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Thread: CNN: Aides; 'Super Committee' likely to announce failure to reach debt deal.

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    Re: CNN: Aides; 'Super Committee' likely to announce failure to reach debt deal.

    i suppose i have to ask why they are allowed to leave the room and go on a nice Thanksgiving break without reaching a deal.

    get back in there and do what you were hired to do.

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    Re: CNN: Aides; 'Super Committee' likely to announce failure to reach debt deal.

    Just to put the situation where partisan interests are taking precedence over the national interest into perspective, here's what S&P wrote in its August 5, downgrade of the U.S. credit rating:

    ...the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011.

    Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government's debt dynamics any time soon.


    From the co-chairs of the Joint Select Committee on Deficit Reduction (the "Supercommittee"):

    After months of hard work and intense deliberations, we have come to the conclusion today that it will not be possible to make any bipartisan agreement available to the public before the committee’s deadline.

    It's important to note that the Supercommittee was working on finding $1.2 trillion in agreed cuts to avoid an automatic sequester that would allocate the cuts between domestic nondefense discretionary spending and defense spending. The Supercommittee was not addressing the more challenging task of stabilizing U.S. debt relative to GDP.

    Already, the Defense Secretary is urging that the Pentagon be spared from its share of the cuts under the sequester. In addition, Congressman Buck McKeon, Chairman of the House Armed Services Committee is poised to introduce legislation to try to shield the Pentagon.

    I am deeply sympathetic to the concerns of the Defense Secretary and House Armed Services Committee Chairman. However, in the larger context, I believe it would be far more harmful for the U.S. to abandon even its modest deficit reduction committment. The costs in terms of reduced market confidence, almost certain reduced credit rating, and increased present value long-term imbalances, all of which would put upward pressure on interest rates, would far outweigh the benefits of short-term relief for the Pentagon. The Congress and the President should work to address the nation's fiscal imbalances in a fashion that mitigates harm, though some amount of pain cannot be avoided. Failing that, I believe that the sequester should go forward, as it might offer the only opportunity for deficit reduction that can currently be agreed in the present environment of hyperpartisanship. Too much is at stake for the U.S. should to retreat from its modest deficit reduction commitment, one that falls far short of the need to stabilize debt relative to GDP.

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    Re: CNN: Aides; 'Super Committee' likely to announce failure to reach debt deal.

    Quote Originally Posted by 1Perry View Post
    Why are we are in Afghanistan again?
    Because their government supported al-Qaeda when they attacked the United States. However, bin Laden is now dead, and now we should leave.
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    Re: CNN: Aides; 'Super Committee' likely to announce failure to reach debt deal.

    So it looks like the republican's offered revenue increases by way of closing loop holes (What everyone thiks is a good idea), and various other methods, and yet, the Democrats turned them down unless the revenue raising targets were approaching 1 trillion? Are they serious?


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    Re: CNN: Aides; 'Super Committee' likely to announce failure to reach debt deal.

    Quote Originally Posted by Hicup View Post
    So it looks like the republican's offered revenue increases by way of closing loop holes (What everyone thiks is a good idea), and various other methods, and yet, the Democrats turned them down unless the revenue raising targets were approaching 1 trillion? Are they serious?


    Tim-
    No, what they offered was to close loopholes ... OFFSET by a reduction in tax rates. With a trigger that would actually raise revenue under certain conditions. Another giveaway for the wealthy.

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    Re: CNN: Aides; 'Super Committee' likely to announce failure to reach debt deal.

    Quote Originally Posted by AdamT View Post
    No, what they offered was to close loopholes ... OFFSET by a reduction in tax rates. With a trigger that would actually raise revenue under certain conditions. Another giveaway for the wealthy.
    Spin it all you want, the net revenue projections were $250 billion. Democrats refused to budge on anything under $1 trillion. "Compromise" at it's finest.
    "There is an excellent correlation between giving society what it wants and making money, and almost no correlation between the desire to make money and how much money one makes." ~Dalio

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    Re: CNN: Aides; 'Super Committee' likely to announce failure to reach debt deal.

    Quote Originally Posted by Rhapsody1447 View Post
    Spin it all you want, the net revenue projections were $250 billion. Democrats refused to budge on anything under $1 trillion. "Compromise" at it's finest.
    $250 billion is a joke when we are trying to reduce the deficit by eight times that much. And the offer is tied to making all of the Bush tax cuts permanent, which is absurd. AND it results in a net tax CUT of over $100 billion for the richest Americans. Joke is too kind a word.

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    Re: CNN: Aides; 'Super Committee' likely to announce failure to reach debt deal.

    Quote Originally Posted by AdamT View Post
    $250 billion is a joke when we are trying to reduce the deficit by eight times that much. And the offer is tied to making all of the Bush tax cuts permanent, which is absurd. AND it results in a net tax CUT of over $100 billion for the richest Americans. Joke is too kind a word.
    You're right, $250 billion is a joke when we are in a very weak recovery. $1.2 trillion in spending cuts is a joke. In case you forgot, the repeal of the Bush tax cuts failed in Congress earlier this year. Even some Democrats don't support it as it would result in a net tax increase on the middle class. Obviously the core of the problem is runaway spending. Increasing taxes is no guarantee for revenue increases. Cutting spending is a 100% guarantee of deficit reduction.

    Where do you see the problem?

    Federal Budget.jpg
    "There is an excellent correlation between giving society what it wants and making money, and almost no correlation between the desire to make money and how much money one makes." ~Dalio

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    Re: CNN: Aides; 'Super Committee' likely to announce failure to reach debt deal.

    Quote Originally Posted by Rhapsody1447 View Post
    You're right, $250 billion is a joke when we are in a very weak recovery. $1.2 trillion in spending cuts is a joke. In case you forgot, the repeal of the Bush tax cuts failed in Congress earlier this year. Even some Democrats don't support it as it would result in a net tax increase on the middle class. Obviously the core of the problem is runaway spending. Increasing taxes is no guarantee for revenue increases. Cutting spending is a 100% guarantee of deficit reduction.

    Where do you see the problem?

    Federal Budget.jpg
    Eliminating the top Bush tax cut had strong Democratic support, and I'm sure it will next time around as well. All of the tax cuts should be phased out over the next 2-3 years, which would go a long way towards reaching the deficit reduction goal. Of course we need to cut spending and reform entitlements as well.

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    Re: CNN: Aides; 'Super Committee' likely to announce failure to reach debt deal.

    Quote Originally Posted by AdamT View Post
    Eliminating the top Bush tax cut had strong Democratic support, and I'm sure it will next time around as well. All of the tax cuts should be phased out over the next 2-3 years, which would go a long way towards reaching the deficit reduction goal. Of course we need to cut spending and reform entitlements as well.
    Glad to see you support cuts in spending and entitlements. I support revenue increases. Something tells me that if we we're on that committee something might of actually gotten done. In terms of revenue increases, if $250 billion is a "joke" to you, what is a reasonable level? $1 trillion? Don't forgot the payroll tax increase at the end of this year (even Obama is opposed to that) and the new tax increases that are set to take place at the beginning of 2013.

    EDIT: Another question. If we raise taxes, but revenues don't increase, who stands to benefit? From that graph, meaningful changes in revenue seem to follow GDP closer than they do changes in tax rates.
    Last edited by Rhapsody1447; 11-22-11 at 02:51 PM.
    "There is an excellent correlation between giving society what it wants and making money, and almost no correlation between the desire to make money and how much money one makes." ~Dalio

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