- Jun 6, 2007
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Republican leaders behavior this week walking out of the Vice-President Biden negotiations on lifting the nation's debt ceiling is off-the-charts disgraceful. Apparently both the Republican and Democratic negotiators have agreed on areas where they can cut around two trillion dollars over around ten or twelve years but as Democrats have made clear all along if they agree to make these painful cuts there has to be some significant revenue raising and the Republicans walked out saying no to any tax increases to raise revenue Republicans no compromise on the revenue raising question. These Republicans deserve a public flogging over this, Republicans offering no meaningful compromise here!
Let me bring the Republican leadership into reality here this reversal of the Bush tax cuts on the wealthy is going to happen it may not happen this year it may not happen in two thousand and thirteen but it is going to happen over the next decade there is no way the country can reach a balance budget for that matter there is no way to get the nation's budget deficit can get in the range America would deem tolerable (under $400 billion per year) without revenue raising such as this. Common sense indicates this this years deficit is projected to be over $1.3 trillion and last year was $1.3 trillion or over Congress and the President go through agonizing struggles to just cut $100 to $200 billion out of the yearly budget Bowles-Simpson study the last major neutral study by experts outside of the Congressional Budget Office indicated that these is going to have to be some type of revenue raising.
Republicans have to stop their political competition over this debt ceiling issue they need to make material concessions on the revenue raising issue and fast very fast this is catastrophic consequences at issue here and America holds the Republicans accountable. America could lose its triple A credit rating if the Republicans don't compromise which if lost will increase interest rates in America and America's full faith and credit reputation is at jeopardy here. Good people are livid with the Republicans over this debt ceiling matter if they know what's best for themselves they better reverse course in a timely manner like yesterday!
Let me bring the Republican leadership into reality here this reversal of the Bush tax cuts on the wealthy is going to happen it may not happen this year it may not happen in two thousand and thirteen but it is going to happen over the next decade there is no way the country can reach a balance budget for that matter there is no way to get the nation's budget deficit can get in the range America would deem tolerable (under $400 billion per year) without revenue raising such as this. Common sense indicates this this years deficit is projected to be over $1.3 trillion and last year was $1.3 trillion or over Congress and the President go through agonizing struggles to just cut $100 to $200 billion out of the yearly budget Bowles-Simpson study the last major neutral study by experts outside of the Congressional Budget Office indicated that these is going to have to be some type of revenue raising.
Republicans have to stop their political competition over this debt ceiling issue they need to make material concessions on the revenue raising issue and fast very fast this is catastrophic consequences at issue here and America holds the Republicans accountable. America could lose its triple A credit rating if the Republicans don't compromise which if lost will increase interest rates in America and America's full faith and credit reputation is at jeopardy here. Good people are livid with the Republicans over this debt ceiling matter if they know what's best for themselves they better reverse course in a timely manner like yesterday!
