President Barack Obama will begin budget negotiations with congressional leaders Friday by calling for $1.6 trillion in additional tax revenue over the next decade, far more than Republicans are likely to accept and double the $800 billion discussed in talks with GOP leaders during the summer of 2011.$1.6T over 10 years is $160B per year or about 15% of our current deficit. So much for coming even close to a balanced budget by soaking the rich. $160B will be absorbed instantly by even the most modest increase in interest rates.
Time to print more money. Lots more.