President Obama is pressing congressional leaders to consider a far-reaching debt-reduction plan that would force Democrats to accept major changes to Social Security and Medicare in exchange for Republican support for fresh tax revenue.The best might be this. The emphasis is mine:
At a meeting with top House and Senate leaders set for Thursday morning, Obama plans to argue that a rare consensus has emerged about the size and scope of the nation’s budget problems and that policymakers should seize the moment to take dramatic action.
As part of his pitch, Obama is proposing significant reductions in Medicare spending and for the first time is offering to tackle the rising cost of Social Security, according to people in both parties with knowledge of the proposal. The move marks a major shift for the White House and could present a direct challenge to Democratic lawmakers who have vowed to protect health and retirement benefits from the assault on government spending.
Meanwhile, another senior Republican on Wednesday signaled a new openness to raising taxes— at least for selected special interests. House Majority Leader Eric Cantor (Va.) told reporters that he is now willing to consider Democratic demands to end tax breaks for corporations, hedge-fund managers and owners of corporate jets, so long as the final deal does not raise tax rates or overall federal tax collections.Completely selling out, for what might be small tax revenue increases, at best.
The depression and anxiety spreading through the American public is palpable. I can hardly imagine what this will do for the collective American psyche this summer. We are suffering so, from the instability this economic crisis has brought to our society. Adding on another layer of fear about our future, along with the increasing recognition that no one in Washington gives a hoot about the average-Joe, will be very, very bad for this country.
I hope to wake up tomorrow and chalk it all up to a bad dream. That is, if I sleep.
