Taxes vs. Revenue
One of the hugest sticking points between the White House and Congress — one that could cause the massive spending cuts of the sequestration to go into effect on March 1 — is the deficit and how to solve it. Republicans are in favor of no new taxes (even lower ones if possible) and spending cuts. The President and Democrats think the nation’s wealthiest should pay more. The two sides have been at loggerheads for months over it. “We can’t keep conducting business by going from one manufactured crisis to the other,” the President said last night.
In the latest news, Sen. Tom Coburn (R-OK) said on Morning Joe today that he thinks the sequestration is going to happen because Congresspeople need to feel some pain before they take action. “I think the blame lies on everyone’s shoulders including the president’s. Then we’re going to start coming around and picking and choosing what’s important and eliminating what’s not of great value and what we can’t afford.”
Some Republicans have suggested that they would like to see the sequester happen. And NBC’s Chuck Todd said that, with 27 days between the sequester kicking in and the government running out of money, Congress could use the time as a “trial sequester.” But all indications are that this would be very, very bad.