John Rossomando
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A source close to senior GOP leaders says the Republicans on the Supercommittee will not cave on taxes contrary to published reports in places like The Washington Post suggesting otherwise.
On Wednesday Senate Majority Whip Dick Durbin trumpeted that the GOP was about to cave on tax hikes saying in the Washington Post:
“It is a breakthrough,” he said. “I think you have to be honest. There haven’t been many who have stepped forward, except in our group [the Gang of Six], you know. They’ve been pretty forthright in our group. But the group appointed to the subcommittee, this is the first time – at least publicly – that we know that it’s on the table.”
But my source says this is utter nonsense and that the GOP will hold the line on taxes.
“It’s not going to happen,” he said.
But Democrats are keeping equally strident in their demand to soak the rich, which is making failure increasingly likely.
The Supercommittee is supposed to come up with a deal by Nov. 23 that would cut at least $1.2 trillion in deficits over 10 years, and the plan has to be approved by a majority of the panel itself.
But the truth is that it has been a farce since the beginning. It is far more likely that the Supercommittee will deadlock or come up with an 11th hour deal that nobody likes.
Conservative pioneer Richard Viguerie is right on target over at his blog ConservativeHQ:
“In 2011 the government booked $ 2.1737 trillion in revenue and spent $3.8188, including $768.217 billion on national defense, to create a deficit of $1.6451 trillion. In FY 2007 the federal government spent $551.271 billion fighting two wars, provided benefits and conducted all its other business by spending $2.7287 trillion and booking $2.5680 in revenue for a deficit of $160.7 billion. Passing the FY 2007 Budget again would result in a defense cut of about half of what is called for in the sequestration formula and overall deficit reduction beyond the Super Committee goal.
The exercise of comparing the 2007 Budget to the 2011 Budget shows why conservatives are beginning to believe that Congressman Simpson and other insider Republicans make the problem of hitting the goal of $1.3 trillion in deficit reduction a whole lot more complicated that it needs to be. Deep down, they would be happy to institutionalize the outrageous levels of spending that Congress has approved since Obama was sworn in as President.”
And if the Republicans come up short, expect the Tea Party to come after them with a vengeance.