Here is an interview with Larry Summers – outgoing director of President Obama’s National Economic Council. He has been a leading architect of economic policy of the Obama administration. He was also Treasury Secretary under the second Clinton Administration from 1999-2000.
Summers does say that the tax-extension is a compromise and that reductions in tax for the high income earners is not the best way to increase growth in the economy. But he argues that this will have a significant impact on the economy in 2 years time – he assumes the economy will be growing significantly. It is just under 10 minutes long but good viewing.