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Politics : Formerly About Advanced Micro Devices

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To: bentway who wrote (623560)	8/9/2011 12:31:47 AM
From: i-node	5 Recommendations Read Replies (2) of 1578515

>> Obama offered the (R)'s 4 trillion in cuts. 1 trillion was tax loophole elimination. The (R)'s refused. You're confused as to both the dates and the amounts. The facts are known, however. Boehner had offered a deal that would net 4T, of which 800B was tax increases. Obama had accepted the 800B in tax increases, but wanted less in cuts. The next day, Obama shifted, demanding 1.2T in tax increases. There are no significant "loopholes". These are laws that Congress passed, generally, with the full understanding and rationale of the JCT well documented. When the history is written, these events may well be remembered as the beginning of the end. Obama held out for political reasons, and this is the result. It is important to understand that this is 100% on Obama. Boehner's hands were tied; he had to present a deal his membership would go along with. Obama, OTOH, could have agreed and that would have been that. This economy is tanking, and the failure to do the required budget cutting is the straw that broke the camel's back.

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