Republicans and Democrats are in another standoff over raising the debt ceiling, with both sides circling the wagons around their particular dogma. Last night the President did little, if anything, to resolve the issue and probably widened the divide with his 70 minute berating of his opponents. John Boehner retaliated in predictable, sophomoric language. So in the absence of maturity, I'd like to offer the following compromise;
1. Republicans agree to increased taxes with a 2:1 ratio of spending cuts to tax hikes. So for every $1 of 'new' tax revenue brought in, the Democrats agree to $2 of spending cuts.
2. Tax increases and spending cuts must happen concurrently and be completed in the same fiscal year. In other words if a 'new' tax dollar if being collected, the 'new' $2 spending cut has to happen during that same period….not over the next 10 years.
3. 'New' tax revenues must be used to pay down the debt. They cannot be reallocated to other spending programs.
4. Cuts cannot come from CMS, SSI or the military pay, retirement and benefits accounts.
A good place to start would be the $4,000,000,000 in tax breaks 'big oil' is receiving. These 'new' tax revenues would be compounded by $8,000,000,000 in spending cuts, thereby providing $12,000,000,000 in long-term debt reduction.
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