Members of the Congressional Super Committee charged with forging a bipartisan debt reduction agreement have been making the rounds of political chat shows, and are signaling they are no closer to agreement than they ever have been. There is one sign of movement: Republicans on the committee are saying the words “tax revenue” without the strained look of constipation they have shown in the past.
Republican mathematical theory is no better than ever though, as they insist they will increase tax revenue by lowering tax rates, keeping the Bush tax cuts for the rich, and gutting programs for the poor, elderly, and disabled such as Medicare – or “Communist Wealth Redistribution”, as they like to call it.
Democrats insist the Bush tax cuts must end, and that increased taxes on the wealthiest Americans, and moderate cuts to programs will ensure debt is brought under control without casting the low-income segment of the population to the wolves (i.e. Republicans).
Except for these differences they are in complete agreement as to how debt reduction can be accomplished. And if they don’t come to an agreement by November 23, and if Congress doesn’t pass legislation based on an agreement by December 23, draconian spending cuts will automatically be enacted, not only cutting entitlement programs but the Republican sacred-cow, the defense budget.
The smart money in Vegas is on Draco.