…the most plausible deficit reduction plan is to rely on gridlock rather than cooperation. Obama yesterday held absolutely firm in his opposition to extending tax cuts on income over $250,000. If Obama won’t relent, then Republicans probably won’t relent on the rest of the tax cuts, and the whole thing will expire. And then, if Obama wins reelection, he’ll be most of the way toward a sustainable deficit, and the Republicans will have had their triumphalism beaten out of them. At that point, a deal to raise a little revenue by reforming the tax code plus spending restraint would be far more plausible.
Jonathan Chait, seemingly forgetting the part where Obama gets to campaign on the GOP eliminating tax cuts for the middle class because they weren’t getting tax cuts for the very richest of the rich. Who, you know, only destroyed the global economy and aren’t the most popular folks electorally. But by all means, GOP, campaign on an all fat-cat ticket. It’s working out great so far in the Midwest.
Lemkin 