Cute line from President Obama as he released his deficit reduction plan. I think in the end, something will be passed with no tax increases, or minimal if there are enough Republican moderates to break away from the Tea Party and buck the Norquist pledge. It depends on how well Obama plays the politics, and it does looking like he’s going for broke. At minimum, he’s learned that you have to start political negotiations with room to move – something he failed to do with health care reform and just about every other fight. I think he’ll get the payroll tax cut extension, despite the Norquist-exempt opposition. And the fact that Republicans are wigging out before they’ve even had time to read the thing suggests that they are concerned that they’re losing the narrative.
Of course, whatever passes isn’t going to have a huge impact. It’ll probably stop the hemorrhaging and generate some moderate job growth. But until we find something for high school educated men to do in a post-industrial US, I think we’re going to continue to slide in the long run.
Meanwhile, the Wall Street “Occupation” isn’t large, but it’s managing to gather some media attention. I just wish they hadn’t reincarnated the “Days of Rage” meme from the Weathermen. It pretty much marginalizes them. They did get a boost from Roseanne Barr who is running for President.
Addendum: Sen. Schumer is demanding that the tax proposal be put on the floor for debate and vote. Democrats are sensing blood here.