I have been watching various television reports about the political doublespeak now going on about trying to find a way to dramatically cut our federal budget deficit. The hang-ups in not agreeing to anything seem to be coming from President Obama and the Democrats who want to raise taxes and keep spending levels close to where they are now, while the Republicans, who are resisting raising taxes in an extremely fragile economy where the unemployment rate is still above 9 percent, see the problem as not being a revenue problem but, instead, is an overspending problem.
Historically, tax cuts have always resulted in greater revenues coming to the federal government, while tax increases have done the opposite. Such a tax reduction would also, clearly, induce a much-wanted increase in hiring, while, in the process, dramatically decreasing this nation's unemployment rate.
A federal law was passed and enacted in 1974 called the Congressional Budget and Impoundment Control Act. Among other things, the Act requires the president to submit, and the Congress to pass, a budget scored by the supposedly non-partisan Congressional Budget Office. No budgets for consideration have been submitted since 2009.
The defiance of this Act by the president and his previously Democratically-controlled Congress is the primary reason for the current federal budget crisis and blamefest that has been going on for way too long. More specifically, the blame goes directly to the president and the U.S. Senate for not submitting any kind of a budget as required by the Budget Act.
While their political posturing has put most business decisions on hold, the uncertainty over interest rates have also squashed any hope of a recovery in the home sales market. It's time for all Americans to write or call their U.S. Senators and Congressional Representatives and demand that they stop this childish game of "chicken" and get the U.S. "house" back in order.
Craig Speer, Chandler