If this whole business REMAINS stalled, then the tax rates revert to the level they were BEFORE the “Bush tax cuts” were instituted.
And sequestration kicks in.
That is already the standing law.
Nothing, really, has to be done.
The Democrats get their higher tax rates on the “wealthy”.
But the lower economic levels ALSO get to send in their “fair share”.
The Democrats get the cuts to the military they are so dearly beloved of.
But other descretionary spending ALSO gets a bite taken out of it, and voluntarily or otherwise, this includes Obamacare.
For the Republicans, the way forward is simple. Hang tough, and stay the course.
Chicken is a wickedly delightful game, if played right.
Even if played wrong, its outcome is still spectacular.
exactly right
Agree completely. And when we go over the Senate will come begging for a deal because they have a lot more (contributions) to lose.
Well, nice theory, but if we go overr the “cliff” as you surmise, taxes rise on everyone, and then Obama will campaign for lowering taxes for the middle class and become a hero. The pressure to enact some such legislation will be driven by (1) politics, and (2) the declining state of the economy and (3) more job losses, which going over the fiscal cliff will ensure. Keep in mind that sequestration alone will result in the losses of hundreds of thousands of jobs, many military-related. As much as we might like everything to fall apart on Obama’s watch in the hope that the devastation will bring him down, he will find a way to blame Republicans. Keep in mind, as well, that unemployment benefits run out for more than 2 million people on January 1. More chaos. Can they extend benefits (again) in the face of sequestration? Sounds like planned chaos to me, as if Obama is bringing us down one way or another, all by design.
I with you.
Let all the Bush era tax cuts expire. When all the current freeloaders have to start paying in not be too soon.
Blame game is already going on so we might as well have the moochers with some skin in the game and paying their fair share like the Boy King wants.