Posts in Debt

As if the last week wasn't already packed with bad news, yesterday we got two more unprecedented signs of the economic times.  

Nothing seems to upset Barack Obama like being ignored. He is the President, after all, and "The One." Yet, as the negotiations on a debt ceiling deal bob-and-weave along in Washington, he grows visibly angrier that he's not getting his own way. This week he reportedly "stormed out" of discussions after Majority Leader Eric Cantor suggested the two sides were still pretty far apart on a solution.

As the political tug-of-war wears on in Washington over a deal on reducing the deficit as part of a compromise to raise the debt limit, some conservatives are beginning to fret about the possibility of the GOP "caving" (there's a plethora of definitions of what "caving" would be). And, today the media's attention is focused on differences – perceived or genuine – within the GOP Leadership.  

Editor's note:  Politico.com asked me if "closing tax loopholes" as proposed by Barack Obama to raise revenue amount to a tax increase?  My answer is below and can also be found in the Arena on their website.