White House: 'Significant' debt deal possible (Dems propose $400-600 billion in new taxes)

YahooNews ^

[quesney]

WASHINGTON (AP) — The White House said Monday that a "significant" deal with Republicans on cutting government spending and raising the nation's debt limit is still possible, even as the administration hardened its stance on the need for increased tax revenue to be part of any agreement. President Barack Obama made his first direct foray into the deficit negotiations Monday. He met with Senate Majority Leader Harry Reid in the Oval Office for about 30 minutes Monday morning, and planned to meet with Republican Sen. Mitch McConnell in the early evening. White House spokesman Jay Carney said Obama's meeting with Reid was "constructive" and the president concluded that there are still opportunities for a deal to be reached. But he said the only way to achieve that objective would be to include tax increases or the elimination of tax breaks for big companies and wealthy individuals.

"It's the only way to get it done," Carney said. The White House has proposed raising about $600 billion in new tax revenue, including ending subsidies to oil and gas companies, an idea that failed in the Senate.

[kingu]

The only thing that should be happening is that the House passes a budget that respects the American taxpayer and says ‘enough is enough’ to the systematic pillaging of the national treasury by not just the Democrats, but also the Republicans. End all benefits for each and every elected or appointed official. Roll back congressional budgets to FY2000 spending. End the Department of Education and other entirely useless expenditures of the taxpayer's credit.

And slash and burn through federal salaries, putting in a statutory limit that no federal employee can earn more than a member of the armed forces with similar responsibilities. Slash and burn through benefits for federal employees, limiting them to just a week of vacation to go along with their 12 paid holidays, end roll overs of sick leave, end payouts of accrued sick leave or unused vacation time, and end the buyouts of federal employees which is turning several into lottery winners at the public’s dime.

Yes, I know I'm talking less than a penny out of the federal dollar, that the biggest thing is the so called ‘entitlements’ - but who's going to take them seriously while they're being driven by taxpayer paid drivers in taxpayer paid cars, on taxpayer paid vacations, knowing that if they give the people the shaft and they finally get thrown out of office, that each and every one of us is going to keep on paying them for the rest of their lives.

Let's lead the way, put forward a budget that actually reigns in the ‘it's not my money’ mentality that infests Washington, end the high life party atmosphere, and feast upon the multitude of ‘hard luck congressman’ stories that are sure to come pouring out about how they just can't afford two half million dollar homes and private school for their kiddies as well as some extra scratch to keep the mistress quiet.

[glock rocks]

tick tock

[luvie]

Dems propose $400-600 billion in new taxes

Now isn't that speshul! I'm sooo excited to give more to these morons!

Off with their heads!

[boop]

This is why I hate republicans. They will actually consider doing this, because they are afraid that the NYT and liberals will think they are holding the budget hostage. They will cave, raise taxes, piss off their base, win NO points with liberals, and not have the balls to “cut” anything. Lest they get labeled as “grandma killers”. Then the DNC will run ads in 2012 about how the republicans LIED about not raising taxes. Even though it was the democrats plan. They did the same thing with GHWB. When Bush agreed to the DEMOCRATS plan for tax increases, with promised “cuts” in exchange, they had the nerve to run ads 24/7 about Bush lying about “Read my lips”. He gave the dems what they wanted, then they used their own flipping plan as a campaign ad against Bush. How many times must this happen for republicans to learn they can’t trust the dems on ANYTHING?

[Thunder90]

I can guarantee you that most of the cuts come from Defense in this deal.

[newzjunkey]

The White House has proposed raising about $600 billion in new tax revenue, including ending subsidies to oil and gas companies, an idea that failed in the Senate.

If it failed before why are you stubbornly trying again?

"Big Oil" gets by with margins just over 6% (average '06-'10). So-called "windfall profits" come from spikes in oil prices, something this president has some control over through control of drilling permits, EPA regulations, drilling moratoriums and more.

During that period for Apple? 22% margins. Coke? 33% margins.

In defense of Big Oil: The truth about those huge, hated earnings numbers

If this was so obvious a move and so important to the economy recovering, why didn't Obama do it when he had a filibuster proof supermajority in the Senate and control of the House as well?

[newzjunkey]

But he said the only way to achieve that objective would be to include tax increases or the elimination of tax breaks for big companies and wealthy individuals.

While both are in the 35% bracket, Obama paid just 26% and Biden only 23%. By their own logic, they themselves aren't paying their "fair share" of what they owe.

If this tax scheme was such an important element of "getting the economy moving again," one of such "fundamental fairness," why didn't they take these steps with their Democratic House majority and filibuster-proof Senate majority in the first two years of the Obama regime?

[newzjunkey]

Obama has tabled a program that he knows is a non-starter. The object behind all this is to allow the debt limit to go into crisis phase so that some paychecks are halted and Democrats can blame the Republicans. It is the old Clinton shell game, but this time it is playing Russian roulette with five bullets loaded.

I wish I could disagree.

[newzjunkey]

Since you mention it, Obama wanted to eliminate the home mortgage deduction. That would do wonders to turn the double-dip housing market around. /s

[April Lexington]

If the GOP caves on this vote, y'all had better be in possession of some Gold...We are past the point of no return. ANY possible solution will cause massive social upheaval. The only way out now is to trigger a massive bout of inflation. Those without tangible property or foreign holdings will be the new poor. Just think of adding tens of millions of formerly middle class Americans to the poverty rolls! Not good. Not good at all...

[April Lexington]

The other solution would be for states to start breaking away from the union because they simply don't want to pay for all of this Federal crap.

[April Lexington]

Since you mention it, Obama wanted to eliminate the home mortgage deduction. That would do wonders to turn the double-dip housing market around. /s

This would also trigger a collapse in the second home market that would have a huge impact on the southern retirement states and the "resort" areas. HOPE AND CHANGE!

[cherry]

I could care less about the wealthy.....all taxes are crushing the working middle class...from high energy costs to medical premiums to increased sales taxes and property taxes and college costs....

[tallyhoe]

Look the Republicans said that Tax increases or More Revenue would not pass the House period!

[TomasUSMC]

Demand a Balanced Budget. Cut Spending AND Raise Taxes.....Raise taxes to the Clinton levels, brings in 360 billion more. Across the board cuts of 20 percent saves 740 billion....thats 1.1 trillion and balances the budget IN ONE YEAR.

[screaminsunshine]

It will pass with a combination of Rats and Rinos. They will eliminate deductions and keep the rates the same. The companies with deductions will pass it along to us in higher prices.

[hal ogen]

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[screaminsunshine]

Stop Obama.

[TSgt]

And that's good, because I was thinking of ways that I could introduce giant buckets of water and enormous XXXL-sized dry cleaning bags around his house for him to drown or suffocate in.

LMAO!

[Oceander]

Obama's "solution" to the debt problem is quite simple, really, although it does involve bending over a bit: