Obama Miscalculated on Taxes

President Obama “faces huge, and probably insurmountable, obstacles to reviving a grand bargain — none higher and more difficult to overcome than his decision to increase taxes by $600 billion in December,” Politico reports.

“Obama thought he would be able to stare down Republicans over the sequester, and get them to double the size of his tax increase to avoid heavy defense cuts. He was wrong. Once Republicans swallowed the $600 billion in hikes, they made plain they were done raising taxes for this Congress. And they really are done, Republicans say.”