PRESIDENT OBAMA'S AGENDA
More taxes, more regulation and more golfing
When a majority of the American people voted last month to give President Obama a second term and keep divided power in Congress, they refused to choose a clear path for the country. In the midst of the uncertainty, one thing is clear: 2013 is shaping up to be another year of big government.
The best House Speaker John A. Boehner has managed to do is to slow the growth in spending that went unrestrained when Democrats had their hands on every lever of power in Washington. The federal bureaucracy is once again about to run into the debt ceiling, so early next year Mr. Obama will demand another blank check from Congress. Unfortunately, Republicans are unlikely to be successful in stopping him.
The last time Uncle Sam hit his credit limit, a deal was reached that was supposed to achieve savings. It was a total bust. Supposed “budget caps” have been broken, the supercommittee failed to find any agreement and the mandatory $110 billion sequestration scheduled for January will probably be ignored.
In place of restraint, expect to see another agreement that claims to make cuts down the road but delivers the usual budget gimmicks, ignored limits and empty promises. Look no further than the $60 billion “supplemental” pork-ridden bill moving quickly through the Senate to see how little Democrats care about resolving the debt crisis. Next year will be the fifth straight with a budget deficit of over $1 trillion.
Mr. Obama and his Democratic friends have no intention of doing anything real about the out-of-control spending because their political philosophy holds that bigger is better when it comes to government. No matter what happens on Tuesday, the administration will win its fight to raise taxes on small businesses and those it deems “rich.” Capital gains and dividend tax rates will also likely increase in any deal, which will further depress the markets.
Read more: http://www.washingtontimes.com/news/2012/dec/28/political-predictions-for-2013/#ixzz2GhMczzrx
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