With a Thanksgiving deadline only two weeks away, the Capitol Hill “super-committee” responsible for reducing deficits in a fair-minded, bipartisan and honest manner is on the verge of collapse. Fearful of being blamed for failure — and the enormous reductions that will follow in defense spending, their party’s sacred cash cow — the Republican members suddenly acknowledged that revenue must be raised. They proposed $300 billion in tax reform measures. Compromise seemed possible, if not palatable. With this proposal, Senator Patrick Toomey (R-PA) and his super-committee colleagues proved that they were willing to compromise their original vow to cut the deficit solely by reducing spending.
Upon inspection, however, the Republican plan is nothing more than an audacious attempt to do what they always want to do: It would provide still more favors to their wealthy patrons, a class that includes their own millionaire colleagues, while inflicting pain on everyone else. And it would fall far short of the deficit reductions demanded in Republican rhetoric.