Look, America is spending beyond its means and has done so for a long time. That is why we have a legacy deficit and debt to fix while trying to sustain essential government services. The debate is about how much to cut and where.
Republicans have it that the defense budget should not be cut because it affects national security and cuts in the defense budget will reduce employment in the weapons system sector that are hard to replace. On the other hand, where are the Republicans who champion private sector economic development and investment in inventions and manufacturing industry. They sat on their hands or played fast and furious in the financial sector that failed.
Now, conservatives are fighting to protect “their capital” at the expense of the Middle Class and poor that depend on Social Security, Medicare, and Medicaid.
Wealthy Americans are going to have to be forced to give up hoarding.
Simultaneously, Democrats, led by the smartest economists and business people that America has must engineer economic sustainability from the assets we have. They must produce a formula that optimizes return on national resources.
Americans will not permit their government to fail to produce a viable solution that prevents poverty and fails to restore Middle Class viability.
“Democrats, Republicans appear no closer to averting massive federal cuts next month
Published February 10, 2013
Congressional Democrats and Republicans appeared far apart Sunday on a deal to avert $85 billion in federal spending reductions next month, with a top House Republican saying the cuts appear “inevitable.”
The automatic cuts, known as sequester, kick in March 1 because the parties have failed to agree on a less-drastic plan to cut the federal budget and deficit.
House Minority Leader Nancy Pelosi told “Fox News Sunday” that Democrats remain steadfast about tax increases being part of the deal but remain open to spending cuts.
“What we do need is more revenue and new cuts,” the California congresswoman said.
Pelosi said Democrats were “not talking about raising taxes,” but want to close tax loopholes, including those for U.S. oil companies.
She also argued Democrats have made $1.6 trillion in cuts over the past two years and suggested the bigger solution to the country’s economic problems is job growth.
Her argument is similar to the one President Obama — who also has suggested stopping sequester with a mix of tax cuts and spending cut — is expected to restate Tuesday during his State of the Union address.
“We need a big, balanced, bold proposal,” said Pelosi, arguing more jobs result in more revenue. The interview was taped last week.
However, Oklahoma Rep. Tom Cole said fellow House Republicans will “absolutely not” accept tax increases as part of a deal, which would trigger the cuts to federal defense and discretionary spending.
Cole told ABC News’ “This Week” that the president refused to agree to spending cuts during the recent, so-called “fiscal cliff” negotiations so Democrats are not getting revenue increases now.
“I think (sequester) is inevitable, quite frankly,” he said.”