Sunday, December 5, 2010
Can Obama and the Republicans Find Common Ground?
Funding for the extension of unemployment benefits can be found in the funds being distributed under Quantitative Easing II by the Federal Reserve. Now that the dust is settling and the charade-playing is almost over it's time for the President and the Republicans to come to terms that can help them both instead of always looking for an edge. The President has the pulpit and veto power and the Republicans have the purse strings. The Senate will have to pick its poison. The President is in the perfect position to help the country out of its economic doldrums, and the Republicans are in the perfect position to control the budget and act as a brake on program expansion and deficit spending. Can they do it? This week the discussion will be the extension of the Bush Tax cuts, or implementation of the Obama Tax increases, for all income brackets. Whether you seem them as Bush cuts or Obama increases depends entirely on your political perspective. Also included in this discussion is the further extension of unemployment benefits. Funding for the extension could easily come from the funds being used for QEII by the Federal Reserve. This would resolve the issue of funding and take those benefits out of the upcoming budget discussions. The President and the Republicans are in the perfect position to do this. The question becomes will they?