ECONOMY — NELSON AND LINCOLN VOTE TO PERMANENTLY EXTEND BUSH TAX CUTS, MASSIVELY INCREASE DEFICIT: Last month, as the Senate was gridlocked by a Republican filibuster of a bill to extend much-needed unemployment benefits to millions of out-of-work Americans, Sen. Ben Nelson (D-NE) stood with the GOP against the extension. Nelson claimed that his concerns about the deficit overrode his support for the extension; he voted against the bill that finally passed 60-40. Later that week, Nelson came out in support of an extension — “for now” — of the Bush tax cuts for the wealthiest Americans, which adds many billions more to the deficit than the unemployment insurance extension. In fact, extending the Bush tax cuts for one year alone would add $115 billion to the deficit, compared to the “relatively tiny budgetary cost of $33 billion” for the extension of unemployment extension benefits. Yesterday, Nelson provided further evidence that he is a deficit peacock — someone who claims to be concerned about the deficit but isn’t actually interested in taking serious steps toward a balanced budget. Before the final vote on the states’ aid bill that passed yesterday, Sen. Jim DeMint (R-SC) offered two amendments that would “massively add to the deficit” by “freezing in place” the current tax rates on individuals and businesses, which, in effect, would permanently extend the Bush tax cuts. On both votes, only Nelson and Sen. Blanche Lincoln (D-AR) “crossed the aisle to vote with all Republicans,” with the exception of “noted deficit hawk” Sen. George Voinovich (R-OH). Nelson and Lincoln (who also claims to be concerned about deficits) apparently don’t mind spending $3.1 trillion over the next 10 years to pursue ineffective tax cuts for the wealthy. DeMint, “one of the most fiscally conservative members of Congress,” is not so concerned when it comes to paying for his extraordinarily expensive amendments. Both came “with instructions to offset as necessary through spending reduction,” Senate-speak for “we’ll worry about the cost later.”