Steve Benen: At the end of the month, deep, automatic sequestration cuts are due to kick in, hurting the economy, the Defense Department, and the general public…..
Today, President Obama said he and Congress have already approved more than $2.5 trillion in deficit reduction, and got to $4 trillion “with a balanced mix of spending cuts and more tax reform,” with the latter including changes “so that the wealthiest individuals and corporations can’t take advantage of loopholes and deductions that aren’t available to most Americans.”
Is there time for a major budget agreement and a tax-reform compromise? Of course not, which is why Obama suggested Congress pass “a smaller package of spending cuts and tax reforms that would delay the economically damaging effects of the sequester for a few more months until Congress finds a way to replace these cuts with a smarter solution.”
And, of course, Republicans immediately rejected the idea and threatened to do deliberate harm to the economy…..