Barack Obama won the presidency and claims he has a mandate to increase taxes to pay for the larger government he created in his first term.
Republicans were re-elected to remain the majority in the House of Representatives and they point out that voters watched them stop Obama’s drive for higher taxes for the past two years. Clearly their victory in the House is America speaking out against higher taxes.
And the people? On Election Day exit polls, when asked about supporting tax hikes to reduce the deficit, 63 percent of Americans said they were opposed.
So now what? Well, we have been here before.
Two years ago, we faced a “fiscal cliff” because the Bush tax cuts of 2001 and 2003 and various other tax cuts were all scheduled to end on January 1, 2011. At the time, Obama was president, there was a Democrat-controlled Senate and the GOP had just won the House. The compromise was to extend all Bush tax cuts two years. Obama said it would be a mistake to raise taxes during a lousy economy.