While some of y’all were celebrating the fiscal cliff deal… NY Times columnist Paul Krugman is keepin’ it all the way gully by pointing out that Obama didn’t hold his ground to keep his campaign promise and has let an estimated $200 billion slip through the treasury’s hands:
Via Huff Po reports:
“Obama has to be aware just how much is now riding on his willingness to finally stand up for his side,” Krugman wrote. “If he doesn’t, nobody will ever trust him again, and he will go down in history as the wimp who threw it all away.”
Many, including Krugman, argued earlier that Obama had plenty of leverage during talks to avert the fiscal cliff — a set of tax hikes and spending cuts that were scheduled to take place on Jan. 1 — given that he won the election in part on his promise to raise taxes on the wealthy.
Congress passed a fiscal cliff deal negotiated by Vice President Joe Biden and Senate Minority Leader Mitch McConnell on Tuesday, which extends the Bush tax cuts for couples’ incomes below $450,000 and individuals’ incomes below $400,000. This broke with Obama’s promise not to extend the Bush tax cuts on annual incomes above $250,000.
Does he have a point? He does make a mighty strong argument.