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Debt leaders paint gloomy picture for governors
AP on Yahoo ^ | 7/11/10 | Glen Johnson - ap

Posted on 07/11/2010 1:36:48 PM PDT by 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.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Business/Economy; Crime/Corruption; Government; Politics/Elections
KEYWORDS: debt; gloomy; governors; picture

1 posted on 07/11/2010 1:36:53 PM PDT by NormsRevenge
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To: NormsRevenge
...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.
2 posted on 07/11/2010 1:42:11 PM PDT by AD from SpringBay (We deserve the government we allow.)
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To: AD from SpringBay

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


3 posted on 07/11/2010 1:44:46 PM PDT by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard)
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To: NormsRevenge

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


4 posted on 07/11/2010 1:44:46 PM PDT by ReneeLynn (Socialism is SO yesterday. Fascism, it*s the new black. Mmm Mmm Mmm.)
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To: NormsRevenge
Vichy France Pictures, Images and Photos

Vichy collaborator republicans strike again.

5 posted on 07/11/2010 1:45:37 PM PDT by Snickering Hound
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To: AD from SpringBay

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.


6 posted on 07/11/2010 1:47:51 PM PDT by gusopol3
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To: NormsRevenge
Good to see the debt panel gimmick is working as planned.


7 posted on 07/11/2010 2:06:01 PM PDT by nhwingut (Palin/Bachmann '12)
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To: NormsRevenge

Cut spending, morons.


8 posted on 07/11/2010 2:14:11 PM PDT by benewton
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To: NormsRevenge
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?

9 posted on 07/11/2010 3:08:07 PM PDT by Siena Dreaming
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To: Siena Dreaming

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.


10 posted on 07/11/2010 3:14:52 PM PDT by Lancey Howard
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To: NormsRevenge

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


11 posted on 07/11/2010 3:16:51 PM PDT by Captain Peter Blood
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To: NormsRevenge
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?

12 posted on 07/11/2010 3:18:53 PM PDT by Lancey Howard
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To: Captain Peter Blood
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.

13 posted on 07/11/2010 3:38:29 PM PDT by Orange1998
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To: NormsRevenge

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


14 posted on 07/11/2010 4:19:24 PM PDT by blueplum
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To: NormsRevenge

“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


15 posted on 07/11/2010 4:54:54 PM PDT by funfan
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To: NormsRevenge
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.
16 posted on 07/11/2010 5:39:34 PM PDT by 84rules ( Ooh-Rah! Semper Fi!)
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To: Orange1998
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.

17 posted on 07/11/2010 5:52:40 PM PDT by Lancey Howard
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