Obama Stands In The Way Of A Debt Deal

A Republican aide e-mails me: “The Speaker, Sen. Reid and Sen. McConnell all agreed on the general framework of a two-part plan. A short-term increase (with cuts greater than the increase), combined with a committee to find long-term savings before the rest of the increase would be considered. Sen. Reid took the bipartisan plan to the White House and the President said no.”

If this is accurate the president is playing with fire. By halting a bipartisan deal he imperils the country’s finances and can rightly be accused of putting partisanship above all else.....

http://www.washingtonpost.com/blogs...eiling-crisis/2011/03/29/gIQAvx8DYI_blog.html

 

"We won't raise taxes under any circumstances." ... "and can rightly be accused of putting partisanship above all else..."

 

Looks like a made up quote.

 

Source: White House



Where's Bush Version 1.0 or Bill Clinton when you need him ?

 

Expenditures are up, because there's a recession, and revenue is down, because there's a recession. Thus, debt. So... whatever happened to the surplus Clinton handed Bush? Oh, that's right, taxes are too high!!

 

MSM and their partners in Washington appears hell-bent to burn the freshly minted Tea Party incumbents for sticking to their guns and doing exactly what they campaigned on and following through with promises made to their constituency. BTW, Obama could have raised the debt limit, passed a budget, and done anything he wanted to the tax rates during the lame duck session but chose not to. For Obama to blame the Repubs for not going along with something he didn't have the guts to do when he held a super-majority or simple majority is disengenuous gaming.

 

Source: Congressional Research Service

 

Ricter, you have heard me say many times: we need flat individual and corporate tax rates with no or minimal deductions allowed. Maybe a one percent national sales tax. I certainly support that.

IMO, the deductions are the big driver and not the rates per se. Both parties hand out deductions to their buddies like popcorn. I think that allowing half of US adults to pay no income tax and making 5 percent of US adults pay 90% of the income tax is grossly unfair and is, in fact, a rather recent development.

 

Well said. Definitely agree about your deductions comments. Not sure about the flat tax idea, because of the marginal utility of a dollar problem, but I do believe I've heard earners below a certain level would be exempt.

Edit: by the way, how's the basement?

 

Much drier today, thanks for asking. No need to initiate the Koi stocking program.