Posted on 07/19/2011 11:16:24 AM PDT by Red Badger
WASHINGTON (AP) -- Time running short to raise the government's borrowing limit, President Barack Obama on Tuesday hailed a plan by a bipartisan senators' group on deficit reduction as the kind of "balanced approach" the nation is looking for. He said it's time for Congress as a whole to rally around such a proposal.
"We don't have any more time to engage in symbolic gestures, we don't have any more time to posture. It's time to get down to the business of actually solving this problem," the president said.
Obama spoke even as House Republicans pushed toward a vote on legislation that would require trillions in spending cuts and a balanced-budget constitutional amendment in exchange for an increase in the debt ceiling. That plan is unlikely to get through the Senate, and Obama has said he would veto it.
Facing an Aug. 2 deadline to raise the debt limit, Obama said he would call House Speaker John Boehner after the vote to invited him and other leaders back to the White House for meetings in coming days.
(Excerpt) Read more at hosted.ap.org ...
Post #5 has additional detail.
Read the summary of the plan. It’s on ZeroHedge.
They will raise taxes on the middle class and upper middle class through reduced tax deductions, to pay for a repeal of the Alternative Minimum Tax on wealthy Rats who live in California and New York.
Details of the plan emerge:
1) Spending caps won’t apply to entitlement programs
2) No Medicare or Medicaid reform
3) Plan targets some IRAs and 401(k)’s
4) Entire plan is based on dubious budget math
More here:
Explain targets...................
Major Garrett of FOX news said some of the changes he heard had to do with lowering the tax rates but reducing the tax deductions like mortgage interest, charitable deductions.
Not seen these changes mentioned elsewhere.
“Explain targets...................”
More detailed explanation from the same author here:
“...Double taxation is a special tax penalty, which is the opposite of a special tax break. The good news is that there are some provisions in the tax code, such as IRAs and 401(k)s, that reduce these tax penalties.
The bad news is that these provisions get added to “tax expenditure” lists, and therefore get mixed up with the provisions that provide special tax breaks...”
http://danieljmitchell.wordpress.com/2011/06/30/the-tax-expenditure-con-job/
Nah!
Exclusive: U.S. backup debt plan doesn't support rating: Moody's
Charitable deductions weren't mentioned then.
The list of things in the "Gang of Six" plan is long. It'll take some time to sort through but if Obama likes it, it has to be disastrous.
WEll that tells us everything we need to know. Thanks a lot soon to be ex senator Saxby Chambliss you POS RINO and a charter member of the gang of six. We are going to recall your azz.
Whatever these BOHICA RINOs in the Senate come up with will NOT make it thru the House!..............
“Whatever these BOHICA RINOs in the Senate come up with will NOT make it thru the House!..............”
You got that right.
Republican Party - a defunct American political party which voted itself out of existence in 2011.
Meestah obaaamaa vellly comfoltable with Gangs, like Gang of Four. Maoist he is.
I don’t understand why the Republicans make it so complicated. Few are going to understand this budgetary gymnastics on Main st. If McConnell wants to surrender just give barry his rubber checkbook and fight against tax increases. They have the democrat demagogue playbook but refuse to use it. Ridicule these useless dims every single day as unserious and without a plan.
When the WH offered $2 billion in cuts for FY 2012 Boehner should have shut down the pattycake with obama and gone “to the American people”. Yet instead we get plan after plan that is just distracting from the main issue: damaging and defeating obama in 2012.
Which is exactly why I don’t want to give Obama what he most wants—a raise in the ceiling past November, 2012.
Boehner needs to do some serious negotiating with his hawkish freshmen, and find other ways to guarantee that their agenda is addressed—then give Obama a clean ceiling rise only into the spring of 2012.
There’s no way the Senate or Obama can turn that down.
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