The lack of spending cuts – $1 in cuts for every $41 in tax increases – is leaving them cold.
The fate of the fiscal crisis bill continued to be in doubt Tuesday afternoon as House Republicans leaders joined their rank-and-file in decrying the lack of spending cuts- further clouding the chances for smooth passage with less than two days left before a new Congressional class is sworn in.
Democratic House leaders said Tuesday the time for talk was over and pushed their Republican counterparts for an up or down vote on the legislation passed by the U.S. Senate Tuesday morning. But even as House Minority Leader Nancy Pelosi, R-Calif., called for a compromise, word came that the No. 2 House Republican, Eric Cantor, opposed the bill.
House Republicans should insist on serious spending cuts to accompany any tax increases that are passed. At least one for one. It should accomplish this with the wholesale and complete destruction of whole federal programs and agencies. Don’t reduce their budgets. Eliminate them completely.
This will slow things down however. The House will refuse to pass the Senate bill without amending it. It will send something different back to the Senate for amendment and the Senate blew out of town this morning.
By the way, it is January 1st. We are officially over the cliff. The Obama Tax Increases have been implemented. Your taxes, along with those of the wealthy, shot up last night at midnight.