Rep. Barney Frank today described the failure of the supercommittee to reach an agreement as “good news” for Democrats.
The liberal Massachusetts Democrat told The Hill that he believes the failure could signal the end of Bush-era tax cuts and shift the advantage to Democrats in future budget talks.
“The people who want to say ‘no’ have more leverage,” Frank said, pointing to President Barack Obama’s promise to veto any attempts to avoid the $1.2 trillion in automatic spending cuts that are supposed to be imposed as a result of the supercommittee’s failure, starting in 2013.
“Every showdown until now, the right wing had more leverage,” he said. “They tended to benefit more from gridlock.”
But conservatives will not be able to sit idly by while the Bush tax cuts expire, Frank insists.
“So they are now going to be forced to deal,” he speculated.
Frank, who attributed the failure of the supercommittee to “peak divisions” urged Democrats to consider extending the Bush tax cuts for the middle class while allowing them to lapse for the wealthy.
The Hill noted that groups on both sides of the aisle have also welcomed the collapse of the supercommittee, pointing to the Progressive Change Campaign Committee on the left and tea party groups on the right.
“And if you don’t like it,” Frank added, “well, then we’ll just sit back, see sequestration and the taxes go up on everybody.”
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