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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.

    Quote Originally Posted by Rhapsody1447 View Post
    Really? You're saying there is no payroll tax hike at the end of the year?
    What she is stating is that the payroll tax was not permanently lowered. Legislation was adopted to offer a temporary "holiday" at a reduced rate. If legislation to extend the holiday is not adopted, then the payroll tax would revert to the existing statutory rate.

    Her other other point concerns the wisdom of the holiday. Social Security faces long-term imbalances. It is funded by payroll taxes. The holiday has somewhat reduced revenue to Social Security and had an impact of increasing (modestly) the long-term imbalances associated with the program.

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

    Quote Originally Posted by haymarket View Post
    thank you for explaining in one line why the Super Committee was doomed to fail before anyone ever walked in that room.
    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?
    "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 donsutherland1 View Post
    What she is stating is that the payroll tax was not permanently lowered. Legislation was adopted to offer a temporary "holiday" at a reduced rate. If legislation to extend the holiday is not adopted, then the payroll tax would revert to the existing statutory rate.

    Her other other point concerns the wisdom of the holiday. Social Security faces long-term imbalances. It is funded by payroll taxes. The holiday has somewhat reduced revenue to Social Security and had an impact of increasing (modestly) the long-term imbalances associated with the program.
    I understand that. I included it in my response to her. I said she should check her facts or rephrase her wording before she accuses me of pandering. I agree that the Social Security imbalances warrants re-evaluating the tax/spend structure of SS. Obama wants to extend the payroll tax cut. I never said I did! All I said is that it should be taken into consideration when debating tax increases as a solution to the debt ceiling debates.
    "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.

    It'll come, eventually. Just remember folks, we are part of the blame. The American public demands a strange mixture between "getting stuff done," staying true to ideology, and compromise. However, if you do any of the three, you are ruining the Republic, and we amp up the fervor to get rid of our elected leaders.
    Last edited by Fiddytree; 11-22-11 at 05:37 PM.
    Michael J Petrilli-"Is School Choice Enough?"-A response to the recent timidity of American conservatives toward education reform. https://nationalaffairs.com/publicat...-choice-enough

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

    Quote Originally Posted by danarhea View Post
    Because their government supported al-Qaeda when they attacked the United States. However, bin Laden is now dead, and now we should leave.
    We found him where?

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

    In the end the reason will come out that the roadblock was a refusal by the GOP to allow more spending now for promises of cuts later IMO.

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

    Quote Originally Posted by American View Post
    Hey everybody!!! Guess what.............................IT'S BUSH'S FAULT.

    Bush Tax Cut Debate Dooms Deal to Cut Deficit - ABC News
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    Re: CNN: Aides; 'Super Committee' likely to announce failure to reach debt deal.

    Quote Originally Posted by Rhapsody1447 View Post
    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.
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    Re: CNN: Aides; 'Super Committee' likely to announce failure to reach debt deal.

    Quote Originally Posted by haymarket View Post
    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.
    "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
    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?

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