It is a phoney war. They are fighting over whether to increase tax revenue by $99 Billion per year (where Obama and Republicans agree) or to increase tax revenue by $143 Billion per year (which Obama wants to do but at which Republicans are balking). The problem is that the federal deficit has been running at $1,200 Billion per year for the last four years.
In other words, even with the largest tax increases anyone has proposed, the revenue raised will cover only about 15% of the federal deficit.
No one is addressing the other 85% of the deficit, or about $1,000 Billion, which can only be reduced by reducing spending.
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