quote:Don't worry. The Tea Party will be blamed for the credit downgrade. They're extremists/terrorists for not wanting to overspend by trillions, ya know.
Thats still leaves a HUGE, HUGE, HUGE hole of:
“[T]he tax issue is finished, over, completed,” said the Kentucky Republican, during an appearance on ABC’s "This Week." "That's behind us. Now the question is, what are we going to do about the biggest problem confronting our country and our future? And that's our spending addiction. It's time to confront it. The president surely knows that. I mean, he has mentioned it both publicly and privately. The time to confront it is now."
“No, no, it is not,” she said, when asked by CBS’ Bob Schieffer if the revenue side was now taken care of. “I mean, the president had said originally he wanted $1.6 trillion in revenue, he took it down to 1.2 as a compromise in this legislation. We get $620 billion dollars, very significant, high-end tax, changing the high-end tax rate to 39.6 percent, but that is not enough on the revenue side.”
The hope, among Democrats, is that another $600 billion in revenue may be raised through comprehensive tax reform. The stage for that was set when lawmakers extended tax breaks for several wealth industries during the just-completed fiscal cliff deal. Eliminating those breaks in two months' time could be another revenue booster.
But in a separate appearance on "Meet The Press," McConnell ruled out even that.
“I'm in favor of doing tax reform,” he said, “but I think tax reform ought to be revenue-neutral as it was back during the Reagan years. We've resolved this issue. Look, we don't have this problem because we tax too little. We have it because we spend way, way too much.”