Boehner abandons goal of $4 trillion debt-reduction package

[Political Junky]

Boehner abandons goal of $4 trillion debt-reduction package - The Boston Globe

WASHINGTON - House Speaker John Boehner, Republican of Ohio, abandoned efforts last night to reach a comprehensive debt-reduction deal worth more than $4 trillion in savings, telling President Obama that a midsize package was the only politically possible alternative to avoid a first-ever default on the nation’s mounting national debt.
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[Modbert]

All to avoid tax hikes.

 

[C_Clayton_Jones]

The emerging deal, however, collapsed of its own ideological weight. Liberals were outraged at the proposals for entitlements, particularly a cut in the annual increase of Social Security benefits, and conservatives were opposed to the idea of raising federal revenues through the tax overhaul proposal, which they would have labeled one of the largest tax increases in history.

Democrats blasted Boehner’s actions.

“I really do think this is unfortunate. It’s very disappointing that the Republican fixation with protecting tax breaks for corporate special interests and the very wealthy has prevented them from agreeing to a broad and balanced deficit reduction plan that would be good for the country,’’ said Representative Chris Van Hollen, Democrat of Maryland.

Indeed.