MURDER, POLITICS, AND THE END OF THE JAZZ AGE
by Michael Wolraich
Order today at Barnes & Noble / Amazon / Books-A-Million / Bookshop
MURDER, POLITICS, AND THE END OF THE JAZZ AGE by Michael Wolraich Order today at Barnes & Noble / Amazon / Books-A-Million / Bookshop |
The two 78-year-old deal-makers have been parties to the collapse of Capitol culture. Now they’ll need to make Washington work again
By Alex Thompson @ Politico Magazine, Jan. 22
The last time Joe Biden and Mitch McConnell faced off, Biden blinked first.
It was the winter of 2012. Then, as now, Democrats had just won a presidential election, had a narrow Senate majority, and Biden was earnestly proclaiming that the election would break the Republican “fever” of opposing the Democratic agenda.
The first test came immediately. A cascade of deadlines on December 31, 2012, set up a world economy-level battle known as the “fiscal cliff.” Without any action by Congress, the next year would bring about $700 billion in combined tax hikes and budget cuts—extreme austerity measures that could cripple the recovering economy.
The Democratic Senate majority leader, Harry Reid, was willing to go over the cliff if McConnell didn’t agree to tax increases for the highest earners, one of Democrats’ signature campaign promises. Reid reasoned that if taxes were to rise automatically, McConnell would have to negotiate from a weakened position. Obama and Biden, however, feared an adverse reaction from the markets and a potential recession.
In a move that angered Reid, Biden took over the negotiations with Obama’s blessing. The outcome—a continuation of the Bush-era tax cuts with a relatively modest hike of 1.8 percent, weighted toward higher earners—was the kind of deal both negotiators could celebrate [....]
Comments
Chuck Schumer's 99 problems
The new Senate majority leader faces a "perfect storm" as his tenure begins.
By BURGESS EVERETT and MARIANNE LEVINE @ Politico.com, 01/23/2021 07:00 AM EST
by artappraiser on Sun, 01/24/2021 - 12:31am