In theory, President Obama preserved the possibility of new revenue in the future through raising taxes on the wealthy and closing loopholes. House Majority Leader Eric Cantor is on the Twitters saying Senate Majority Leader Harry Reid’s claim that it could happen “is absolutely false. House Republicans will not agree to tax increases. Period.”
Careful watchers of Congress – and this show – will remember that in March, Republicans on the Joint Economic Committee proposed lowering the deficit with a magic elixir of 85 percent spending cuts and 15 percent new revenue. Steely Democrats countered with an offer of 87 percent spending cuts and 13 percent new revenue. Which is how we got to this deal, with 100 percent spending cuts and the hope (or not) of new revenue.
Above, Doug Long saw one of those “Freedom Isn’t Free” bumper stickers and decided to make his own sign.