In addition to Republicans and business leaders, Obama’s recently departed head of the Office of Management and Budget also argues, in the New York Times, for a two year extension of the Bush tax cuts:

Higher taxes now would crimp consumer spending, further depressing the already inadequate demand for what firms are capable of producing at full tilt. And since financial markets don’t seem at the moment to view the budget deficit as a problem — take a look at the remarkably low 10-year Treasury bond yield — there is little reason not to extend the tax cuts temporarily.

Not only is there little reason not to — there is every reason to do so. Unless one is so locked into a “soak the rich” mentality that ideology trumps common sense.