Thursday, November 11, 2010

Congress: Lame-Duck Session - #2386 - The Debt Commission Report - Redstate (2) Deficit Panel Pushes Cuts - Wall Street Journal (3) Michael Barone: GOP Freshmen Will Hold Boehner to His Big Promises - Townhall (4) Obama-Boehner Rift Looms Over Washington - Wall Street Journal

As you wake up this morning, there is a lot of talk about the leaked report of the Debt Commission. Keep in mind that this is not the final report, but a draft passed out by the co-chairs.What you need to know is pretty straight forward. Yes, the plan ends the deficit. It does so with lots and lots of spending cuts across the board. There are actually some good suggestions in the plan, but there is one inescapable fact — the proposal has buried in it one trillion dollars in tax increases. Some of what are defined as tax increases are, in fact, closing loopholes in the tax code that lobbyists have inserted on behalf of clients. But also included is getting rid of the home mortgage deduction. That would amount to a massive, massive tax increase on the middle class. The reforms suggested for social security are out and out garbage. It is not means tested. It is not “lock boxed”. Payments are cut. The age of retirement is increased by several years. This proposal is dead on arrival. Read more........


Deficit Panel Pushes Cuts - Wall Street Journal - A White House commission laid out a sweeping plan to cut the federal budget deficit by hundreds of billions a year by targeting sacrosanct areas of U.S. tax and spending policy, such as Social Security benefits, middle-class tax breaks and defense spending. Among the controversial proposals, the plan in its current form would end or cap a wide range of breaks relied on by the middle class, including the deduction for home-mortgage interest. It would tax capital gains and dividends at the higher rates now levied on wage income. To compensate, one version of the plan would dramatically lower and simplify individual rates, to 9%, 15% and 24%. For businesses, the plan would significantly lower the corporate tax rate—from a current top rate of 35% to as low as 26%—but also eliminate a number of deductions. It would make permanent the research and development tax credit. Overall, the plan would cut the federal deficit by $3.8 trillion by 2020.  Read more........

Michael Barone: GOP Freshmen Will Hold Boehner to His Big Promises - Townhall - For political junkies of a certain age, it was a given that the House of Representatives would always be controlled by Democrats. They won the chamber in 1954 and held on for 40 years -- more than twice as long as any party in American history had before.  When Sam Rayburn died at 79, more than 20 years after first becoming speaker, he was succeeded by John McCormack, 70, who was followed by Carl Albert, 68, and Tip O'Neill, an energetic 64. Every House elected from 1958 to 1992 had at least 242 Democrats, well above the 218 votes needed for a majority.  Now things are different. The Republicans won a majority in the House in 1994 and held on until 2006, the third longest period of Republican control in history; Democrats won two thumping victories in 2006 and 2008, but lost all their gains and more in the election last week. Alternation in power seems to be the new norm.  Read more.......  Article contributed by Steve Peters.

Obama-Boehner Rift Looms Over Washington - Wall Street Journal -  If there is a relationship that matters most in Washington in coming months, it may be the frosty one between President Barack Obama and Ohio Rep. John Boehner, the Republican poised to become the next speaker of the House of Representatives. They have known each other as partisan foes, not personal friends, and have regularly traded rhetorical body blows. The congressman has accused the president of advancing a "job-killing agenda." Mr. Obama has said the lawmaker is "scaring the hell out of business," and even publicly ridiculed Mr. Boehner's appearance. Read more.......

No comments:

Post a Comment