case for keeping them in place last year since the economy was still fragile. By 2013 this won’t be true any longer, and letting the cuts expire would wipe out half of the federal deficit at a stroke over the next decade. What’s more, since we’d just be reverting to the same tax rates we had in the 90s, when the economy boomed, we know that this would do no harm to economic growth.

This ought to be the first question you ask any deficit hawk. If they’re OK with letting the cuts expire, then the conversation can continue. If not, they’re just preening.

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We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

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