Tag Archive: debt

Republicans, embroiled in civil war, cave on revenue frame

It has been Republican dogma for the past several years or longer that “we don’t have a revenue problem, we have a spending problem.” Kowtowing to private citizen Grover Norquist and his “no tax increase in any form, under any circumstances” pledge, Republicans in Congress and elsewhere have heretofore rejected any kind of balanced approach to shrinking the U.S. debt and deficit that involves raising revenues in any way. In one famous moment at their August 11, 2011 debate in Iowa, the Republican presidential candidates all rejected even a hypothetical solution that consisted of a ten to one ratio of spending cuts to tax increases. However, in the wake of their considerable defeat in the 2012 elections, the Republican wall against raising revenues is now crumbling.