President Barack Obama has repeatedly said in recent months that deficit reduction must be achieved in a “balanced” way, meaning a combination of spending cuts and tax increases. Here he was just yesterday, calling for the Balanced Approach™ on Twitter:
Now the US Senate has passed a fiscal cliff bill that raises tax revenue by $41 for every dollar in spending cuts. Did Obama slam the bill for reducing the deficit in an unbalanced manner? No. He praised it and specifically cited its so-called “balance”:
So a 41:1 ratio is what Obama means by “balanced.” No surprise there. We are a little surprised, however, that so many Republican Senators seem to agree.