The White House, seeking an agreement to raise the nation’s $14.3 trillion debt ceiling by Aug. 2, on Monday said it would not insist that any deal include an end to former President George W. Bush’s controversial tax rates on the wealthy. […] The White House said the president is pushing the GOP to agree to eliminate some tax breaks for businesses and loopholes for wealthier taxpayers, but is not seeking to eliminate the across-the-board rates introduced by President Bush. That means taxpayers who earn more than $250,000 annually have gotten a reprieve. – Bush rates are kept safe in debt-limit talks
Pres. Obama plays golf with Speaker Boehner and Gov. John Kasich, so you can’t expect him to understand what his moral economic cowardice means to middle class Americans looking on at this spectacle.
I’m beyond appalled that Pres. Obama and the Democrats continue handing Republicans the economic argument, because they’re too scared to make the case Sen. Bernie Sanders has made innumerable times, the latest Monday on the Senate floor.
Shared sacrifice doesn’t exist in any meaningful way if you’re afraid to rescind the Bush tax cuts, while allowing Medicare tinkering and cuts, as Sen. McConnell is insisting in order to keep Sen. DeMint from jumping his leadership job.
The current rumblings leaking out of negotiations are indefensible from a Democratic, progressive or liberal perspective.
The immediate goal is to find upward of $2.4 trillion in 10-year savings and revenues to help offset what would be an almost equal increase in the federal debt ceiling to be voted prior to Aug. 2 ““ the deadline set by the Treasury Department. Thus far, the Biden talks have identified an estimated $1.5 trillion to $1.7 trillion in spending reductions ““ two-thirds of the final goal. The challenge is to either close the gap with some mix of savings and revenues or retreat to settling for a shorter-term debt increase equal to the lesser savings figure. – Revenue vs. cuts in debt debate
I certainly hope this turns out differently than it’s currently playing in my mind, because right now the willingness of Pres. Obama and the Democrats to offer so much on spending reductions without Republicans having any skin in this game is making me nauseous.
Remember, however, that what’s happening is because Pres. Obama wants it to be this way. What’s happening in the debt talks is coming down to decisions he approves of and is negotiating himself. You can’t blame this disaster on Republicans; well, you can, but then you’d be lying like the partisan hacks who are covering for Obama amidst this travesty he set up in the first place.