Obama Offered Entitlement Reform & Revenue Increases
And John Boehner walked away.
Here's an excerpt from the depressing, humiliating and completely unavoidable press release put out by Standard & Poor's just moments ago:
"We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process."
75% of the federal budget is Defense, Medicare and Social Security. Obama offered John Boehner a $4 trillion debt-reduction deal that would have raised the Medicare retirement age to 67-- an unprecidented proposal by any President, much less a supposedly "liberal" one.
The only reason why John Boehner wouldn't accept it is because Obama also proposed raising revenues. He proposed moderate tax increases for the richest people ever to walk the earth, who have benefitted most from living in our country. We're not talking the 90%, 70%, or even 50% marginal tax rates of previous decades. We're talking tax rates similar to what people paid during the Clinton years.
President Obama offered a package that was FAR more fiscally conservative than anything the Republicans were willing to get behind. Now, once again, we're all paying the price.