House Republican budget negotiators have abandoned plans to pursue a massive $4 trillion, 10-year deficit reduction package in the face of stiff GOP opposition to any plan that would increase taxes as part of the deal.
House Speaker John Boehner informed President Barack Obama Saturday that a smaller agreement of about $2 trillion was more realistic.
That’s $200 billion a year which means we’re still borrowing about 11% of GDP and running deficits of $1,500 billion a year.
That’s not going to move the needle.
In fact, it just takes us back to calendar year 2008 when the stupidity started!
If this is really what Bohner is working with he would be far better off to walk out and hit the ceiling, which will force an immediate balanced budget.
But he won’t.
As with every so-called “fiscal conservative”, including those in the so-called “Tea Party” such as Southerland, Miller and others, he is in fact a lying sack of crap.
You do this Bohner and not only will you lose your Speaker’s gavel but the US will get downgraded, perhaps immediately on your announcement of a “deal.”