Voinovich will oppose efforts to extend tax cuts

He has hinted in recent months that he would oppose an extension of the tax cuts. 

"The American people should know that a lot of the reduction of their taxes is borrowed money from China," he said. "You've got to pay for it. You've got to pay for it. You've got to pay for it."

Voinovich said today that "a lot of people" in the Senate have told him they agree with him on the issue, although most are in a political pickle between letting taxes go up while the economy struggles and reducing the deficit. 

Sen. John Cornyn (R-Texas) downplayed the deficit implications of extending the tax cuts Monday morning during an interview on MSNBC's "Daily Rundown." 

"I don't agree that extending current tax policy, which has been the law for 10 years, exacerbates the deficit unless you assume that all of this is the government's money and they just let We The People have some of it back," he said.

"The fact is we need to continue to stimulate our economy, not through the sort of Keynesian approach of spending borrowed money that we've seen over the last two years which has increased our debt by 29 percent, but rather by creating some stability and some predictability in our tax structure, which lets our job creators know what the playing field look like so, hopefully, they can get back in and invest and grow the economy and create jobs and opportunity."

Congressional leaders and the White House are nearing a deal on extending all of the Bush tax cuts for two years. House and Senate Democratic leaders are meeting with President Obama this afternoon.