“Pressure to raise taxes, at least on the wealthy, is rising,” writes the New York Times.
“Several developments are fueling that pressure. The Tea Party push to slash spending has lost steam and generated a backlash. Defense hawks want more money for the Pentagon, while other Republicans seek additional cash for highway projects. The largest potential targets for further cuts, Social Security and Medicare for the elderly, are hardly politically inviting.”
“Moreover, both parties, at least rhetorically, have embraced the need for Washington to address stagnant middleclass wages and rising income inequality. Enacting significant remedies — whether through new middleclass tax benefits or spending programs — requires cash Washington doesn’t have.”