Debt leaders paint gloomy picture for governors

AP on Yahoo ^ | 7/11/10 | Glen Johnson - ap

[NormsRevenge]

BOSTON – The heads of President Barack Obama's national debt commission are painting a gloomy picture as the nation struggles to get its spending under control.

Republican Alan Simpson and Democrat Erskine Bowles told a meeting of the National Governors Association on Sunday that everything needs to be considered — including curtailing such popular tax breaks as the home mortgage deduction.

They say that without radical changes, debt will destroy the country like a cancer.

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...everything needs to be considered — including curtailing such popular tax breaks as the home mortgage deduction.

That's a bunch of horse-$hit! Maybe they should consider cutting spending. Curtailing the home mortgage tax deduction will be the straw that breaks the communist donkey's back. That will be tar & feather time.

[NormsRevenge]

simple answers are tough for most politicians to understand. what’s in it for them? is all many care about..

[ReneeLynn]

The blind speaking to the deaf. Yeah, this should work out. /s

[Snickering Hound]

Vichy collaborator republicans strike again.

[gusopol3]

This is a great way to make sure housing gets flattened even further and longer. It’s hard to say, just with AP reporter excerpting what they say, but it seems old Simpson’s a lot more willing to put the heebie-jeebies in homeowners than he is to put public employees on edge about their salaries, benefits and pensions, which is the direction he should be going.

[nhwingut]

Good to see the debt panel gimmick is working as planned.

[benewton]

Cut spending, morons.

[Siena Dreaming]

Simpson said the entirety of the nation's current discretionary spending is consumed by the Medicare, Medicaid and Social Security programs. "The rest of the federal government, including fighting two wars, homeland security, education, art, culture, you name it, veterans, the whole rest of the discretionary budget, is being financed by China and other countries," said Simpson. China alone currently holds $920 billion in U.S. IOUs.

Why no mention of Obamacare, Mr. Simpson?

[Lancey Howard]

Simpson is exactly the kind of senile old fart Vichy “Republican” that Ubama and the rats love to put on tax-hike “commissions” like this one. Simpson has no shame at all, allowing himself to be used like a prison bitch by those animals.

[Captain Peter Blood]

Notice none of these Jerks suggest cutting spending and paying down debt. Their solution is taxes, more taxes and no deductions.

[Lancey Howard]

Simpson, as the Senate's GOP whip in 1990, helped round up votes for a budget bill in which President George H.W. Bush broke his "read my lips" pledge not to raise taxes.

Does anybody need to know anything more about that sick scumbag?

[Orange1998]

including curtailing such popular tax breaks as the home mortgage deduction.

What is the incentive to own a home. Cutting a deduction that been on the books for ever is the same as raising taxes. I bet they never considered reduce spending.

[blueplum]

they’d better keep their pea-pickin’ hands off my mortgage deduction if they know what’s good for them

[funfan]

“instituting a financial trigger mechanism for gaining Medicare coverage.” Does anyone know what this might mean?
I take it to mean that people will be mean tested for medicare but arent we all supposed to be on it since we now have national healthcare-So we get to pay into the fund like we do with SS but wont see any of it if we have more the 1.00 in the bank is does this just about sum it up

[84rules]

They say that without radical changes, debt will destroy the country like a cancer.

Maybe a radical curtailment of unnecessary and useless spending will help do the trick.

[Lancey Howard]

I bet they never considered reduce spending.

Oh this commission will recommend slashing this and slashing that, and proposing all kinds of "draconian" spending cuts, blah blah blah. You can count on that. They know it's the only way they'll ever be able to sell the massive tax hikes.

And it will all be fake. A con job.

This "commission" is spending 95% of its energy on tax hikes, and 5% on scheming up fake "spending cuts".
I hope people are ready for a real revolt.