It’s a way to kick the hard can down the road. Compromise is one of the reasons we’re in the fix we’re in today. What is the history of the “raise taxes and reduce spending” compromise that is so popular in elite circles today? It is this: We get the tax increases but not the spending cuts.Via a pointer at NRO.
After having already enacted major tax cuts in 1982, Ronald Reagan agreed to raise business and excise taxes in exchange for spending reductions. Taxes went up, but so did spending by $450 billion.
President George H.W. Bush cut a similar deal with Democrats. Again, we got the taxes but the spending cuts never materialized.
There is simply no proven way to guarantee that the spending-cuts part of the compromise will be implemented. Is it any wonder that Republicans are taking a hard line of this? Since spending is the source of the problem anyway, cuts must be enacted first.
PS: I continue to regret that Fred didn't have the all-consuming fire to run the gauntlet to become President. His communication skills are awesome and he could have easily been the kind of modern-day communicator that Reagan was in his day.