Marc A. Thiessen: Boehner’s Reykjavik Moment
Marc A. Thiessen is a columnist for the Washington Post and a former speechwriter for the George W. Bush administration.
At their 1986 Reykjavik summit, Ronald Reagan and Mikhail Gorbachev were tantalizingly close to a “grand bargain” that would have abolished all nuclear weapons in ten years. But then Gorbachev laid out his price: Reagan had to effectively kill the Strategic Defense Initiative. When the Soviet leader made clear he would not budge on SDI, Reagan walked away. The press pilloried Reagan for giving up a historic agreement. But looking back today, it was one of the greatest moments of his presidency — and a turning point in the Cold War.
On Friday, House Speaker John Boehner had his Reykjavik moment. Boehner and President Obama were close to a grand bargain to reduce the federal debt. To reach a deal, Boehner had agreed to $800 billion in new tax revenue (coming not from tax increases, he says, but from a flatter, fairer tax system). But after the Gang of Six came out with a plan that included significantly higher taxes, Obama demanded an additional $400 billion in revenue that would have required large tax hikes. Boehner said no. And when Obama made clear he would not budge on the additional revenue, Boehner walked away. The press has pilloried Boehner, but it may prove to be one of the greatest moments of his speakership – and a turning point in the “cold war” over our national debt.