If America goes off the “fiscal cliff,” the most likely reason is a pledge taken by many Republicans to oppose any increase in taxes.
U.S. Sen. Jeff Sessions, R-Mobile, on Tuesday reiterated he would abide by that pledge, regardless of the consequences.
Many leading Republicans are recognizing the pledge is too simplistic. It does not, for example, permit the elimination of deductions enjoyed by the wealthiest Americans without a corresponding drop in their marginal tax rates. Given the political chicanery that created many of the deductions, this effectively locks in the legalized bribery that is rampant in Washington.
If Republicans cannot make sensible concessions on increasing revenue as a part of the effort to reduce the deficit, the automatic tax increases and spending cuts that take effect Jan. 1 could cause a recession.
Sessions needs to re-think his loyalties.