McConnell Playing Politics on Deficit Deal
Mitch McConnell, the top Republican in the Senate, said Tuesday that a deal between Democrats and Republicans on the debt will never happen as long as President Obama is in the White House. The remarks came after numerous negotiations broke down between the two parties on a long-term deal to reduce the deficit.
The head of the Treasury, Timothy Geithner, and many of the leading economists have been warning everyone how catastrophic it would be if the debt ceiling is not raised in less than a month.
Both parties are using every tactic they can to work out a bigger deal on deficit reduction. Republicans are only looking to make cuts in federal spending. The Democrats are offering to cut trillions in spending and increase revenues to the government.
The White House responded to McConnell’s remarks as “unfortunate”, claiming that the President has made it crystal clear about his willingness to compromise. Press Secretary Jay Carney, urged Republicans to work with the President because the American people expect it.
President Obama does not back a short-term solution, saying that the U.S.A. does not manage our affairs with little three-month increments. The Speaker of the House John Boehner also said that the debt limit is the Presidents problem.
The Republicans no longer believe in negotiating with Democrats. Boehner originally sought a long-term deal but everything broke down when the talk of taxes began. The President offered to reform the corporate tax if the Republicans would agree to make the Bush tax cuts permanent for the low earners.
Taxes will never be agreed upon with their difference in philosophy. The Republicans will never raise taxes on the rich and the Democrats keep pushing for shared sacrifice.
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