Anyone still believe we're going to see a tax cut?

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With the announcement of the bailout of the fannie may and freddie mac, the chances of a tax cut next year is looking pretty dismal no matter WHO wins. the bailout by many estimates os going to initialy cost 100 billion by many recent estimates.though early speculation aluded to a cost of only around 40 billion. One estimate puts it signifigantly higher at 500 billion: Bennet Sedacca of Atlantic Advisors thinks the tab will end up being an order of magnitude higher: from "John Mauldin's Outside the Box newsletter" When the Treasury peels back the onion, I believe they will find a hornet's nest. I think we will see an initial bailout of $100 billion or so, with 2/3-3/4 going to Fannie (as it is a larger organization). The scenario I foresee however, just as happened at Merrill Lynch, Lehman Brothers and Morgan Stanley, is that they came to the financing window expecting to have borrowed enough, but then find they have to keep coming back repeatedly until the buyers go away or until "We The People" have thrown at least $500 billion at Fannie/Freddie to get them back on their feet again. This will also likely take an Act of Congress to raise the Treasury's Debt ceiling quite dramatically." Even with the current estimates, we are talking about 100 billion added on to an already gargantuaine deficit, clinton found when he got in to office in 1992, that after looking at the financial situation he could not give the middle class tax cut he had promised, why?not because he never intended to keep the promise, but because the country simply couldn't afford it. Now it looks as if the next president will probably find himself in the same boat, woe be to them if they don't start looking at this reality now and re thinking tax policies instead fo waiting to be in office before opening their eyes