The One O’clock Review of the News
“Grover Norquist, the founder of Americans for Tax Reform, predicted a tea party backlash that would dwarf the movement’s success in the 2010 midterm elections if President Barack Obama pushes the nation over the ‘fiscal cliff’.”
“As leaders in Washington obsess about the fiscal cliff, President Barack Obama is putting in place the building blocks for a climate treaty requiring the first fossil- fuel emissions cuts from both the U.S. and China. State Department envoy Todd Stern is in Doha this week working to clear the path for an international agreement by 2015. While Obama failed to deliver on his promise to start a cap-and-trade program in his first term, he’s working on policies that may help cut greenhouse gases 17 percent in 2020 in the U.S., historically the world’s biggest polluter. Obama has moved forward with greenhouse-gas rules for vehicles and new power plants, appliance standards and investment in low-emitting energy sources. He’s also called for 80 percent of U.S. electricity to come from clean energy sources, including nuclear and natural gas, by 2035.”
Right now we have the best deal we are going to get: real spending cuts against the tax rates going back to the way they were during the Clinton years. The only real issue worth dealing with is indexing the Alternative Minimum Tax for inflation.