Sometime over the next couple of weeks, President Obama issues a statement that reads: Over the past several months, Republicans and Democrats have been fighting over what to do with the Bush tax cuts. I have my own views, but it s not worth having a big fight over a tax code we all hate. Therefore, I m suspending this debate. We will extend the Bush rates for everybody for one year, along with unemployment benefits. But during that year we will enact a comprehensive tax reform plan.
President Barack Obama's plan to raise taxes on wealthier people while preserving cuts for everyone else appears increasingly likely to founder before Election Day. Senate GOP leaders declared on Monday that Republicans are, to a person, opposed to legislation that would extend only middle-class tax relief - which Obama has repeatedly promised to deliver - if Democrats follow through on plans to let tax rates rise for the wealthiest Americans. The GOP senators forcefully made their case one day after House Republican leader John Boehner suggested he might vote for Obama's plan if that ends up the only option.
IF there were such a thing as Chapter 11 for politicians, the Republican push to extend the unaffordable Bush tax cuts would amount to a bankruptcy filing. The nation s public debt if honestly reckoned to include municipal bonds and the $7 trillion of new deficits baked into the cake through 2015 - will soon reach $18 trillion. That s a Greece-scale 120 percent of gross domestic product, and fairly screams out for austerity and sacrifice. It is therefore unseemly for the Senate minority leader, Mitch McConnell, to insist that the nation s wealthiest taxpayers be spared even a three-percentage-point rate increase.