Skip to main content

"bright red lines "

printer friendly  
,

'But this week also marked the anniversary of Occupy Wall Street. And the realization that, as Elizabeth Warren put it, the rich and powerful "rig the rules " is increasingly widespread. As the liberal revolt against the potential nomination of Larry Summers to head the Federal Reserve revealed, President Obama faces increasing pressure from a wing of the Democratic Party no longer willing to sign onto the conservative economic policies of Wall Street.

'President Obama announced that he would not negotiate on raising the debt ceiling. That he would not sign on to the delay or defunding of health-care reform. That he wanted the harsh and mindless across-the-board cuts known as sequestration repealed in exchange for a longer-term, balanced program combining cuts in wasteful subsidies and revenues from shutting down tax dodges. This time his "bright red lines " might mean something, because increasingly restive progressive legislators in the House and Senate will hold him to his promise.'