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Anyone who thinks he
knows how the resolution of the nation’s so-called fiscal cliff will be resolved
in living a fool’s life. No one involved
in this fiasco has ever, ever carried through on what he or she said they would
do.
The latest trial
balloon is that the Republicans in the House will
allow a vote on the making the Bush era tax cuts for the middle class
(assuming one defines the middle class as those families making less than
$250,000 a year, which or course is not the middle class) and nothing else.
Republicans are
seriously considering a Doomsday Plan if fiscal cliff talks collapse entirely.
It’s quite simple: House Republicans would allow a vote on
extending the Bush middle class tax cuts (the bill passed in August by the
Senate) and offer the President nothing more: no extension of the debt
ceiling, nothing on unemployment, nothing on closing
loopholes. Congress would recess for the holidays and the
president would face a big battle early in the year over the debt ceiling.
Now picking winners
and losers in this fight is about as difficult as picking winning lottery
numbers. However from here it is hard to
see how this is a winning strategy for Republicans. Once the tax cuts for the
bottom 98% are passed it is extremely difficult to see how Republicans gain
from trying to cut taxes for the top 2%.
Splitting of the votes on the tax cuts has always been a winning
strategy for Democrats, it’s just that they were too blockheaded to see it.
Under this strategy
Republicans seem to think they will have the upper hand, because without
their action the debt ceiling will not be raised, and it is obvious they are
prepared to seriously disrupt the financial markets in order to get their
way. They also have experience on their
side, the President has already caved once on this issue.
So everyone should
hope what is proposed comes to pass.
And for the President it will be retaking an exam he flunked
before. Maybe he can get a passing grade
this time.
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