He wanted a "clean" debt ceiling increase as had been done for decades. How are republicans going to reverse this with a cuts only approach?
I'll try again, regarding the debt, why didn't he take the Simpson Plan, which he had ordered to come up with proposals. Indeed, it was well reviewed by the rating companies, had some support on left and right-you know, the beginning of actual compromise possibilities? $4T in 10 year of reductions. A deal that could have been finished in winter. But he never did, he tossed the problem to Biden and legislators, bringing us to the past 2 weeks.
He does own this problem.
Hey Annie...I guess you just 'forgot'
S&P explains the downgrade:
[...]Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place.
We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.
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Fmr. GOP Sen. Alan Simpson Calls Republican Refusal To Raise Revenue ‘Absolute Bullshit’
Former GOP Sen. Alan Simpson blasted his intransigent GOP colleagues on the Hill today for failing to reach a deal on the deficit. The blunt-talking co-chairman of President Obama’s bipartisan fiscal reform commission slammed Republicans for kowtowing to Americans for Tax Reform head Grover Norquist (“Republicans can’t be in thrall to him”) and pushed Treasury Secretary Tim Geithner to stand fast on the August 2 deadline.
Surveying the lay of the current fiscal land, Simpson said, “We’re at 15 percent revenue, and historically it’s been closer to 20 percent.”
He added, “We’ve never had a war without a tax, and now we’ve got two. … Absolute bullshit.”
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