Hey everybody!!! Guess what.............................IT'S BUSH'S FAULT.
Bush Tax Cut Debate Dooms Deal to Cut Deficit - ABC News
Right. It was doomed to fail because of the Republicans! Even though they conceded their tax pledge, they didn't concede enough! They are obstructionists because they didn't mean the demands of the Democrats. You're unwillingness to compromise is the reason it failed. You/AdamT still haven't responded to my original question. If $250 billion is a joke, than what should the Republicans have offered? Is $1 trillion the right answer?
Compromise - meet the other guy halfway.
Take the damn deficit and cut it in half. Raise revenues to bring in one half and cut discretionary across the board for the other half. That is the damn compromise.
Do you truly believe that raising taxes is as effective as cutting spending in reducing the deficit? I'll ask the question again since it hasn't been answered. If the government raises taxes and fails to realize any meaningful increases in revenue, then who wins? To keep this whole matter in perspective, the comittee was charged with finding $120 billion in cuts a year out of $3.5 trillion budget. That's 3.4%
It's quite a racket the Democrats have going here. Jack up spending to unprecedented levels, increase the deficit to over $1 trillion a year for three years, and then use the opportunity to push new taxes on successful people in the supposed effort to "reduce the deficit". Thank God the Republicans won in 2010 and they raised the issue in August otherwise we wouldn't even be talking about this.
Yeah, thank God. Otherwise we'd already have a reasonable package of tax hikes and spending cuts to reduce the deficit by more than Republicans are willing to contemplate, we wouldn't have lost our AAA credit rating, and we'd have additional stimulus in place to reduce unemployment and boost GDP. What would we ever do without those those clowns who created this mess to begin with?
Yeah, thank God. Otherwise we'd already have a reasonable package of tax hikes and spending cuts to reduce the deficit by more than Republicans are willing to contemplate, we wouldn't have lost our AAA credit rating, and we'd have additional stimulus in place to reduce unemployment and boost GDP. What would we ever do without those those clowns who created this mess to begin with?
Additional stimulus and a reasonable package of spending cuts? Wait, what?
In reality, if we had a Democratic Senate and House, we wouldn't even be having this conversation. Debt ceiling would have been raised with no debate and there would be no catalyst for spending cuts at all.
You seem to think that Republicans are the only ones who ever heard of basic accounting principles. But of course history tells us that Republicans are worse than Democrats when it comes to running up deficits. Of course it was the sainted Ronald Reagan who blew the lid off the public debt, which, until his disasterous presidency, had been falling as a percentage of GDP since WWII. The debt exploded under Reagain, kept rising under Bush I, dropped under Clinton, started rising again under Bush II, and of course it's now completely out of control due to the Great Recession.
Nice dodge. The matter of fact remains that spending would have never been addressed if Republicans didn't take the House in 2010.
The exploding deficit can only be partly blamed on the Great Recession. Declining revenues as a result of the drop in GDP had a minor influence in adding to the deficit. TARP paid for itself. The greatest factor contributing to the federal deficit is unprecedented spending taken on by the Obama administration.
That is a matter of pure speculation, not fact, as no one can know what *would* have happened. I cited what's happened in the past because it generally provides a clue to what will happen in the future.
Do you truly believe that raising taxes is as effective as cutting spending in reducing the deficit? I'll ask the question again since it hasn't been answered. If the government raises taxes and fails to realize any meaningful increases in revenue, then who wins? To keep this whole matter in perspective, the comittee was charged with finding $120 billion in cuts a year out of $3.5 trillion budget. That's 3.4%
It's quite a racket the Democrats have going here. Jack up spending to unprecedented levels, increase the deficit to over $1 trillion a year for three years, and then use the opportunity to push new taxes on successful people in the supposed effort to "reduce the deficit". Thank God the Republicans won in 2010 and they raised the issue in August otherwise we wouldn't even be talking about this.
Perhaps if we now simply allow to happen what is set to happen......... let the 2001 and 2003 tax cuts expire as set to do and let the automatic spending cuts take place in 2013. Nobody need do nothing except let the clock run out.
It disgust me that some in Congress are already attempting to go around the automatic cuts to protect their friends in the Defense industry.
Remember when the Bush tax cuts were unpopular even amongst the Republicans to the point where it required a Sunset condition? Remember when McCain argued against it on the basis that such revenue was required and that a fiscal plan outlining a controlling of the debt be implemented before further tax cuts?
Because that happened.
'Super Committee' likely to announce failure to reach debt deal.
A weekend of talks among members of the congressional committee charged with coming up with $1.2 trillion in budget cuts appeared to produce no last-minute compromise ahead of Monday's practical deadline.Democratic and Republican aides told CNN on Sunday that discussions had turned to how to announce the failure to reach a deal.A senior Democratic aide said talks are focused on a Monday announcement.Another senior Democratic source said, "No decisions or agreement has been reached concerning any announcement or how this will end. But, yes, the likely outcome is no agreement will be reached."
It disgust me that some in Congress are already attempting to go around the automatic cuts to protect their friends in the Defense industry.