Obama's idea of 'compromise'
What was McConnell thinking?
The fiscal cliff deal passed by the Senate contains $1 in spending cuts for every $41 in tax hikes.
According to the Congressional Budget Office, the last-minute fiscal cliff deal reached by congressional leaders and President Barack Obama cuts only $15 billion in spending while increasing tax revenues by $620 billion-a 41:1 ratio of tax increases to spending cuts.
When Presidents Ronald Reagan and George H.W. Bush increased taxes in return for spending cuts-cuts that never ultimately came-they did so at ratios of 1:3 and 1:2.
"In 1982, President Reagan was promised $3 in spending cuts for every $1 in tax hikes," Americans for Tax Reform says of those two incidents. "The tax hikes went through, but the spending cuts did not materialize. President Reagan later said that signing onto this deal was the biggest mistake of his presidency.
"In 1990, President George H.W. Bush agreed to $2 in spending cuts for every $1 in tax hikes. The tax hikes went through, and we are still paying them today. Not a single penny of the promised spending cuts actually happened."
Democrats will go to bed tonight dreaming of all that new revenue they can spend while giggling about Republican naivete in actually believing they would get serious about cutting the deficit.