The Republican’s “counter bid” in the farce known as the fiscal cliff entails a proposed $800bn in new taxes, derived from closing “special-interest loopholes and deductions,” as well as an alleged (no doubt token) reduction in rates for all. The treachery was to be expected.
Obama, for his part, is showing the Republicans the middle finger, insisting on $1.6 trillion in new taxes, against a delayed promise of a measly “$400 billion in spending cuts to come later. Obama also demanded $50 billion in new stimulus.”
AND, the Dear Leader took the opportunity to grab new powers. Obama is demanding “executive authorization to override the debt ceiling at any time and by any amount he desires.” This, surely, is a formality. If he runs short of money, Dear Leader will turn to The Ben Bernanke to make The Money. (See “Quantitative Easing Explained.”)
Ralph Nader thinks the Killer Drone is even worse than Genghis Bush.