Democrats are making increasingly explicit threats about their willingness to let nearly $600 billion worth of tax hikes and spending cuts take effect in January unless Republicans drop their opposition to higher taxes for the nation’s wealthiest households.
Emboldened by signs that GOP resistance to new taxes may be weakening, senior Democrats say they are prepared to weather a fiscal event that could plunge the nation back into recession if the new year arrives without an acceptable compromise.
In a speech Monday, Sen. Patty Murray (Wash.), the Senate’s No. 4 Democrat and the leader of the caucus’s campaign arm, plans to make the clearest case yet for going over what some have called the “fiscal cliff.”Ain't gonna happen.
Listen, when Republicans threaten to scuttle the nation's fiscal infrastructure by not raising the debt ceiling, they've got a plausible reason for doing so: Their constituents won't punish them for not raising the debt, and they might punish them for raising the debt.
What, exactly, do Democrats have to gain by plunging the country back into recession? Does Patty Murray think middle-class Americans want to see wealthy Americans taxed at a higher rate more than they want to preserve their own fiscal futures?
Top earners will see their Bush Tax Cuts extended by the end of the year. Count on it.
* Bluff. Cliff. See what I did there?