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The 2nd Half of the Debt Deal for Progressives

August 01
06:50 2011

Neil Munro writes:

Obama made sure to remind progressives and liberals disappointed by the Sunday deal that he supports their preference for tax increases over spending cuts. The second half of the two-step debt ceiling process, he said, offers another opportunity for progressives to win some gains, including tax increases, which he has said round out a “balanced approach.”
“In this [second] stage, everything will be on the table … [and] I’ll continue to make a detailed case to these lawmakers about why I believe a balanced approach is necessary to finish the job,” he said.
“I believe that we have to ask the wealthiest Americans and biggest corporations to pay their fair share by giving up tax breaks and special deductions.”

Will progressives and liberals be willing to wait around for this “second half”? Krugman and others seem to see this debt deal as an absolute defeat for Democrats and liberals, and for the majority of Americans. If Obama couldn’t get a tax increase on the wealthy this time around, there seems very little chance he’s going to make good on that promise in the second step of the deal. 

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