According to the Congressional Budget Office, the last-minute fiscal cliff deal reached by congressional leaders and President Barack Obama cuts only $15 billion in spending while increasing tax revenues by $620 billion – a 41:1 ratio of tax increases to spending cuts.
When Presidents Ronald Reagan and George H.W. Bush increased taxes in return for spending cuts – cuts that never ultimately came – they did so at ratios of 1:3 and 1:2.
“In 1982, President Reagan was promised $3 in spending cuts for every $1 in tax hikes,” Americans for Tax Reform says of those two incidents. “The tax hikes went through, but the spending cuts did not materialize. President Reagan later said that signing onto this deal was the biggest mistake of his presidency.
“In 1990, President George H.W. Bush agreed to $2 in spending cuts for every $1 in tax hikes. The tax hikes went through, and we are still paying them today. Not a single penny of the promised spending cuts actually happened.”
American Majority Action spokesman Ron Meyer told Breitbart News late Tuesday that enough House Republicans have banded together in an effort to unseat House Speaker John Boehner from his position – they just need a leader to take up the mantle.
“At least 20 House Republican members have gotten together, discussed this and want to unseat Speaker Boehner – and are willing to do what it takes to do it,” Meyer said. “That’s more than enough to get the job done, but the one problem these guys face is they need a leader to coalesce behind.”
Meyer said the conservatives have considered House Majority Leader Eric Cantor (R-VA) to take the helm after Boehner is knocked out. His opposition from the right to the Senate fiscal cliff deal that Vice President Joe Biden cut with Senate Minority Leader Mitch McConnell is a sign Cantor may try for the job.
AMA is hardly the only conservative entity aware of the rekindled effort afoot to unseat Boehner. Another conservative with inside knowledge of the effort told Breitbart News that the movement has “new focus and juice,” and if enough members go to Boehner telling him they won’t support his re-election, that Americans should “watch for him to resign gracefully.”
The vote for Boehner’s re-election as Speaker happens on Thursday, two days after Boehner’s decision to support the Senate “fiscal cliff” deal Vice President Joe Biden cut with Senate Minority Leader Mitch McConnell on New Year’s Eve.