|
“The answer is pretty obvious: Find a way to avoid a downturn and also act to avoid a debt spiral — ideally, long before the deadline looms and long before markets catch on to the possibility of failure. That means a combination of phased and balanced spending cuts, including all areas of spending, and tax increases phased in to replenish the revenue base that is now the lowest as a share of the gross domestic product in nearly 60 years.… Here, we know the game plan from House Budget Chairman Paul Ryan (R-Wis.): Run on the Ryan budget, win it all, hold on until after the inauguration, and in the meantime, plan ‘the mother of all reconciliation bills’ to negate the defense sequester, double down on discretionary domestic budget cuts, make permanent the Bush tax cuts, enact a new tax cut on top of them, reducing the top rate to 25 percent, and do as much to turn Medicaid into a sharply reduced block grant to the states and create a premium support system for Medicare as revised reconciliation rules will allow.”
- Norman Ornstein, Roll Call, 5/30/12
|