It comes down to this: Are the purists in the House of Representatives going to blow up an imperfect fiscal deal because it isnāt pure enough and, thus, risk raising taxes for tens of millions of their constituents?
Seems as if thatās a distinct possibility.
I donāt recall Senate Republicans singing the praises of the deal brokered on New Yearās Eve by Vice President Biden and Republican Leader Mitch McConnell. They donāt like it any more than some liberal Democrats didnāt like some of the tax provisions contained in the bill. But they sought and reached some middle ground, which usually results in effective legislating.
Now it sits in the laps of the House members, most of whom are Republicans ā many of whom are ideological Puritans who just cannot fathom the idea of compromise. They want it their way, or else. The āor elseā could produce considerable chaos when the financial markets open for business Wednesday, threatening a lot of peopleās nest eggs.
Iāll confess that I donāt like much of the budget package cobbled together either. I wish it had contained immediate spending cuts. But buried deep in the bill, near the end of it, there is language that says the cuts will occur in March, after the extended deadline when the automatic cuts are supposed to occur. It remains for Congress to make the cuts rather than allowing the axe to fall.
Itās not a deal-breaker in my view.
It is, however, a non-starter in the eyes of those rigid House purists who now are insisting on having it their way ā or no way at all.
The 112th Congress is going out with a bang, illustrating for all to see precisely how it earned the title of Least Productive Congress in history.