If American voters reelect President Obama, they have no right to complain when their taxes go up by $494 billion on January 1st. That is the total amount taxes are set to increase, automatically if Congress does not pass, and Obama does not sign, tax relief before December 31st of this year.
In the current edition of The New Yorker, Ryan Lizza reports that unlike 2010 and 2011, Obama is prepared to follow through on his threat to let taxes go up after he no longer has to face voters ever again: “Several White House officials I talked to made it clear that if a deal, or at least the framework of a deal, is not reached before December 31st Obama would allow all the Bush tax cuts to expire – a tactic that would achieve huge deficit reduction, but in a particularly painful and ill-conceived fashion.”
Separately, firedoglake‘s David Dayen reports that Senate Democrats are also preparing to allow Taxmageddon to occur on schedule. ”You can’t give up your leverage in advance,” Sen. Jeff Merkley, D-Ore., said. Sen. Sherrod Brown, D-Ohio, added that the caucus “needs to do what we need to do. I’m not so willing to compromise this time.”
The choice for voters this fall is clear: vote for Obama and suffer a $494 billion across-the-board tax increase, or vote for the Republican and end the Taxmageddon threat.
Campaign 2012
Obama: The Wall Street Journal reports that Obama will give an economic policy “framing” speech Thursday in Cleveland. BuzzFeed reports that Obama told a Green Bay television station he was too busy too help Democrats defeat Gov. Scott Walker. BuzzFeed also notes that Obama did 13 fundraisers in the two weeks before the recall election — nine in the four days prior.
Romney: The Washington Examiner reports that Romney is attacking Obama for obsessing over health care instead of helping the economy. The New York Times reports that while Romney’s education plan relies on “vouchers,” that specific term is never used.
Polls: A new Quinnipiac University poll shows Obama beating Romney in Pennsylvania, 46 percent to 40 percent.
Veepstakes: National Journal reports that vice presidential prospects Louisiana Gov. Bobby Jindal, Virginia Gov. Bob McDonnell, former Minnesota Gov. Tim Pawlenty, and Rep. Paul Ryan, R-Wis., have all visited North Carolina, while Sens. Rob Portman, R-Ill., and Marco Rubio, R-Fla., soon will.
Around the Bigs
The Washington Post, Americans saw wealth plummet 40 percent from 2007 to 2010, Federal Reserve says: The Federal Reserve said yesterday that the median net worth of families plunged by 39 percent in just three years, from $126,400 in 2007 to $77,300 in 2010. That puts Americans roughly on par with where they were in 1992.
USA Today, Europe crisis rages on despite Spain banks rescue: Stock prices fell, borrowing costs rose, and bad economic news piled up across Europe yesterday.
The Wall Street Journal, Bulls Retreat on Spain Bailout Plan: Investors gave a thumbs down to Spain’s planned bank bailout, setting off a global market rout that puts the country and the euro zone in a dire position.
The New York Times, Worry for Italy Quickly Replaces Relief for Spain: Concerns grew on Monday that Italy could be the next victim of Europe’s financial infection, leading nervous investors to sell Italian stocks and bonds and damping euphoria over a weekend deal to bail out Spain’s banks.
The Wall Street Journal, Cyprus to Become Fifth Euro-Zone Nation Seeking Bailout: Cyprus said that it urgently needed European financial aid to boost its banks’ capital, a step that would make it the fifth euro-zone economy to seek help from the region’s bailout funds.
The Hill, Florida to sue DHS in voter registration battle: Florida Gov. Rick Scott (R) said he will sue the Department of Homeland Security (DHS) to move forward with his controversial attempt to purge the voter rolls in his state of ineligible voters.
Politico, John Bryson takes medical leave of absence: Commerce Secretary John Bryson, who was involved in two car accidents over the weekend and suffered a seizure, notified President Barack Obama on Monday that he is taking a medical leave of absence, effective immediately.
Righty Playbook
The Washington Post‘s Marc Thiessen argues that it is the public sector that is doing just fine.
The Heritage Foundation‘s Christine Kim highlights a study showing that compared pared to young adults in traditional, intact families, young adults whose parents were in same-sex relationships tended to fare worse than their peers in intact biological families.
The Weekly Standard’s Jay Cost reports that Obama is having trouble with his base.
Human Events has identified the top five states harmed by the defense sequestration.
Lefty Playbook
Mother Jones‘ Adam Sewer claims that the Supreme Court may have just gutted habeas corpus rights.
Clarence Page argues that Gov. Walke’s win was about “fiscal anxiety,” not right-versus-left.
Slate‘s Matt Yglesias wonders why Democrats are so obsessed with getting Republicans to vote for higher taxes.
