The basic wonk take on President Obama's new package of tax cuts is "low cost, low benefit." Here's Mark Zandi, and here's Howard Gleckman.

Obviously the substance is beside the point right now. Republicans aren't going to hand Democrats a substantive achievement leading up to the election. The point is to be able to say you have some kind of plan, and have a plan that's moderate and wonk-approved. It checks all the boxes in that regard but it doesn't really, you know, matter.