Plenty of analysts are bearish on the Mayan forecasting model due to its inability to accurately predict the arrival of the Spanish, but is it really any worse than formal predictive modeling? Well, yes, it is. Nevertheless, consider these data points suggesting humanity will not see the dawn of 2013…
1. Jeff Fortenberry, a Republican representing Nebraska's First Congressional District has recently forsaken the one oath no Republican dare break by refusing to swear fealty to Grover Norquist and the Americans for Tax Reform pledge never to vote for a tax increase, saying…
"My responsibility is to make judgments about hard, complex issues that I believe to be right. Simply looking at the status quo and suggesting that the tax code is sacrosanct and can never change, and that decisions made in the '80s and '90s can never change, is absurd."
2. Politico has discovered a rarer species than a Tinman who has found a heart or Scarecrow who has found a brain. They discovered a Democrat who found a spine…
It is really Senate Democrats who are next in line to wield the power of 'no.' In November and December, they’ll be in position to block Republican-backed legislation to stop an automatic 10 percent sequester of Pentagon funds and to extend high-end tax breaks for the wealthy. Indeed, the new kid on the block is this tougher Democratic mind-set embodied by Reid. And the former Vegas gaming commissioner is ready to risk tens of billions in automatic spending cuts in January rather than give in any longer to Republican demands that all deficit reduction come from domestic savings — with no revenues.
In an interview with Politico, Reid said he was open to a compromise that would salvage about four-fifths of the Bush-era tax cuts. But absent some concession on revenues, the $110 billion in spending cuts ordered by the debt agreement last August would go into effect.
3. The following sentence was written about Chuck Schumer in a New York Times article on the relationship between Democrats and private equity: "Two Democrats with close ties to Wall Street, Senators Charles E. Schumer and Kirsten E. Gillibrand of New York, declined to comment on Wednesday."
We are doomed.
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Tags: Grover Norquist, Harry Reid, Senate, Taxes