Thank you Jesus. My prayers may have been heard!
by digby
This is the best news I’ve heard in a very long time. I know it hasn’t happened yet, but the mere fact that it might is so thrilling that I feel giddy:
Members of Congress from both parties are increasingly mulling the unthinkable: going home in December without acting to avoid the $4 trillion in tax hikes and deep spending cuts known as the fiscal cliff.
Neither Democrats nor Republicans claim this is their preferred option, as it could rattle global financial markets badly and anger their constituents.
But as they circle each other in an ever-more partisan atmosphere they see little prospect for a settlement acceptable to both parties in the lame duck session of Congress after the November 6 election.
That is when they confront the wave of fiscal cliff decisions including how to handle expiration of temporary tax cuts that originated during the presidency of George W. Bush, $1.2 trillion in automatic spending cuts and the need to raise the debt ceiling again.
Some members and partisan strategists are concluding that they might be better off doing nothing.
They would come back in January with a new Congress relatively flush with cash – at least on paper – from the impact of the tax hikes; hit reset and start over to structure a new series of tax cuts. Call them the “Obama tax cuts” or “Romney tax cuts,” depending on the victor in the November election.
The risk of shaking the markets is always there. But they could mitigate that by telegraphing to voters and Wall Street in advance that they definitely intend to write some new tax cuts into law. It could take a couple months, or maybe even all of 2013 and beyond, but they promise they will do it and they promise they will make the tax cuts retroactive to January 1, 2013.
The markets haven’t reached for the smelling salts yet and they won’t this time either. Bring it on.
And if the Democrats can’t beat the Republicans in a game of chicken in which they’re calling for massive tax cuts for the middle class, then they really are useless.
.