Remember the 1991 film ‘Thelma and Louise’ in which the lead characters are surrounded by police and choose to drive their 1966 Thunderbird off a cliff rather than be taken to jail? Well it appears Barack Obama is comfortable playing both parts in taking the country completely off the cliff, whether he is re-elected or not.
The Washington Post reports,
Freed from the political and economic constraints that have tied his hands in the past, Obama is ready to play hardball with Republicans, who have so far successfully resisted a deal to tame the debt that includes higher taxes, Obama’s allies say.
In the days after the November election, the tables will be turned: Taxes are scheduled to rise dramatically in January for people at all income levels, and Republicans will be unable to stop those automatic increases alone.
If he wins reelection, Obama may finally be able to dictate the terms of a bipartisan debt-reduction deal. And if he loses to Republican Mitt Romney, Obama could make sure that tax rates rise before he hands over the keys to the White House on Inauguration Day in late January.
Several Republican leaders are already referring to the president’s economic strategy as “Thelma and Louise.” However, in all honesty, Republicans have been in charge of the House for three years now and they haven’t stopped the spending. They are the ones that determine spending. They should be getting just as much blame as Obama is on this matter along with the Democrats.
The real issue comes down to an argument over whether or not to extend tax cuts signed by George W. Bush to everyone, which is what Republicans want or to leave out those that are in the top tax bracket, which is what Democrats and Obama want.
These tax cuts will expire, come December 31, if they are not renewed and we are expecting even bigger taxes from Obamacare beginning January 1. both of these happen take place no matter who is in office.
Senator Charles Schumer (D-NY) says, “We have worked very hard to separate tax breaks for the rich from tax breaks for the middle class, on both ends of Pennsylvania Avenue. The fact that we’re winning on this issue is a sea change.”
A spokesman for House Speaker Boehner said, “The hard truth, which even the president’s advisers must know, is that raising those tax rates will have a major effect on small businesses and cost hundreds of thousands of jobs. In this troubled economy, it’s hard to see how anyone in a post-election scenario could be for that.”
It looks like no matter who wins in November, we are in for a lame duck session regarding this matter and the people who will suffer will not be the candidates, but you and me, the taxpayer.
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