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  • ilap2004 ilap2004 Dec 12, 2012 4:37 PM Flag

    Continued QE Bond Buying Adds a Pro PM Wrinkle


    You're mistaken in thinking the Republicans are trying to create gridlock here although I agree that a certain amount of gridlock is deliberately built into the system.

    The information coming out is that Boehner has been agreeing to tax revenue increases of $800 billion over 10 years in their negotiations with Obama, which is against the stance they have consistently taken that there should be no tax increases. The $800 billion matches what allowing the "Bush tax cuts" on high earners to expire would allegedly bring in. So that is a compromise. And he signaled a willingness to raising taxes specifically on high earners.

    In return they have asked for spending cuts. Which is THE REAL PROBLEM from the Republican point of view. Obama has not agreed to any spending cuts at all. He even has asked for $50 billion in new "stimulus" spending. In fact now he is reportedly demanding tax increases of $1.6 trillion over 10 years, double what his stated tax position has been. Obama has not given an inch. He just gives speeches where he talks about "balance" but that hasn't been his negotiating position at all.

    The refusal to compromise is on Obama's part. But the Obama spin is that the Republicans are the ones who won't compromise because they won't give on taxes. And so with 100% predictability that is you-know-who's understanding of the situation. In fact with Obama's and the media's success in making it appear the Republicans are the obstacle he may very well want to go over the cliff knowing Republicans will be blamed.

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    • Since I made no assertion regarding the Republicans specifically seeking gridlock, I'm on safe ground with what I wrote.

      I don't see things as though one party wears black hats while the other wears the white ones. The upper echelons of power in either party are festooned with an abundance of CFR members and they all have pretty much the same agenda. That's why nothing much ever changes.

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