UPDATE: It was probably foolish to write the post below having read just one extended excerpt of what Obama said in today's press conference. The Journal, in a fuller account, says that Obama stated that the debt ceiling negotiations are aiming at a full-Monty $4 trillion in deficit reduction over 10-12 years. If Obama is really only demanding $400 billion in tax cuts to get there, that is terrible. How can they do $4 trillion without full-scale tax reform that raises at least $1 trillion in new revenue over the 10-12 year period? I had assumed that they were working on a kind of halfway-there deal, for which the proposed $400 billion in tax hikes would be proportionate.
Is Obama exiting placatory mode again?
Is Obama exiting placatory mode again?
Is Obama exiting placatory mode again?
UPDATE: It was probably foolish to write the post below having read just one extended excerpt of what Obama said in today's press conference. The Journal, in a fuller account, says that Obama stated that the debt ceiling negotiations are aiming at a full-Monty $4 trillion in deficit reduction over 10-12 years. If Obama is really only demanding $400 billion in tax cuts to get there, that is terrible. How can they do $4 trillion without full-scale tax reform that raises at least $1 trillion in new revenue over the 10-12 year period? I had assumed that they were working on a kind of halfway-there deal, for which the proposed $400 billion in tax hikes would be proportionate.