Following the House vote that averted the “fiscal cliff” Tuesday night by raising taxes on the wealthy, President Obama warned lawmakers that he quickly will seek more tax revenue from high earners and corporations and that he won’t bargain in an impending battle over raising the nation’s borrowing limit.
While Republicans in Congress say the spending cuts that were missing from this week’s agreement must feature prominently in the next fiscal deal, Mr. Obama said future bargains must meet his definition of “balance.”
“Cutting spending has to go hand in hand with further reforms to our tax code so that the wealthiest corporations and individuals can’t take advantage of loopholes and deductions that aren’t available to most Americans,” Mr. Obama said in a late-night appearance in the White House press briefing room. “We can’t simply cut our way to prosperity.”
If he’s so interested in closing loopholes why did he support a deal that leaves billions of dollars worth of tax loopholes for so many?
But that’s not all he had to say. He also lectured Congress about the debt ceiling and blathered about the debts they’ve racked up. Technically he is correct, but he certainly had a lot to do with it. It’s his stimulus bill that jacked up the 2009 budget, the last time the federal government has had a budget. Ever since then they’ve passed continuing resolutions increasing spending from that new high, which is why we’ve had trillion dollar plus deficits every year Obama’s been in office. Now we get to look forward to months of Democrats railing against any spending cuts, which aren’t even cuts at all. All they ever propose is cutting projected spending increases.
Oh, and we can also look forward to another credit downgrade. Hooray.