Friday, July 22, 2011

Debt Ceiling Debate - #3098 - Thirty Problems With the 'Gang of Six' Proposal - Redstate (2) Cut, Cap and Balance Bill Gets 2-1 Approval Among Adults in CNN Poll - Hot Air (3) The Fight We're In - Heritage Foundation

Senate Contact Information....... House Contact Information........ ***The Senate vote may be this afternoon, please call. - In Virginia: Senator Webb - 202-224-4024, Senator Warner-202-224-2023. 


Thirty Problems With the 'Gang of Six' Proposal - Redstate - Analyzing the six-page “Gang of Six” proposal for rewriting the federal budget is like measuring a bucket of water by holding the water in your hands.  Having said this, it looks like Coburn, Crapo, and Chambliss got their clocks cleaned. TAXES -  First, by crafting the tax increases in the Senate Finance Committee, the Gang of Six proposal allows Democrats (plus Olympia Snowe) to determine their parameters. And, incidentally, Democrats’ notions of how you “stimulate economic growth,” as the plan requires, are fundamentally different from oursSecond, although creating flatter tax rates might have a “dynamic” impact which stimulates the economy and produces more revenue, there is no indication that this “dynamic” impact would initially be considered in determining whether the trillion dollars of revenue increases had been met, and it also would not be considered under the 1974 Budget Act. Third, therefore, virtually all of the revenue increases in the proposal will come from massive “loophole closings” which will make the private jet issue look tiny in comparison.  Fourth, using a sunset of the Alternative Minimum Tax as a bargaining chip is a huge, huge mistake. EVERYONE agrees that the AMT can’t be allowed to go into effect. Therefore, by trading its abolition as a chit, you’re only unnecessarily offering up another $1.7 trillion of “loophole closings” which you need to find in order to offset it. And this is above and beyond any “loophole closings” necessary to achieve the $1 trillion and offset any loss from flattening rates.  Read more.......

Cut, Cap and Balance Bill Gets 2-1 Approval Among Adults in CNN Poll - Hot Air - Harry Reid might consider the Cut, Cap, and Balance Act the worst piece of legislation in the history of, well, legislation, but he doesn’t get much company among American adults. In the latest CNN poll, two-thirds of voters favor the idea of tying a raise in the debt ceiling to spending caps and a balanced budget amendment, and this isn’t a survey of conservative-leaning likely voters, either. However, if you expect the CNN story about its own poll to highlight this result, then you obviously haven’t been reading CNN long (via Poor Richard’s News):  Read more.........

The Fight We're In - Heritage Foundation - Fellow conservatives,  We find ourselves in the midst of an important battle, the outcome of which will be determined by decisions to be made in the immediate days ahead. We must win this fight. The debate over raising the debt limit seems complicated, but it is really very simple. Look beyond the myriad details of the awkward compromises, and you see an epic struggle between two opposing camps.  (1) On one side are those who have come to realize it would be madness to let the political class borrow more without imposing a serious check on government spending. They have produced budgets and now an actual legislative plan to get things under control.  (2) On the other, you find those who consider more spending, taxing, and borrowing a royal prerogative. They have produced nothing but rhetoric and empty promises and have pushed this debate to the brink.  It is a fair fight—or would be, if those trying to bring sanity to the nation’s fiscal picture were not held back by confused allies. These allies say they still want to cut spending, but (temporarily, we hope) have put love of political maneuvering ahead of the principles that brought them to Washington in the first place.  It would also help if the nation’s media clearly separated facts from opinion.  Read more........

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