Sunday Times 2
Fiscal cliff is a mission impossible from Obama
View(s):WASHINGTON, Dec 29 (Reuters) – Following a Friday meeting with congressional leaders, an impatient and annoyed President Barack Obama said it was “mind boggling” that Congress has been unable to fix a “fiscal cliff” mess that everyone has known about for more than a year.
He then dispatched Senate Majority Leader Harry Reid, a Democrat, and Minority Leader Mitch McConnell, a Republican, on a mind-boggling mission: coming up with a bipartisan bill to break the “fiscal cliff” stalemate in the most partisan and gridlocked U.S. Congress of modern times – in about 48 hours.
Reid and McConnell, veteran tacticians known for their own long-running feud, have been down this road before. Their last joint venture didn’t turn out so well. It was the deal in August 2011 to avoid a U.S. default that set the stage for the current mess. That effort, like this one, stemmed from a grand deficit-reduction scheme that turned into a bust.
But they have never had the odds so stacked against them as they try to avert the “fiscal cliff” – sweeping tax increases set to begin on Tuesday and deep, automatic government spending cuts set to start on Wednesday, combined worth $600 billion.
The substantive differences are only part of the challenge. Other obstacles include concerns about who gets blamed for what and the legacy of distrust among members of Congress. Any successful deal will require face-saving measures for Republicans and Democrats alike.
“Ordinary folks, they do their jobs, they meet deadlines, they sit down and they discuss things, and then things happen,” Obama told reporters. “If there are disagreements, they sort though the disagreements. The notion that our elected leadership can’t do the same thing is mind-boggling to them.”
The core disagreement between Republicans and Democrats is tough enough. It revolves around the low tax rates first put in place under Republican former President George W. Bush that expire at year’s end. Republicans would extend them for everyone. Democrats would extend them for everyone except the wealthiest taxpayers.
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