WASHINGTON — Senate leaders and their aides began searching Saturday for a formula to extend tax cuts for most Americans that could win bipartisan support in the Senate and final approval in the divided House by the new year, hoping to prevent large tax increases and budget cuts that could threaten the fragile economy.
As part of the last-minute negotiations, the lawmakers were haggling over unemployment benefits, cuts in Medicare payments to doctors, taxes on large inheritances and how to limit the impact of the alternative minimum tax, a parallel income tax system that is intended to ensure the rich pay a fair share but that is increasingly encroaching on the middle class.
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Regrettably, we currently seem set to follow the fate of Spain. However, because the debacle has not yet occurred, it still seems "unreal" to many given comments I have read.
"Cogito" Spain really. You are apparently unaware of America's fundamental wealth. Just because some folks don't want to pay the bills doesn't mean America can't. It is the reason bond rates hold as they are, everyone else recognizes America's wealth even if its people keep living this myth of "protect the rich", "I'm over taxed." It really is simply math.
My reference is to the effects severe austerity have had on Spain -- especially at the individual level. Agreed, though, the economic circumstances of the two nations do differ.
I'll buy that austerity argument. Now if we can convince other people not to get stupid over the debt we might get somewhere.
The Obama Cliff is coming. Raise taxes NOW, spending cuts LATER or it's NO DEAL. My Way or the Highway. And that's just Barack Obama's "mini deal". ..Obama's "regular" deal includes No Debt Ceiling at all (which the Globe's editor is all in favor for).