[silentknight]

http://beyondthecusp.wordpress.com/2011/07/30/coming-weekend-emergency-debt-debate/

Snip

Well, President Obama came out Friday again and once again threw down his gauntlet challenging the House Republicans to pass a bill in bipartisan unity with the Senate sending legislation to the President that he can sign before the country defaults on the debt payment due Tuesday. Unfortunately, what the President actually did was a tad different than this rendition which I predict most of the media will use to some extent in their coverage. Truth be told, President Obama threw a temper tantrum where he lightly tossed a delicate lacey silk evening glove in the general direction of Speaker Boehner and the Republicans double daring them not to keep their promise to the American people and in a huff he insisted they include tax increases as part of the debt ceiling raise, and place less importance on spending cuts. He whined that he was upset and about to cry and would hold his breath until he turned blue and pout and not eat his peas unless they come with a tax increase to make those terrible mean old rich peoples pay their fair share. He was later seen in the Oval Office sucking his thumb while kicking his legs and waving his other arm crying on the floor sputtering about how mean those nasty Republicans were and claimed if they did not play nicely, he would take his ball and go home, then see what they will do.

[Girlene]

LOL, I can visualize that! More on Reid's shennanigans. Reid changing debt ceiling plans to woo Republicans

This article talks about some of the changes Reid is proposing, and further explains some of the possible tax traps that Amanda Carey explained in the previous link I posted. Here's their take:

.............."the Reid plan has a big and unpleasant surprise for Republicans on taxes. Reid’s figures rely on current law — and current law has all of the Bush-era tax rates expiring and rising to their previous levels. It also assumes that Congress won’t provide a “patch” for the AMT:"..................

........"Total tax hike over 10 years, according to the GOP analysis? $3.8 trillion. And those would not just be tax hikes on the “wealthy,” either. Those tax hikes would hit the middle class like a freight train, both on basic rates and the AMT creep that Congress has parried for years. If this analysis is correct, Reid either wants to hit the US with the biggest tax hike in its history, or he’s offering bogus deficit reduction that will never occur."....................