Heading for the cliff? Let’s hope not

http://thehill.com/blogs/on-the-money/domestic-taxes/270205-gop-rejects-debt-deal-offer-from-white-house

Elections have consequences. Isn’t that what they say?

So, President Obama gets re-elected with a substantial Electoral College majority – as well as a growing popular vote majority. Republicans lose some of their grip on the House of Reps; Democrats cement their hold on the Senate. And now both sides are facing the so-called “fiscal cliff” at the end of the year, unless they come up with a budget reduction plan.

Speaker John Boehner is rejecting Obama administration efforts to reach a deal. Too much emphasis on taxes, he says. Not enough on spending cuts. No deal.

The president wants a “balanced approach” to deficit reduction. He wants to extend tax cuts for middle income Americans, while boosting rates for the rich folks. Obama won re-election on that platform, right? The rich will still be rich. The middle class will get a break. He’s also proposing cuts in spending, but not enough to suit Boehner’s GOP caucus. They’re digging in their heels.

If they don’t reach a deal, a 10-percent automatic spending cut takes effect on Jan. 1. The tax cuts will expire … and that means for everyone.

So, if I’m reading this correctly, Boehner’s stubbornness is threatening to punish the rich guys he’s trying to protect by stymying a deal with the president who, I need to stipulate once again … won the election because voters agreed with his economic policies more than they agreed with the Republicans’ plan.