The Bush administration wants its tax cuts, which expire the end of 2010, made permanent. Rather, Congress should repeal them. They exact a revenue loss estimated at half a trillion dollars over their present term, and benefit mainly 1 percent of taxpayers – those with incomes over $300,000 – who provide one-third of the personal income taxes, the largest component of our tax revenue.

Supporters cite increased tax revenues last spring, which is lessening the current budget deficit. But these came from health of the dominant financial services sector, not from manufacturing, where jobs and profits have declined.

The national debt (which has doubled since 2000) has reached the highest point in our history: $8,600,000,000,000 on Jan. 6. One trillion of that is cost thus far of our Iraq adventure.

We borrow heavily from foreign private and government investors. Recently, declining value of the dollar, due to heavy debt, caused foreign investors to shift some of their U.S. holding to the euro (currency of the European Union).

A distinguished panel of experts recently published a study showing if our fiscal situation is not addressed now, payments of interest on the debt and basic entitlements (Social Security, Medicare) will have exhausted federal revenues before 2020. And government would have to reduce Social Security payments and impose substantial new taxes.

The administration should deal responsibly now with this looming disaster by raising taxes on higher incomes and foregoing its tax cuts.

There are no free wars, Mr. President.

Dorothy E. Prince, Auburn