Fiscal Cliff: Are We About to See Compromise in Washington?
U.S. President Barack Obama’s victory in Tuesday’s election has upset the Republicans’ political calculus. The purpose of four years of obstruction was to deny the president any legislative achievements and thereby prevent his re-election.
It didn’t work.
With the election behind us, the politics of obstruction has lost its meaning. There is nothing to be gained from obstruction for obstruction’s sake.
Boehner made that abundantly clear when he read a statement Wednesday afternoon in which he opened up the possibility of compromise in order to avoid the looming fiscal cliff at the end of the year.
“For purposes of forging a bipartisan agreement that begins to solve the problem, we’re willing to accept new revenue, under the right conditions,” Boehner said.
“The president has signaled a willingness to do tax reform with lower rates,” Boehner continued. “Republicans have signaled a willingness to accept new revenue if it comes from growth and reform. Let’s start the discussion there.”
Fiscal Cliff Effects
Both Republicans and Democrats need to avert the pain of the fiscal cliff if at all possible. Some action must be taken before year-end.
However, Boehner needs to push for a grand bargain during the current lame duck session of Congress. Why?
Although Republicans have retained their control of the House, their majority in the next session of Congress will be narrower. For at least the next two years, Boehner will never be in a stronger position than he is in today.
Having lost the presidency, giving the Democrats a larger majority in the Senate and a larger minority in the House, Republicans have no choice but to set the stage for the midterm election in 2014 and to nominate a credible candidate for president in 2016, when the Democrats are likely to be more vulnerable.
Boehner’s best first step toward those goals is to get as many concessions as he can now while the clock is ticking on the fiscal cliff and Republicans are in a position of relative strength.
Most observers agree that Boehner was personally committed to making a deal in the summer of 2011, but he was unable to muster enough support from the more radical members of the Republican caucus to get the job done. That’s when Republicans and Democrats failed to reach a broad agreement on taxes and entitlements.
With his party chastened by the election result, Boehner may be able to make a better deal and deliver the votes now, while both parties are facing the fiscal cliff deadline, than he will be able to do in 2013 when there are fewer Republicans in Congress and no time pressure.
Financial markets were sharply lower on Wednesday as the imminent danger of the fiscal cliff emerged from behind the shadow of the election.
If Washington is having a rethink, it may give the markets a reason to believe that a political solution to the fiscal cliff may be within reach.
Investors: Do you know the U.S. economy’s biggest danger, the fiscal cliff, is actually a triple threat to our money? Our Chief Investment Strategist Keith Fitz-Gerald explains.
Related Articles and News:
- Money Morning:
New Report on Fiscal Cliff 2013 Details Our Painful Future - Money Morning:
Hurtling Over Fiscal Cliff Likely Regardless of Election Outcome - The New York Times:
Boehner Strikes Conciliatory Tone in Talk of Fiscal Cliff – NYTimes.com - CBS News:
Boehner: We’ll work with Obama to avert fiscal cliff – CBS News - The Washington Post:
Boehner: We’ll work with Obama to avert fiscal cliff. What does that mean? - UPI:
Boehner: GOP open to “new revenue,’ but not new taxes – UPI.com - Speaker of the House John Boehner:
FULL TEXT: Speaker Boehner Calls for Bipartisan Action to Avert the Fiscal Cliff | Speaker.gov
Tags: avoid fiscal cliff effects, fiscal cliff, stock market trend, The Biggest News from the Stock Market Today, U.S. Economy, Wall Street, what is the fiscal cliff
2012-11-08 09:04:11
Source: http://moneymorning.com/2012/11/08/fiscal-cliff-are-we-about-to-see-compromise-in-washington/
Source:
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
| Visits: | 1,708,713,272 |
| Stories: | 8,451,134 |
Whistler Blowers, Insiders
