Ezra Klein, this morning:
By the end of the debt-ceiling negotiations, the Obama administration had agreed to a deal that would reduce the deficit by $2.4 trillion, with $2 trillion of the total coming from spending cuts and $400 billion coming from tax increases. Taxes, in other words, would be about 17 percent of the final deal. Republicans rejected it. But as little as four months ago, it was the Republican ideal.
First of all, a deficit reduction deal of $2.4 trillion comprised of 83% spending cuts is devastating. Spending cuts throw people out of work and it reduces the flow of money into the economy. It will definitely increase unemployment - just what we need, huh?
But even 83% is not enough for the GOP, they insist it must be 100%, and when the Democrats said NO, the Republicans got up and went home! Now we find that just four months ago the Republicans were saying it would be super if they could get 85% of the deficit reduction in spending cuts. Now that the Democrats have pretty much agreed to give them what they wanted, the Republicans have decided they want MORE! It must now be 100%!
I would love to see the Democrats hold firm at 17% in tax increases. They've already caved - that percentage should have been at least 33%. But it appears as though the Republicans are willing to crash our economy to protect the very, very wealthy from modest tax increases. Wow! If that's the case, just imagine what they will do when it comes time for the Bush tax cuts to expire!
--Trakker
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