Fernald: GOP Not Serious About Deficit Reduction

Mark Fernald, 2002 Democratic nominee for Governor, blames the failure of the serious deficit reduction on Republican lawmakers whose concern is ”ideology, not governing.”

Five changes to our federal tax code — allowing the Bush tax cuts for the wealthy to expire; eliminating preferential tax rates for dividends and capital gains; eliminating tax breaks for oil and gas; plugging the holes in the corporate income tax so that it brings in revenue similar to other countries; and a financial transactions tax — would bring in $337 billion a year

Simple math dictates a balanced approach to the deficit problem, but Republicans cannot do math any more, they can only do pledges. The Republicans — including Congressman Bass, Congressman Guinta, and Senator Ayotte — are committed to the Grover Norquist pledge not to raise any taxes, the deficit be damned. If Republicans stick by the pledge — and if voters stick by the Republicans — we have no hope of taming the deficit.