Friday, July 15, 2011

Required reading: "Cantor's Last Stand"

If the economy goes boom, it will be Eric Cantor's fault:
The House Republicans' second in command has almost single-handedly stymied progress on a grand deal to produce $4 trillion in deficit reductions over the course of the next dozen years by flat-out rejecting any net tax increases be included, leaving no path for Democrats to negotiate a balanced bargain that allows some cuts to programs for seniors and the poor coupled with tax hikes on the wealthy.

If he successfully moves talks away from tax cuts and the two sides reach a deal to slash spending significantly, he'll be a hero in the eyes of many House Republicans. But this high-profile, high stakes maneuvering has a major downside. If Cantor overplays his hand and the U.S. fails to meet its deadline for raising the debt limit, stocks could take a tumble, the economy could slide and the American people would have a prime culprit right before them to blame.
Read the rest here.

Republicans could have had a 4 trillion dollar grand bargain that would have cut spending deeply, but Eric Cantor decided to walk out in order to protect the hyper-wealthy from even token tax increases. If things fall apart, Cantor will own the result, and he'll become the most hated man in the country and perhaps the world.

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