Who saw Boehner's speech yesterday, you know, the one where he said Republicans would approve tax increases in the right deal to reduce national debt? When plans to reduce the national debt were discussed last year in August, it seemed the GOP was holding all the cards because we needed to extend the debt ceiling. Obama and Boehner came to an agreement that would reduce the national debt by $4 trillion, which was going to be $1 trillion in revenue increase from eliminating tax loopholes, and $3 trillion from spending cuts. I remember seeing GOP political strategists saying that the GOP should take the deal and run, since they will likely never get a debt reduction plan with a 3:1 cuts to tax ratio again. Eric Cantor and the TP put a stop to Boehner and Obama's plan, and I read it really pissed the President off.
Fast forward to today, and it seems the President is holding all the cards. Bush's tax cuts are set to expire, and I think Obama will use this against the Republicans to get a deal he wants. Obama has said repeatedly he wants to raise taxes on those making over $250K and eliminate tax loopholes like the corporate jet deduction. Redoing the tax code could cement Obama's legacy as a successful President into the history books along fellow progressives FDR, Teddy Roosevelt, LBJ, and JFK. Anyway, I wouldn't be surprised if Obama lets the Bush tax cuts expire, as a motivation for the GOP to work with the President to put the debt reduction plan in place that he wants for the country. Oh, and Obama's plan likely won't have a 3:1 ratio spending cuts to revenue increases. It will definately be fun to watch it all progress.