While the more optimistic think Obama will want to come to sort of agreement rather than go over the “fiscal cliff”, others of us are less optimistic, and apparently McConnell is one, Those that think that Obama is concerned about his legacy and will want to turn the corner and try to save our country from bankruptcy are in for a surprise. There is nothing in his background, nor his minions he has marching to who knows whose orders, that would indicate it. To take down a super power what could be more grand. His anit-colonialist feelings are well-known. The more optimistic of us believe he can not achieve it during his tenure, and we shall rise again into fiscal sanity. Here we go:
Mitch McConnell, the Senate Republican leader, says he “burst into laughter” Thursday when Treasury Secretary Tim Geithner outlined the administration proposal for averting the fiscal cliff. He wasn’t trying to embarrass Geithner, McConnell says, only responding candidly to his one-sided plan, explicit on tax increases, vague on spending cuts.
Charles Krauthammer on Obama’s ‘Insulting’ Fiscal Cliff Offer: ‘Republicans Ought to Simply Walk Away’
Geithner suggested $1.6 trillion in tax increases, McConnell says, but showed “minimal or no interest” in spending cuts. When congressional leaders went to the White House three days after the election, Obama talked of possible curbs on the explosive growth of food stamps and Social Security disability payments. But since Geithner didn’t mention them, those reductions appear to be off the table now, McConnell says.
Besides raising taxes, Geithner was reported to have proposed a one-year delay in scheduled $1.2 trillion spending cuts to defense and domestic, and a $400 billion reduction in Medicare funding. The $1.2 trillion in cuts was mandated after Congress failed to reach an agreement in 2011 on reductions. From The Weekly Standard