Obama Reiterates Desire for Grand Bargain on Taxes and Spending

[phantom power]

That’s about all I want to get into with that discussion until I actually read the book. But before that point, we can mutually agree that the pro-austerity rhetoric emanating from the Obama Administration has been corrosive. And despite signs that, after the unpopular debt limit deal, the President put such rhetoric in his hip pocket, sadly that’s not at all true. Witness him today in his impromptu press conference:

Still, the biggest thing Congress could do for the economy is to reach a deal on “a sensible approach” to reducing the deficit, he said. Obama specifically urged congressional leaders to revisit the revenues and spending cuts that were on the table during last year’s negotiations on the debt.

“I continue to be open to seeing Congress approach this with a balanced plan that has tough spending cuts, building on the $1 trillion worth of spending cuts we’ve already made, but also asks for additional revenue from folks like me, folks in the top 1 or 2 percent.”

That would give more “certainty” to families and small businesses.

“The $1 trillion in spending cuts we’ve already made,” also typically ignored by those who want to say that Obama out-foxed Boehner in the debt limit deal, refers to the spending cap, which will starve federal investment for the next ten years. But the clear point made here is that $1 trillion is not enough for this President. He still seeks that grand bargain where token revenue increases are exchanged for “tough spending cuts.” This is still part of the agenda even in an election year. That it comes after Joe Biden made a guarantee about holding harmless Social Security is all the more disconcerting.

http://news.firedoglake.com/2012/08/20/obama-reiterates-desire-for-grand-bargain-on-taxes-and-spending/

[banned from Kos]

1. Good - another reason I support him.

It is not likely to happen though.