Middle-class tax cut is locked in place for the next two years as a part of the stimulus package Obama signed into law last month.

The administration had tied the revenue raised from cap-and-trade to the Making-Work-Pay tax credit for families – both of which have been brought up as POSSIBILITIES TO BE SCRAPPED  from the Senate and House budget resolution.

“We have two years to figure this out,” Orszag told reporters, pitching the anticipated formation of the President’s Recovery Advisory Board led by Former Federal Reserve Chairman Paul Volker which will examine ways to provide funding for making-work-pay.

In an interview later with ABC News, Orszag said that the changes made to the president’s budget blueprint were inevitable, “Yes, on cap and trade and with regard to making work pay the tax credit that will be there for two years there's going to be some adjustment.  But those were inevitable. There was always going to be some changes made.”

Orszag said of course the administration was aware that not “every single comma, decimal point and period was going to be embodied in the budget resolution,” but the modifications that have been made on the hill – they believe – are slight.

From ABC News:

http://blogs.abcnews.com/politicalpunch/2009/03/obama-budget-ch.html

The richest 1% of taxpayers would pay $100,000 less, on average, while over 25% would pay more in taxes under the House GOP "plan" than they would under the President's plan.*  Rep. Paul Ryan unveiled (the drum-roll please ) the GOP's alternative budget in a Wall Street Journal op-ed.
First, last week's  "Road to recovery" joke  called a "marketing document, and now this sad reality, the GOP offers NOTHING that hasn't already aided in creating our collective mess.

Making the budget-busting Bush tax cuts of 2001-03 permanent, they also propose an alternative "highly simplified system that fits on a post card, with few deductions and two rates." Taxpayers making over $100,000 would see their rate drop to 25% from its current high of 35%. (Below that level, the rate drops to 10%.) Corporate taxes would also drop to 25%. While the capital gains tax rate would be frozen at its post-2003 level of 15%, the estate tax would be eliminated altogether.

* Based on initial examination.