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.”

[DaveA37]

“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.”............

I agree, NO DEAL!. Spending cuts are nothing more than not spending anymore than what is already planned. They are not CUTS at all. New revenue means nothing but MORE, increased taxes. They don’t care where that money comes from just so they get it. The Dems will distort their plan, lie and cheat but in the end, we will be screwed.

[Don Corleone]

Remember...This KONGRESS cannot bind any future KONGRESS to a spending plan. Each session begins a new day. Without statutory limits all the rest is Barbra Striesand. These 10 year plans are nothing but EYEWASH!

[boop]

Oh, and wait for the oh-so honorable democrat's campaign ads in 2012. "Look at what the REPUBLICANS did to you. They promised not to raise taxes, and then gave you the biggest tax increase in history."

If the GOP caves, they're dead, politically.

[Raider Sam]

So let me get this straight:

In order to appear like the grown up, he actually said “We have a Democratic President and administration...?” What is the purpose of this particular wording? Is it to act as an impartial player just reporting the “facts” all while being a key figure?

[CORedneck]

I looked over the article. One thing I don't like is bringing in a heavier inflation tax - "There’s a back-door scheme to change the consumer price index in such a way as to reduce expenditures (i.e., smaller cost-of-living-adjustments) and increase tax revenue (i.e., smaller adjustments in tax brackets and personal exemptions). The current CPI may be flawed, but it would be far better to give the Bureau of Labor Statistics further authority, if necessary, to make changes. A politically imposed change seems like nothing more than a ruse to impose a hidden tax hike."

The other is "A requirement that the internal revenue code maintain the existing bias against investors, entrepreneurs, small business owners, and other upper-income taxpayers. This “progressivity” mandate implies very bad things for the double taxation of dividends and capital gains."

Punishing small business is favored by the large corporations since it eliminates competition and forces those who would have the small business to instead work in the corporate environment and be more closely watched as well !

[Raider Sam]

So let me get this straight:

In order to appear like the grown up, he actually said “We have a Democratic President and administration...?” What is the purpose of this particular wording? Is it to act as an impartial player just reporting the “facts” all while being a key figure?

[Georgia Girl 2]

If the House passes this POS we are moving to France.

[thouworm]

GANG OF SIX proposal is no proposed legislation at all-—enormously complicated. Translating the proposal, it merely directs committees to recommend proposals.

The President has added more debt than all previous presidents combined.

paraphrasing Sen. Rand Paul on Hannity radio-

GANG OF SIX proposal-—another deceptive circle fest.

[goodnesswins]

Bookmarked....so we remember...

[weston]

Agreed! Republicans and Tea Party will be blamed and vilified no matter what. I just called my conressman and Senators and told them "no debt limit increase, period!"

I'm willing to call Obama's bluff. No more borrowing. I've had it!!! Live with the boatload of $$$$ you're already ripping us off for. ENOUGH is ENOUGH!

[Invincibly Ignorant]

Congressional bipartisan “gang of whatever”, run for the hills.

[9YearLurker]

As the Washington Examiner points out, it’s actually more like a $3 trillion tax increase:

http://www.freerepublic.com/focus/news/2750868/posts?page=2

(They used a baseline assumption of the Bush tax cuts expiring for a $4.8 trillion increase, so if you count from the current level they’re actually jacking taxes up by over $3 trillion. (Though they claim a savings of $1.5 trillion, because they compare it against that $4.8 trillion Bush tax repeal.)

[Aria]

....kills the home interest deduction....

Well there goes more equity. I guess when we’re all living in the projects begging for food stamps that the bastards will be happy.

[Aria]

Wasn’t that what Tip O’Neil did to Reagan?

Lucy and Charlie Brown again. Do you get the idea that almost no one is representing working middle class Americans?

[freeangel]

I am ashamed that Chambliss is from GA. I just dropped him my not so pleasant thoughts on the matter.

[lone star annie]

I am with you on the move to France.

[sheana]

You know that is what I keep saying but I keep seeing these bills originate in the Senate.

[lone star annie]

Increase in housing number today was the building of multi-family homes. RENTALS. If you own your own home condider yourself screwed. You will never be able to sell it.

[AD from SpringBay]

Guess they’ll have to pass it to find out what’s in it. This is another last-minute sucker punch for the Republic. This is why the $hit-head rinos need to leave. What is so tragic and fearful about shrinking the size of the government and doing it today insead of ten years from now?

[BlatherNaut]

“Increase in housing number today was the building of multi-family homes. RENTALS. If you own your own home condider yourself screwed. You will never be able to sell it.”

Great.

Our equity is wiped out (thanks, Barney, Fannie, & Freddie).

If we can’t sell it, maybe we’ll have to turn it into a boarding house, LOL.