The Obama Administration has rejected the possibility of approving any fiscal proposal that does not include a penalty tax for individuals who are financially, very successful.
The Republican leadership in the House of Representatives insists that tax reform which closes loopholes is the way to raise needed income and rejects the idea of raising rates on the most successful Americans.
The inherent stupidity and self-serving positions of both sides of the issue is being clearly demonstrated as our Nation approaches a fiscal tsunami at the end of the year.
The Obama Administration belief seems to be that the price of financial disaster is worth paying, if the misery that results is attributed to Republicans. Party benefits seem to be more important than the Nation’s need for sensible resolution of the issue.
Political party interest first is the one area of agreement by the opposing parties.
The Republican Leadership is as obdurate on this issue as are Obama’s people. House Speaker Boehner is determined to protect the richest 2% of the population while placing the other 98% of us in fiscal peril. This 2% group has much influence on party direction than would ordinarily be expected from such a small number
I think there will be a last minute deal that will simply postpone the disaster that government excesses will inevitably cause. This type of solution is no solution. There is probably not going to be any part of this type of agreement that will balance a budget and start to reduce debt.
Our national torture may be shortened by going over the financial cliff that is being used as the threat to avoid true compromise on taxes, entitlements and a general reduction of Federal Government excess.
President Obama advised by Tim Geithner and John Boehner coached by Grover Norquist have no chance of compromising on a deal that will benefit the Nation