President Obama
and Senate Democrats both won re-election on the promise to raise taxes on the
rich. Speaker John Boehner and House Republicans won back control of their
chamber campaigning on the promise to never raise
taxes.
Washington is
still sharply split along the same lines as it was before Tuesday and the
outcome is perhaps the worst-case scenario for a quick resolution to the fiscal
cliff awaiting Congress in the lame-duck session.
In a phone interview with Press TV's U.S. Desk on Wednesday, Richard K. Vedder, a senior Fellow of the Independent Institute said, "I think that in the final analysis, Americans will find a solution that will probably be a compromise between what President Obama wants and what the Republicans want."
"It will probably involve
some increases in taxes for upper income Americans but it probably will also
involve somewhat larger expenditure, of reductions, than the President wants but
I am not certain of that," he continued.
Vedder concluded
that "given the seriousness of the issue and the fact that this cannot be
postponed indefinitely, I suspect that some compromise will ultimately result,
will happen."
SM/SM