Speaker of the House John Boehner announced that any tax increase to reduce the deficit is unacceptable. I have news for him. That train left the station a very long time ago. The Bush tax cuts were pushed through in reconciliation, creating an automatic sunset on those rates. Likewise, Republicans voted for the sequester bill that cuts the federal budget across the board, including defense. If nothing is done, tax rates will go back up to what they were under Bill Clinton and our bloated defense budget will be cut by 10 percent. It’s not a matter of whether or not rates go up, but rather by how much and for whom they go up. It’s not whether defense will be cut but by how much.
Boehner’s party already voted in favor of these tax increases and spending cuts. Now he can only negotiate to make both smaller than existing law mandates. Only when he accepts those facts and gets serious about negotiations will Congress be able to move forward to solve our nation’s financial problems.