Last year, as part of the fight over the debt limit, Congress created a “super-committee” that was designed to produce at least $1.2 trillion of “deficit reduction.”
The statists saw this super-committee as a vehicle to seduce Republicans into a tax hike. They knew that some GOPers are perpetually gullible and would be susceptible to the siren song of a “balanced approach” – even though that inevitably means higher taxes and never-fulfilled promises of future spending restraint.
But they also had a back-up plan. They got Republicans to agree that there would be automatic spending cuts – known as sequestration – if the super-committee failed to produce an agreement. And they convinced GOPers that half of these automatic cuts would come from the defense budget, even though military spending is only about one-fourth of total federal spending.
The left figured that the threat of a military sequester would scare some pro-defense GOPers into supporting a tax hike. Maybe not as part of the super-committee deliberations, but perhaps as we got closer to January 1, 2013, which is when the sequester was scheduled to take effect.
Well, the super-committee thankfully didn’t reach an agreement because not enough Republicans were foolish enough to support a tax hike. But now the left’s back-up plan is being implemented. Senator Harry Reid, supported by the White House, is saying that the sequester will go into effect unless GOPers surrender to a tax hike. Here’s some of what the Associated Press reported.
NEW TIME Today, at 9:30 AM PT: Get the Market Movements in Advance: William's Edge Webinar for January 30th, 2014 | John Ransom
NEW TIME Today, at 9:30 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for January 28th 2014 | John Ransom
NEW TIME Today, at 9:30 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for January 26th, 2014 | John Ransom