Thursday, July 21, 2011

Debt Ceiling Debate - #3095 - VIDEO: Interview with Rand Paul - Will Conservatives Back 'Gang of Six' Plan? - Hannity - Fox (2) Gang of Six Plan: A $3.1 Trillion Tax Hike - (3) James Pethokoukis: Explaining Obama's Tax Hike Obsession - Reuters (4) Charles Hurt: Debt Mess Maxes Out On all Fronts - Washington Times

Will Conservatives Back 'Gang of Six' Plan? - Interview with Senator Rand Paul - Hannity - Fox News
Senate Contact Information.......... House Contact Information......... -* Please call or email, let your voice be heard!

Gang of Sx Plan: A $3.1 Trillion Tax Hike - National Debt: No wonder President Obama has so heartily endorsed the "Gang of Six" deficit plan. Just like everything Obama has offered so far, it's short on details and long on tax hikes.  Soon after the "Gang of Six" — a bipartisan group of senators that has been trying for months to put together a deficit reduction plan — issued its new proposal, President Obama praised it as "a very significant step" that represents "the potential for bipartisan consensus."  What it really represents is Washington at its worst.  The "plan" Obama was praising isn't a plan at all, but a few pages of bullet points with vague concepts, promises of future cuts, and confusing, and at times contradictory, numbers.  And what details it does contain show that the gang has employed some of the most egregious budget tricks available to make the spending cuts look bigger and tax hikes smaller than they actually are. The best example of this is the plan's tax proposal, which alternately boasts that it cuts taxes by $1.5 trillion and raises them by $1 trillion, but which more likely will result in taxes going up by more than $3 trillion. Read more.......  Article contributed by Steve Peters.

James Pethokoukis: Explaining Obama's Tax-Hike Obsession - Reuters - It’s the great mystery of the debt ceiling debate: Why is President Barack Obama so darn adamant about raising taxes? “This may bring my presidency down, but I will not yield on this,” Obama told Republicans before dramatically exiting their budget meeting last week.  “This,” of course, is his demand that large spending cuts be “balanced” with tax increases on wealthier Americans, entrepreneurs, investors and unpopular businesses such as Big Oil and Wall Street. But why insist on higher taxes in the middle of weakest economic recovery in the post-World War II era?  Wouldn’t standard Keynesian economics, much beloved in the White House, actually call for cutting taxes (or increasing spending) to boost aggregate demand?  Doesn’t Obama know that even his former chief economist, Christina Romer, says tax increases “will tend to slow the recovery in the near term.” Not that things look much better a few years out. The International Monetary Funds sees economic growth below 3 percent through 2016. And Democrat-friendly Goldman Sachs now thinks a double-dip recession is possible even as it lowers its growth forecast and raises its prediction for unemployment.  Read more.......  Article contributed by Steve Peters.

Charles Hurt: Debt Mess Maxes Out On All Fronts - Washington Times - OK, so you wake up and discover that you burned through every bit of your money, raided your retirement savings and maxed out all your credit cards with debts your grandchildren will be paying for the rest of their lives. What do you do?  A) Stop spending, pay off your debts and figure out some way to never go on a drunken bender again where you spend all of your money and sentence your grandchildren to the modern day debtor’s prison.  B) Keep spending money you don’t have, apply for new credit cards and don’t do anything that would keep this from happening again for fear that it might make the credit card companies nervous about your financial stability.  If you picked A), you join the vast majority of Americans and qualify as an adult. If you picked B), you are certifiably insane and qualify as a Democrat worthy of leadership here in Washington, D.C. That is precisely the position held by President Obama and Democrats in this debate about raising the debt ceiling.  Read more........  Article contributed by Steve Peters.

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