To avoid the so-called "fiscal cliff, this afternoon House Speaker John Boehner offered a counter-proposal that would reduce the deficit by $2.2 trillion over the next ten years. $800 billion would come from tax reform (closing loopholes, etc.), with the rest coming from different forms of spending cuts.
The White House has already rejected the offer.
All this offer really tells us is that Republicans and the White House are still very far apart on these negotiations and that, because of the ground we've been cornered into fighting on, Democrats won this spending war over four years ago.
As you remember, late last week President Obama offered a laughable plan demanding 1.6 trillion in tax increases through a rise in marginal tax rates for job creators the wealthy, and only the promise of $400 billion in promised spending cuts to come later. Obama also demanded $50 billion in new stimulus and executive authorization to override the debt ceiling at any time and by any amount he desires.
Obviously, Obama's idea of "compromise" is to enjoy near-dictatorial powers as opposed to full-dictatorial powers.
That's big of him.
No one knows where these negotiations will ultimately lead, but haven't we already lost when a victory on our side would represent a measly $2.2 trillion in deficit reduction over ten years?
Good grief, we're currently sitting on a $16 trillion deficit, annual deficits of over $1 trillion, and somewhere around $85 trillion in unfunded mandates. Even if we win this "fiscal cliff" battle, we lost the war the moment this country agreed in 2008 to selfishly loot the futures of our children and grand children in order to avoid a couple years of economic hardship.
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