posted on Jan, 1 2013 @ 09:05 PM
UPDATE: 11:32 P.M.
The House passed the Senate tax proposal with a 257-167 vote.
See OP, below, and more on the Update below.
Some see this as an alternative to Boehner's earlier consideration of conceding everything and letting Obama take the blame when the economy returns
AN OPTIMISTIC TAKE ON THE “CLIFF” DEAL
For the last four years, the Obama administration has run up unprecedented deficits, adding more than $4 trillion to the national debt. How has
President Obama justified such profligacy? He has been a broken record: his mantra is that we just need to increase taxes on the “wealthy,” …
and then everything will be fine. He has never offered any other plan either to raise revenue, or to control spending. Raising taxes on
upper-income taxpayers is the only card in his deck.
President Obama …has gotten his way: marginal income tax rates on high earners are being restored to Clintonian levels (assuming the House goes
along). Isn’t that, for the Democrats, an ominous development? Their call for higher taxes on the rich was never a serious policy proposal; it was
always sheer demagoguery. It was a politically popular way to deflect all meaningful talk about the budget.
But what happens now that Obama has gotten his way? It will soon become apparent that the … the tax increases that Obama has been demanding
for four years, makes hardly a dent in the deficit.
We will continue to run up deficits of close to $1 trillion a year, and the national debt will continue to grow, as Obama has always intended. This
fact can’t be hidden; it will be reported. Journalists who have pulled their punches in the past because they wanted Obama to be re-elected will now
begin to ask, what are we going to do about the deficit and the debt?
All of this is another way of saying that, with the Democrats’ BS about raising taxes on the rich out of the way, we can have a rational debate
about the country’s fiscal future. And that is a debate the GOP can win, as most voters continue to believe that it is better to cut spending than
to raise taxes on them. So let’s not despair: the post-cliff landscape may well prove favorable to the sorts of reforms that have been impossible
for the last four years.
UPDATED 11:32 P.M.
House passes bill to avert 'fiscal cliff'
Ending weeks of uncertainty, the House voted late Tuesday on a Senate-passed bill designed to blunt massive take hikes and spending cuts.
WASHINGTON — After a weekend of negotiation and brinkmanship, the House voted late Tuesday to pass a Senate bill that averts $600 billion in tax
hikes and spending cuts known as the "fiscal cliff."
The vote, 257-167, came after a day of meetings among disgruntled GOP House members who felt the Senate had handed them a bill with substantial
revenue measures but not enough cuts in spending. The Senate had formally adjourned after handing the bill to the House, complicating the fate of the
bill. House Republicans had threatened to send the bill back to the Senate with requested changes, busting the deadline for when the hikes kicked
Earlier in the day, the Senate-approved plan also ran headlong into opposition from the No. 2 House Republican.
"I do not support the bill," House Majority Leader Eric Cantor, R-Va., told reporters after Republicans held a lengthy closed-door meeting to gauge
support for the compromise. Participants in the extraordinary New Year's Day meeting said there was widespread criticism that the bill did not contain
enough spending cuts.
Maybe, by taking the "tax the rich" and "fair share" demagoguery off the table, the GOP can force the Progressives to tackle spending, or to take 100%
of the blame when the economy goes belly up.
edit on 1-1-2013 by jdub297 because: update