Republicans sought $850 billion in spending cuts, but through sequestration achieved only 10 percent of that goal. Now, they wish to blame their success on President Barack Obama.
I don’t understand this at all. The GOP could have achieved far larger cuts had they simply acquiesced to a few simple requests, such as closing corporate tax shelters, ending fossil fuel subsidies ($50 billion a year), taxing capital gains income the same as earned income, or rescinding the top-tier Bush tax cuts. Democrats had agreed to target any revenue increase entirely toward retiring federal debt.
But having achieved the sequestration reduction, congressional Republicans petulantly abandoned all further negotiations, apparently hoping to lay the blame of any ensuing economic hardship at the feet of the current administration.