Democrats Only Want One Dollar Revenue for Every Four Dollars in Cuts
In the debt ceiling negotiations Democrats staked out the position of only wanting less than 20 percent of the deficit reduction to come from new revenue, but that is too much for Republicans. From the Wall Street Journal:
A bipartisan group of lawmakers led by Vice President Joseph Biden had agreed on cuts that total about $1 trillion over 10 years, participants say. They were shooting for about $2.4 trillion in deficit reduction, but when Democrats insisted about $400 billion in tax increases be considered, the Republicans walked out.
So the Democrats began the negotiations already ceding almost all of the ground to the right with this highly unbalanced ratio. The fact that this was the left goal post of the Democrats in the negotiations is another sign of how radically rightward the debate has moved.
Since I can’t remember a time when President Obama has managed to actually pull a debate to the left after it started, probably the “best case” scenario right now is Obama signs off on a deal that rest slightly more heavily on cuts than a ratio of four to one.
Regardless the exact ratio, the likely result is in the middle of a severe unemployment crisis, for no logic reason, our government is going to adopt a package of massive spending cuts. The President has either allowed or actively enabled the conservatives to totally win this fight by moving the debate radically to the right. Now regular Americans are about to lose badly.