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No More Mr Nice Guy; Barrack Obama's Deficit Plan
Article from Bulletin/Magazine
The Economist (http://search.proquest.com/) vol. 400 no. 8752 (Sep. 2011)
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For a few days in July Barack Obama and John Boehner, the Republican speaker of the House of Representatives, flirted with the idea of a “grand bargain” to hold down entitlement spending while increasing tax revenue. This, they briefly hoped, might unite their parties behind a durable solution to America’s deficit. But if any hope of such a grand bargain remained, it evaporated this week. In a speech in Washington, DC, on September 15th, Mr Boehner flatly declared tax increases “off the table”. Four days later Mr Obama proposed a detailed deficit-reduction plan that combines token trims to entitlements with multiple extra taxes on the rich. The newly combative president also promised to veto any attempt by Congress to cut health-care benefits without also raising taxes on the wealthy.
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