American politics is no more absurd than politics anywhere. Honestly. Trust me on this one. No new taxes.
Republican Congress Fails to Budget, Argues with Itself
A good write-up here: Budget Impasse Reflects GOP Schism
One might fear that this is how our elected representatives operate, on sound bytes and ideology, rather than dealing with reality as it is.
A budget is one of those ultimate truths which every household is familiar with: you can't spend more than you have unless you borrow. It looks like the debt of the Bush Presidency will come to about $400 billion this year. Some folks look at that trend and see serious repercussions in the future. Keeping the tax rates of the wealthy low, while spending on foreign wars, creates debt, especially when the social programs Democrats typically champion are already drained.
I remember many years when the prime rate was in the teens, and it is really hard on business and people. I do not look forward to seeing that again.