Why is it so hard to put aside egos and self-interest in order to save the American people from a type of financial death as we are seeing in the EU? Oh I think I answered my own question. Let’s be honest with ourselves does the government have our interest at heart or their own. Republican can blame Obama and visa versa but does that change the fact that come March 1 we are going to be better off…..NO of course not. The sequestration is a little over a week away and some sort of solution needs to happen. The debate now boils down to a fight over tax revenue which will determine the impending $1 trillion verdict that will kick start automatic spending cuts if no decision is made. Democrats want them, Republican hate them and the White House is considering them.
In 10 days, the sequestration will take effect if no decision is made making it more important to bridge the divide. The difference between the two side on most issues could lead to a deal, but on taxes both sides are too far apart making it seemingly impossible without compromise to come to a resolution. The Republican leaders have taken tax revenues off the table after having to concede on a fiscal cliff deal that raised $600 billion through rate increases and tax break expiration. The Democrats want to see sequestration put off entirely, while others want to see higher revenue hikes to replace it. The party has also proposed a 50-50 split between new revenues and spending cuts which represents something of a compromise compared to what others propose. Press Secretary Jay Carney in response to a question from Huff Post said,”balanced means revenues as well as spending cuts, first of all….And then I would note that we support the proposals put forward by Senate Democrats and House Democrats and you can evaluate them in terms of ratios.” Top Democrats insist they won’t take a replacement bill comprised of spending cuts alone. House Speaker John Boehner (R-Ohio) said Tuesday that the revenue debate is over and loopholes should be closed so that the money could be used to offset lowering tax rates. He continued to say “tax reform is a once-in-a generation opportunity to boost job creation in America…it should not be squandered to enable more Washington spending.” Some Republicans are not of the same mindset as the deadline approaches more are speaking out. Sen. John McCain on Meet the Press said” on Sunday that ” it’s time for the president who said the sequester won’t happen, maybe sit down with some Republicans, talk to them about this issue so that maybe we can get it resolved.”