Obama’s Insatiable Lust for Taxes Led to Credit Downgrade

By John W. Lillpop


To their credit, Standard and Poors warned the Obama Administration and Congress that, in order to avoid a credit-rating downgrade, America would need to reduce the federal deficit by at least four trillion dollars.

That warning was well known, making the actual downgrade to AA+ hardly a surprise.

The inconvenient truth for President Obama and progressives is that Speaker John Boehner and the President reached a tentative agreement to cut the deficit by four trillion, through a combination of spending cuts AND revenues.

Unfortunately, Obama’s insatiable lust for higher taxes caused the president to “move the goal posts,” according to Speaker Boehner by demanding an additional $400 billion in added taxes.

Obama’s outrageous demand left the Speaker in an untenable position, that of trying to sell additional taxes to a caucus loathe to increase taxes at all.

To liberals who would blame Republicans for the downgrade: Think again! There was a $4 trillion deal placed in front of Obama, including revenues.

Obama, and the progressives, killed the “Big Deal” by reneging on the Obama-Boehner agreement.