President Obama praises 'Gang of Six' debt ceiling plan (RINOs add $1 trillion in tax increases)

politico ^ | 7/19/2011 | By JENNIFER EPSTEIN & CARRIE BUDOFF BROWN

[tobyhill]

President Barack Obama said Tuesday that a proposal offered by Republican and Democratic senators is “a very significant step” that represents “the potential for bipartisan consensus” on resolving the impasse over cutting the deficit and raising the debt ceiling.

In an appearance in the White House briefing room, Obama urged congressional leaders to embrace the “Gang of Six” proposal, which would slash the deficit by $3.7 trillion over 10 years, in part by raising about $1 trillion in new revenue.

We have a Democratic president and administration that is prepared to sign a tough package that includes both spending cuts, modifications to Social Security, Medicaid and Medicare that would strengthen those systems and allow them to move forward, and would include a revenue component,” Obama said. “We now have a bipartisan group of senators who agree with that balanced approach. And we’ve got the American people who agree with that balanced approach.”

[tobyhill]

Let's see if the House Republicans cave on their no new tax?

[Lurker]

DOA in the House.

[LowTaxesEqualsProsperity]

http://danieljmitchell.wordpress.com/2011/07/19/the-gang-of-six-is-back-from-the-dead-contemplating-the-good-the-bad-and-the-ugly-in-their-budget-plan/

Kills 401k plans, IRA’s, home interest deduction, employer-provided health insurnace, raises rates on dividends, interest and capital gains.

A job killer. A wealth destroyer.

Should be political death for every Republican that supports it.

[petercooper]

Scum Rino’s.

[teg_76]

Why do they constantly want to cut the legs out from under Demint and conservatives?

This is a power struggle for the heart and soul of the Republican party.

Demint, Paul, and Mike Lee should go on the war path and knock these incumbent RINO senators off one by one.

[Jim Scott]

Lot of promised spending cuts. 1 trillion in ‘new revenue’. I’ve seen this movie before. Here’s a spoiler: new taxes stay, spending cuts go away in the next congress. No deal.

[lonevoice]

Kills 401k plans, IRA’s, home interest deduction, employer-provided health insurnace, raises rates on dividends, interest and capital gains.

A job killer. A wealth destroyer.

Should be political death for every Republican that supports it.

Great summary, keeps it simple and says it all. Thanks!

[opentalk]

This was meant to sabotage the better plan the President threatens to veto. Obama is doing Soros's bidding.

[Da Coyote]

I will actively campaign (where I can) and also contribute to ANYone who runs against ANY RINOcan who votes for an increase.

Hopefully, my efforts will be duplicated by thousands.

These slime do not deserve to be our representatives.

Heck, I really don’t think they deserve life, period. (No threats intended, it’s just that I wouldn’t give a big, fat, smelly Obama if they “passed”.)

[Sea Parrot]

Gang of six suxe.

[Siena Dreaming]

raises rates on dividends, interest and capital gains.

This report says they remain the same.

[Brandonmark]

[tobyhill]

There's no way they can reconcile this with the House Republicans. This was designed by the Rats and RINOs to make it look like the House Republicans are negotiating in bad faith.

Any Republican that votes for this needs to be tossed out immediately.

[Berlin_Freeper]

I feel good knowing Obama would never praise me in a million years.

[DarthVader]

DOA in the House

[tobyhill]

The Senate GOP thinks they will just toss the Tea Party out without repercussions.

[LowTaxesEqualsProsperity]

http://danieljmitchell.wordpress.com/2011/07/19/the-gang-of-six-is-back-from-the-dead-contemplating-the-good-the-bad-and-the-ugly-in-their-budget-plan/

No, it says that these tax rates will likely go up.

[Rational Thought]

I’ve been reading the tax increases amount to more like $1.5 Trillion, with estimates as high as $3 Trillion. The cuts seem to be “anticipated” complete with some accounting gimmicks.

[BlatherNaut]

“This was designed by the Rats and RINOs to make it look like the House Republicans are negotiating in bad faith. Any Republican that votes for this needs to be tossed out immediately.”

Exactly right, and Amen!

[Siena Dreaming]

A requirement that the internal revenue code maintain the existing bias against investors, entrepreneurs, small business owners, and other upper-income taxpayers.

This seems to imply the status quo in this area.