Thursday, July 14, 2011

Debt Crisis - Cantor's Crisis - Republicans Back Down .

While President Obama is asking for a 4 trillion dollar cut in the federal debt, the Republicans are backing away from their main platform of reducing the federal debt and balancing the budget. The four trillion dollar reduction included cuts to entitlements such as Medicare, Medicaid and Social Security. In addition to this they also wanted to cut over 700 billion to the Military. The only item President Obama was asking from the Republicans was some closing of corporate tax loopholes. In particular subsidies to Oil Companies that are enjoying billions of dollars of profit. They were asking for no tax increases.

Republicans are showing how little they care about reducing the debt by backing away from this offer. What really scares them are the closing of the corporate loopholes. This would put them in direct opposition to their main campaign funders and friends in the corporate world. The Republicans are really only about cutting taxes whether that results in increasing the debt or not. Most of what they propose for tax cuts are only for the rich. The irony is that many of the rich are not even asking for it.

The most inflexible of all the Republicans is Eric Cantor. The amateur style of his negotiating reveals his self-serving  opportunist character that looks to lap up the lime-lite without any consideration to the rest of the American public.

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