Two items from The Hill show just how bad things are getting for the GOP leadership.
Two high profile conservative groups lashed out Monday at the counteroffer made by House Republican leaders to President Obama in the "fiscal cliff" negotiations.
“Republicans were reelected in the House to stop Pres. Obama's agenda, not figure out creative ways to fund it,” Dan Holler, communications director for Heritage Action for America, a sister organization of the Heritage Foundation, told The Hill in an email.
And Americans for Prosperity, a conservative group partially funded by the billionaire Koch brothers, said the GOP offer “left conservatives wanting.”...The Hill
A majority of Americans would blame congressional Republicans if Washington fails to reach a deal in deficit talks to avoid the “fiscal cliff,” according to a new poll.
The Tax Policy Center says there's no there there in the latest Republican proposal
Republicans have said that the $800 billion in new revenues would come from eliminating loopholes and deductions in a way that only targets those over $250,000. That way, Republicans can argue that their plan doesn’t hit the middle class, only the rich.
The problem, though, is that you’d have to eliminate virtually every significant loophole and deduction that benefits the wealthy to make this possible, according to Roberton Williams, a senior fellow at the nonpartisan Tax Policy Center. Worse, if you also want to lower tax rates, as Republicans say they do, it would become even harder.
“If the tax rates are going to be lowered significantly, it’s harder and harder to hit that revenue target,” Williams told me, adding that until Republicans specified what sort of rate cuts they have in mind, it’s impossible to say whether this is even doable.
Williams added that to come within the ballpark of raising $800 billion in new revenues in this fashion, you’d probably have to pare back substantially or eliminate an enormous range of deductions, from the write-offs for employee provided health insurance, interest from municipal bonds, and money invested in retirement plans, to itemized deductions for charitable contributions, state and local taxes, and mortgage interest payments.
Good luck waiting for Congress to eliminate all of those. ...Greg Sargent, WaPo
But in the long run, this news may have the greater impact on our future (and Republicans won't like it at all):
Sen.-elect Elizabeth Warren (D-Mass.), one of the banking sector's harshest critics, is being tapped to serve on the Senate Banking Committee.
The Harvard law professor who built her public image primarily as a fierce critic of Wall Street will now play a lead role in monitoring it, after a source confirmed to The Hill that Warren has won a spot on the panel. ...The Hill