I'm in the camp that believes Republicans have no choice but to agree to raise taxes on the top 2 percent of earners. The party has been successfully caricatured as the servant of the rich. This is unjust, yes, but justice is imperfect in this life.
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The idea behind a grand bargain to get the federal budget deficit under control is a simple one. Republicans agree to tax increases and Democrats agree to spending cuts.
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Today the GOP leadership is about to abandon their conviction to sign on to higher tax rates or revenues, while the economy is nearing stall speed.
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The Congressional Budget Office released their analysis of the group of deficit-fighting policies known as the "fiscal cliff." The top-line analysis: completely averting the contraction that would occur in 2013 and 2014 would cost $1.16 trillion - entirely deficit-financed.
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