Why The GOP Should Take The Deal

Jul 11 2011 @ 1:25pm

by Patrick Appel

Ezra Klein explains why the debt ceiling talks stalled. He suspects "Republicans might come to regret rejecting Boehner's deal":

Few noticed that his framework for new revenues was comprehensive tax reform — which would preempt the expiration of the Bush tax cuts. In other words, he was finishing the tax debate during the debt-ceiling debate, when Republicans have most of the leverage, rather than letting it drift linger into 2012, when the Bush tax cuts are set to expire and Democrats will have most of the leverage. If Republicans could've agreed with Democrats this year, taxes would have gone up by $1 trillion. If they can't agree with Democrats next year, they'll go up by $4 trillion. And Republicans had a better hand this year than they will next year. I expect they'll come to wish they'd played it.