In reality, the cuts aren't actually cutting taxes - they are keeping taxes the same. The whole issue is this - the government has overspent their means, and the expiration of tax cuts for the wealthiest Americans would bring in much needed money.
Even Warren Buffett claims that he should be paying more taxes.
However, with Congress at a stalemate some concessions will need to be made. The Bush Tax Cut extensions will likely be one of the concessions, as there's no way the GOP is going to vote to allow the extensions to expire for the wealthiest Americans.
We will keep you informed about the 2010 Bush Tax Cuts extensions