In January, 2001 incoming President George Bush inherited a budget for the year that had been developed by outgoing President Bill Clinton. The budget included a surplus and the deficit was about $5 Trillion. President Bush then reduced taxes including a significant drop for wealthy folk and initiated two wars which resulted in a rise of the national debt to $11 Trillion. In other words, the Republican party which claims it hates debt doubled out national debt and ended balanced budgets. So, what do Republicans in December, 2012 desire–no 3% tax increase for wealthy people and make the middle class and poor people pay more!
Senator Harry Reid made clear that refusal to increase taxes on the wealthy by 3% would mean going over the cliff of irresponsibility. In other words, a wealthy person would ONLY have $970,000 in income rather than $1 million. Republicans can double our national debt but will not do anything to solve our economic problems.