THE IMPENDING FISCAL DISASTER.
Should it be allowed to happen?
The reality of it all is that, everyone in the country will suffer, if the "fiscal cliff" is not avoided. Taxes will go up for even the low income group of workers, who are not likely to absorb the raise, and will see their personal budgets taking an unnecessary financial blow, and trying to make ends meet will be next to impossible. That alone can devastate the fragile economy the country is presently facing.
However, the United States Treasury Secretary Tim Geithner, has made it clear that the Obama administration was prepared "to go over the fiscal cliff", when questioned about the developments in the negotiations on the issue.
"Oh, absolutely," Geithner replied to a question. "There's no prospect in an agreement that doesn't involve the rates going up on the top 2 percent of the wealthiest." (Politico.com, 11/6/12). He was explaining the government's position.
Thus, the ball is really in the Congressional Republicans' court, and now, many of them are willing to support the idea of the top income earners "paying their fair share in taxes" to avert a crisis; though, that has been more so in the Senate than in the House, where the stiffest opposition to Obama's proposals is coming from.
Meaning that much will depend on the Speaker of the U.S. House of Representatives, John Boehner, and his entourage, to stop protecting the wealthiest Americans from getting their tax rates increased and to start thinking about the working poor as well.
Of course, there are those Republican Party members of Congress, who are ready to break ranks with their colleagues, like Sen. Tom Coburn, a leading deficit hawk, who is saying that raising the tax rate of the rich will help the country's fiscal problems enormously.
He, Coburn, opted by saying that he will, "support higher tax rates on wealthier Americans as part of a broader deal with President Barack Obama and congressional Democrats to avoid the crisis." and adding that he is opposed to how his party is going about solving the problem.
"I don't really care which way we do it. Actually, I would rather see rates go up than do it the other way, because it gives us a greater chance to reform the tax code and broaden the base in the future." he confessed on Wednesday to MSNBC.
There are other senators, who are willing to oblige to President Barack Obama and the Democrats' request that tax rate increase must be included in any agreement; as Sen. Susan Collins and Sen. Olympia Snowe, both Republicans from Maine, are addressing the issue in that respect.
"I believe that very wealthy individuals-millionaires and billionaires-should pay a greater percentage of their income in taxes to help us reduce the soaring deficit," Collins has said. She also supports the "Buffett Rule", which will impose a new tax on "the very wealthy".
It is understandable that party ideology must not be taken for granted or downplayed, when it comes to defending it; but it must not be reduced to party idiocy, when the whole nation is likely to fall over an abysmal cliff that will totally ruin the economy for everyone, if something is not done to stop it.
Though, the Republicans profess to be protecting it (economy) by their approach; but they seem to be overreacting to taking "the right course of action" this time around, as their move will force the situation to become more disastrous, if they fail to find a compromise to the impending "fiscal cliff" debacle.