Eric Cantor has the defining characterization of the moment. He explained on MSNBC yesterday why the GOP had to be open to revenues.
“Well the president got reelected and we know at the end of this year taxes are going up on everybody — everybody, rich, poor alike — we have marginal rates across the spectrum going up as well as [capital] gains, dividends, AMT, death tax, everything, right? This is the so-called fiscal cliff. So we know that is reality…That’s what’s changed, we know that. So why would we want to punish folks to see their taxes go up.”
This is radically different than the Debt Ceiling negotiations, which were once seen as a template. The GOP has lost power, and taxes are about to go up. Things have changed.
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