It looks as though the debt-reduction supercommittee has failed to reach an agreement. And the reason is clearly this: Nobody is willing to compromise. The Democrats insist on a “soak-the-rich” policy. They cannot realize that in a recession, raising taxes is not going to help. And the Republicans, not surprisingly, are not going to accept a Democratic insistence that new taxes are a sine qua non of the deal.
The Republicans, of course, have the better of the argument. But with a Democratic President in a position to veto any pure Republican bill, they probably needed to accept some revenue enhancements.
I don't know how this will end. The automatic across-the-board budget cuts which will follow this are sure to get some negative responses from those whose pet areas are going to be cut. The question is, will the across-the-board cuts trigger some real efforts to look at where money is needed and where it is just somebody's pet project? The answer to this question is the key.
The Republicans, of course, have the better of the argument. But with a Democratic President in a position to veto any pure Republican bill, they probably needed to accept some revenue enhancements.
I don't know how this will end. The automatic across-the-board budget cuts which will follow this are sure to get some negative responses from those whose pet areas are going to be cut. The question is, will the across-the-board cuts trigger some real efforts to look at where money is needed and where it is just somebody's pet project? The answer to this question is the key.
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