It has recently been recognized that the budget stalemate on Capitol Hill could actually have a great result at the end of 2012, just in time for the inauguration of the new Presidential term!
The reason is that the so called “Bush tax cuts” expire then, and if the Democratic Senate and Republican House do not cooperate on budget issues, and if President Obama determines he will make no deals with the GOP, as he has done too often in the past, the accomplishment will be that trillions of dollars will be raised through taxation, and the nation will come close to balancing the budget!
The deficit would be cut by almost 40 percent under the circumstances of NOT having any legislation, and the richest 5 percent of the population, who received half the entire benefit of the Bush tax cuts, would have to pay up in major ways, about time!
The tax rates would go back to those of the Clinton Presidency, when 23 million new jobs were created, as compared to 3 million under George W. Bush!
If Congress does nothing, a total of $7 trillion in revenue will be available over the next ten years, solving most of the problem of growing debt by increased taxation!
So the attitude of the Obama Administration and the Democratic Party should be to stall, create gridlock and stalemate, which the Republicans have been excellent at doing, and turn the tables on the Republicans and their wealthy taxpayer-corporation supporters! If the elite could pay even higher tax rates under Dwight D. Eisenhower and Ronald Reagan, more so than even under Bill Clinton, and economic growth was the result, the answer is to “Bring It On!”