We've Dodged a Bullet: At Least for Now

Well,  it looks as if enough members of both houses of Congress  had the presence of mind to support some much-needed legislation:  enough to keep us from diving over the fiscal cliff --- or stumbling over the fiscal curb.

Since then,  some of the recent rhetoric from congressional Republicans has seemed a tad unsettling.   When asked about the need to raise the debt limit once again,  House Majority Leader John Boehner  declared that "everything comes at a price".   Sounds awfully sinister.   

In the meantime,  Senate Minority Leader Mitch McConnell is insisting that "discussion of further tax increases is now over.    From now on the entire focus will be on spending cuts."   However,  this time around President Obama and congressional Democrats seem determined to stand their ground,  asserting  among other things,  that raising the debt limit will not be negotiable.

The Democrats have  already managed to accomplish restoration of the top federal income tax bracket to 39.6%,  as it was during most of Bill Clinton's tenure;   perhaps just a baby step,   but no small feat considering the historical relentlessness of the Republicans'  determination to see Obama fail.

In regard to raising much needed revenue,   there's still a lot that can be done: for instance,  closing statutory loopholes that enable corporate heavy-hitters such as General Electric to not only pay zero federal income tax but receive ample refunds as well.   Elimination of generous subsidies for the oil industry  and corporate agriculture are other prime examples.

Obama and his colleagues need to remain steadfast and  not allow themselves to be blackmailed by their congressional adversaries,  as happened in 2011.   Last November,   the voters sent Congress a compelling message.

Hopefully,   those adversaries have been chastened.   I guess in due time we'll know.