Don't believe me? Don't think just raising taxes on the rich is a big deal? Well it is. It's been 20 years since George H. W. Bush's violation of his "read my lips, no new taxes" pledge and people still remember it. What they don't seem to remember is what exactly got increased. It was mainly an increase in the top tax bracket from 28-31% and then some increased sin and excise taxes on stuff like luxury yachts, airplanes and furs. This cost George H.W. Bush re-election and breaking the pledge would have cost the Republicans the House.
Some have pointed out that Grover Norquist has indicated that he wouldn't consider Plan B a tax increase. Guess what, voters view the no tax pledge to be with them, not with Grover Norquist, who they don't know from Adam. Fighting 2 years worth of negative attack ads with "Grover said it was okay" just wouldn't fly.
So today we are set to go over the cliff, just like we were yesterday. Obama has shown no desire to make any sort of deal and it seems that he wants to go over the cliff. Let him, let's see how happy he is going over the cliff when he sees his legacy going down the tubes with a double dip recession. He will be much more willing to deal at that point.