THE STORY “GOP’s ‘read my lips’ era may be a factor in fiscal crisis” (Page A20, Dec. 23) assigns blame for the current fiscal crisis to Republicans’ refusal to consider tax increases. However, President Clinton’s administration repealed Glass-Steagall allowing financial institutions to engage in unfettered derivatives trades, and pushed for more subprime mortgages — key ingredients for the financial meltdown.
True, George W. Bush fanned the flames with tax cuts while fighting two wars, but Barack Obama and the Democratic Congress did nothing to stanch the meltdown in 2008 except borrow and print money at unprecedented rates.
At a time when we need a chief executive to hold the haggling children in Congress accountable, we have instead a president who sheepishly declined to invoke the 14th Amendment in 2011 and went off to hide in Hawaii without a budget deal last week.
Unfortunately, one of the few adults in Washington will soon be out of the country as secretary of state, and both parties will allow the crisis to continue.