Well, it is official: Boehner, Cantor and the Republicans COMPROMISE with Obama and AGREE to an $800 BILLION increase in tax revenue by closing tax loopholes and making business taxes fair across the board, and hours later Obama demands a $400 BILLION increase.
To make it a total of $1.2 TRILLION, which coincidentally pretty much covers Obama’s debt this year!
GOP Aide: Despite what WH briefers may be saying, any new revenue in the framework would NOT have been generated by letting the current tax rates expire. That is simply false. Under the framework discussed, a CEILING was agreed upon that could generate $800 billion in new revenue over ten years. This would be done through comprehensive tax reform that would clear out deductions, credits, and loopholes in the system – and spur economic growth. After the gang of six plan came out, the White House moved the goal posts and insisted on $400 billion more in higher taxes – a 50% increase in revenue – and wanted that to be the FLOOR instead of the ceiling. The President acknowledged this in his remarks tonight. “Letting tax cuts expire” was never part of the tax reform agreed to.
Even MSNBC was reporting today, via Lawrence O’Donnell that it “appears President Obama has backed away from the original agreement with Cantor and Boehner for an $800 BILLION increase in tax revenue-which I still cannot believe they were giving in to tax increases-and demanded $400 BILLION more!”
And, if that were not enough- even OBAMA himself admitted during HIS press conference that he and Boehner had agreed to $800 BILLION in increased revenue. He went on to say that he did not think it was “fair” to have a 4-1 cut in spending to increased revenue.
Really? Why do WE have to cover your $4.5 TRILLION spending spree in 2.5 yrs and then give you MORE MONEY to spend in 1.5yrs?
After Obama’s temper tantrum tonight for not getting his way and pointing fingers, Obama has all but sealed the deal for the Republicans to NOT come to the table with that kind of an offer again!
You do not come to negotiations by DICTATING to the other side- you are NOT the KING and America is NOT CHICAGO!
I bet Obama is wishing he had the teleprompter answering those questions for him. Its gonna be kinda hard for him to find that paper that claims something that it is not as it pertains to the $800 BILLION in increase revenue…….
RECAP 2006 Debt Ceiling Debate under President George W. Bush:
What he won’t mention is that in March of 2006, under President George W. Bush, when Democrats were in the senate minority, then-senator Barack Obama voted against raising the debt ceiling. So did every single one of his Democratic colleagues. The measure passed anyway, 52-48, due to near-universal Republican support.
Of the Democratic senators who also voted no on raising the debt ceiling in 2006, thirty-one of them are still in office, according to the Weekly Standard.They will no doubt defend their former opposition to raising the debt ceiling by pointing out, as Minority Whip Steny Hoyer did today, that the 2006 bill was always going to pass anyway. Why go on record supporting more debt, the worst thing in the world ever, if we can just leave it up to the other guys? Republicans have done the same exact thing: The last time the senate voted to raise the debt ceiling, in January 2010, every Republican voted against it. It passed with unanimous Democratic support.
National Review Online has more here