Obama’s 2nd term high point: passage of his $620 billion tax increase bill
Barack Obama reached the high point of his 2nd term just 19 days before he is sworn-in for his 2nd term. The passage of Obama’s $620 billion tax increase bill will be the zenith of his remaining 4 years in office.
Obama will sign nothing of substance into law unless conservatives in the House of Representatives -- who suffered a temporary setback on the first day of 2013 -- approve of that law.
Indeed, Speaker John Boehner will not allow any major legislation that conservatives do not approve of to reach the House floor after the fiasco which occurred on the floor of the House of Representatives last night. In violation of former Republican Speaker Dennis Hastert’s rule of not bringing to the House floor any major legislation which does not have a majority of the Republican majority approving of the legislation, Boehner caused the Republicans in the House to suffer a major defeat.
Boehner managed to get only 85 Republicans to vote for Obama’s $620 billion tax increase bill. An overwhelmingly majority of Nancy Pelosi’s Democrats (172 out of 188 voting Democrats) voted for Obama’s tax increase bill. It was a stunning defeat for Boehner’s leadership style.
Following Boehner’s fiasco last night, he will bring nothing more of consequence to the House floor favored by Barack Obama or there will be a Speaker Eric Cantor sworn into office on January 3, 2015. House Majority Leader Cantor, along with House Majority Whip Kevin McCarthy, voted against the Obama tax increase bill last night.
There was a lot of swagger by Obama in his Old Executive Office Building pep rally on Monday before the Senate vote for his tax increase bill. He bragged to his supporters he would go for more tax increases in addition to the $620 billion in new taxes he gained last night in the House of Representatives. Obama bragged that he would get more “investment” money, i.e. pork-filled stimulus legislation passed by Congress. Obama, of course, is wrong on both counts.
Not only will the Republican-controlled House of Representatives shut down any such tax-increasing and big-spending legislation supported by Obama, but House Republicans will control the agenda for the next two years as the debt ceiling debate nears within the next two months. They should only allow a short-term extension of the debt ceiling each time they vote to raise the debt ceiling and extract more concessions from Obama each time.
Undoubtedly, before the House Republicans give Obama an increase in his debt ceiling in January or February -- and remember Obama has nearly doubled the national debt to a whopping $17 trillion -- they will extract major reforms in Medicare and Medicaid, and possibly in Social Security entitlements.
Obama was acting like a cocky peacock in his celebratory press conference following his $620 billion tax increase victory last night, but he also reached the high point of his 2nd term in office with that victory.