Having succeeded in convincing the Republicans to return the federal marginal tax rate for the top 1 percent of earners to the level that existed under President Bill Clinton, President Barack Obama is now challenging the Republicans to assert their fiscal prowess to reduce federal government spending and to increase the federal debt limit.
With no more elections to compete in, the president has adroitly insisted that he will not participate in the upcoming negotiations to raise the federal debt limit. He is leaving the spending authority decision making in the hands of the Democrat-controlled Senate and the Republican-controlled House of Representatives.
Removing himself from these negotiations will enable a more transparent demonstration of the acumen, will and values of the Congress to more prudently manage fiscal matters that benefit society in general.
The credibility of Congress is dismal. Therefore, the likelihood of a significant and positive compromise for the American people is much greater, as they will attempt to increase their credibility. The people will be watching closely to see that the machinations of the 2011 debt ceiling negotiations are not duplicated. The lack of smooth sailing will not sit well with the public.
The president will gladly sign the bill that comes before his desk.
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