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Top democrat senator : let's go off the cliff.... it'll be great

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11/12/2012 07:36 AM
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Top democrat senator : let's go off the cliff.... it'll be great
[link to www.ft.com]
Don’t fear fiscal cliff, says Democrat

By Robin Harding in Washington

A leading Democratic senator has said her party should be willing to go off the fiscal cliff in order secure tax rises on the wealthy, raising the stakes in year-end budget negotiations.

“If the Republicans will not agree with that, we will reach a point at the end of this year where all the tax cuts expire and we’ll start over next year,” said Patty Murray, who was co-chair of last year’s deficit supercommittee, on ABC’s This Week. “And whatever we do will be a tax cut for whatever package we put together. That may be the way to get past this.”

The Washington senator is one of the most senior figures from either party to suggest that temporarily going off the fiscal cliff could be an acceptable way to break the impasse over fiscal policy. Her hard line could strengthen the negotiating position of Democrats but frighten markets.