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“A bipartisan group of six senators is closing in on what could represent the best chance for tackling a deficit crisis that has forced the government to borrow more than 40 cents of every dollar it spends,” the AP reports. “Their plan, still a work in progress, would reduce borrowing by up to $4 trillion over the next decade by putting the two parties’ sacred cows on the chopping block. Republicans would have to agree to higher taxes while Democrats would have to accept cuts in popular benefit programs such as Medicare, Medicaid, and maybe even Social Security.”
Despite his catchy 2008 campaign ad touting his use of Twitter, the tech blog Gizmodo has named Sen. Chuck Grassley (R-IA) the “ ‘Worst Twitter User in the United States of America’ for his many mishaps on the site,” Roll Call reports. “The post says Grassley’s tweets are ‘possibly among the most incoherent, confounding, mind-boggling text on the Internet.’”
“Freshman Rep. Michael Grimm (R-N.Y.) was booed at a rowdy town-hall meeting Thursday as he attempted to make a case for House Republicans' budget plan for 2012,” The Hill writes of the Staten Island congressman. “‘You want to kill Grandma!’ shouted one of the 300 people in attendance as the congressman attempted to present Rep. Paul Ryan's (R-Wis.) plan to transform Medicare into a sort of voucher system in an attempt to balance the budget by 2040 without raising taxes. Voices also shouted ‘no, it doesn't’ to different points that Grimm attempted to make about the plan. ‘You don't like seniors,’ offered another agitated attendee.”
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Mr President: You came through on the birth certificate, and quelled that nonsense. Then, you truly did 'accomplish the mission' in the brining of Osama to justice. Now, let's get the tax rates back where they should have been for the last 9 years, and put this country back in good health sooner, rather than later. Yes, you CAN.
Thank you, Mr President.
yes, repealing the bush tax cuts FOR ALL will help, but getting our spend, spend, spend mentality under control will help even more. This time use increased revenues to pay down debt first.
If the voters don't want cuts in medicare/medicaid then increase the FICA tax and add a payroll tax to suppliment medicaid. Tax applies to all wage earners from the part tyime minimum wage earners on up to the current caps.
Amrican 205--how bout we exempt the first $20,000 of income and then apply FICA to every dollar above that? This helps the working poor a bit.
Also too Sarah Palin said: :Chuck is not one of those elitetists, with their hoity toity grammar, and vocalaphabet.
There is a lot of hope in the Gang of Six potential proposal. What I have heard from the Democratic and Republican members (Coburn and Conrad especially) of the Gang on News Shows is that they are not fostering increasing the mariginal tax rates (raising taxes), but in fact are looking at chaning the tax code to remove speciifc exemptions that will get more people and corporartions paying more taxes (broadening the tax base) so that the marginal tax rates can be lowered for everyone while increasing revenue. That is a big difference than just "raising taxes" on the rich. It targets where people and big corporations have been able to write-off deductions and pay no taxes in many cases (like GE). The proof will be in the pudding as they say, but I like what I am hearing! Raising marginal rates is trying to resolve the debt crisis with a meataxe. Targets removal of deductions and exemptions is tryingn to resolve it with a scalpel that makes sense ... and that is something that Republicans can accept and have been promoting.
Unfortunately, I'm not nearly as sanguine with this approach. From what I've heard, it still sounds more like cut now, fix taxes later. That still leaves it to future Congresses to "screw" with the tax code as they always do. The better approach is to raise the rates now before the affluent have time to run to their accountants. Same with the elimination of certain deductions and exemptions. If they are just phased out over time, it allows for tax planning avoidance of the consequences. And if the fairness to all argument prevails and the deductions and exemptions are phased out to all tax payers (not just those earning above certain levels), then we may have broadened the tax base at the expense of still taxing the middle earners disproportionately more. HOWEVER, having said all of that, Obama could embrace the Gang of Six, use their recommendations as a trump card to out flank the GOP, and work toward re-election and expanding seats in the next Congress to do real tax reform. He has to be real careful that the Gang of Six could cancel out his attempts to let the Bush cuts expire.
Most of the exemptions in the tax code that beneifit the corporations cannot even be deducted by middle class individuals. Tax lawyers will always have jobs because coropations will continue to try and game the system... That goes for rich folks too, but why should we have to pay taxes when they can afford the luxuries that can then be exempted from tax payments?
I guess he wasn't hiding in Iraq, and their were no WMD's either.
Now, why are we still there ?
It is long past time to make some real, deep cuts to our defense spending. We have too many bases in countries we no longer need to police, e.g. Italy and Germany. Do we really think that there is a threat from Venice or the Vatican ? Are we afraid of the hops of Octoberfest ?
osama's death another victory for the president and our great nation. now let's move the next agendas
1.bush tax cuts reversal
2.closure of corporate tax lopeholes
3.oil company tax subsidies
4.winding down our military involvement in Afghanistan
Mr President, lead us to the path of financial solvency.
this community organizer delivers.......amazingly, precise. YES WE CAN.
pius-- you have the succinct truth.
gang of six? gang of 12? keep your hands off! your job is to make sure we all are protected cutting does not acheive this cause. increase revenue. eliminate tax loopholes for the corps and the wealthy. eliminate oil subsidies. replace regulations on banks and commodity trading. take speculators out of oil commodities which includes the banks. but keep your hands off all social programs.
Feed Up Senior
I hate to give you Bad News about the Gang of 6, but someone, the media has mislead you about their intentions. The Gang Of Six has put all Entitlement Programs ie; Medicare, Medicaid & Social Security on the table for consideration to Cut those programs.
Today's Wallstreet Journal has a front page article about the entire agenda for the Gang of 6 3 Dems and 3 Republicans.
The Wallstreet Journa printed the following
The Gang's Planks
The article covers almost half a page on page A&
This gang of 6 apparently is very misleading relative to Seniors and the Benefit cut consideration. The article noted that many are not happy because the gang plan to consider increasing the Social Security Retirement Age in addition to potential Cuts to Social Security.
Medicare and Medicaid Cuts are also on the table and appear to be a definite part the deal.
Bottom line
This gang of 6 refuses to do what takes minimum effort
Don't be mislead by the Media read this information for yourself. You are a Senior and this Gang of 6 considerations is not a Good Deal for you. Especially if you are on Medicare, Social Security Or Medicaid.
We are seeing Lower wages in State Workers and significantly reduced pensions those cuts are not reducing the budget but being transferred into "Tax Cuts For the Rich and Corporations, and the Budgets are remaining the same.
I am very cocerned about our Seniors and the ability of these folk to Lie and you wake up and find out you have been had. After paying for your own benefits, Medicare, Social Security for 30-50 years, while our government has borrowed billions from those funds per the Wallstreet Journal, and now want your generation to pay the price. Republicans are offering No Refunds or Interest on the monies paid into those programs. That's called "Theft"
Feed Up Senior get the facts, don't fall for the Rhetoric, the facts specifically state the Gang of 6 will definitely be proposing to Cut the following
Social Security can be fixed in One Minute, just increase the Cap on which Working Americans Pay relative to their Annual Salaries. Currently, it's $106,000. Meaning if you make over that amount you will not pay Social Security Taxes on any amount over $106,000.
Our President has told American People about this minor change that can be made in the blink of an eye but no one is listening. Look up the information for yourself.
Some in congress keep lying about Social Security it's too easy to fix. Fixes to Social Security by raising the Cap, ie the amount Working American pay based on their Annual Salaries, have kept the program strong for decades.
june what you highlighted, medicare, medicaid & SS are the big three spenders of our budget followed by the military, welfare/food stamps and interest paid on our debt. These are about 81% of the budget
CBO estimates for FY 2010 expenditures were 3.4 trillion dollars of which $ 2.7 trillion made up the above. Total est revenues for the same period total $2.1 trillion.
By anyones standards the bank account has been overdrawn.
Raise the cap perhaps, but definitely raise the FICA tax across the board as well.
http://en.wikipedia.org/wiki/United_States_federal_budget
June FL--keep telling the truth. Illegitmi non carborundum.
Ultimately, this is a calculated risk by Obama. Embrace the Group of Six and possibly out manuver your opponents. Being careful not to go down the slippery slope of no return where entitlements become welfare programs. The one number that most bothers me is the magic 3 for 1 ($3 dollars in cuts for every $1 in tax increases). Where does that come from and why is it the talisman? To me that's like saying, take $3 dollars from the poor and middle class before taking $1 from the affluent.
Wm - Don't fool yourself into thinking that the 25% in added revenue will all come from the affluent. It won't. Each year of spending more than we take in just adds to our debt.
Wm--don't forget that we would be close to deficit - free if it hadn't been for the Bush tax cuts.
sources please, even a mathematical analysis with real numbers would help as well.
We do not even know what the Gang of 6 have even developed yet. The Preident is watching over this group very carefully everyday, and is adding his own ideas as well. The Presidents ideas have been made very clear if one is listening carefully. The President has setup his objectives, benchmarks, and goals in what he has already said. Remember to listen carefully America because, this President will not accept failure. I think Pakistan, and their secret friend Bin Laden. Oh! That's right he now dead! The Pakistan Government did not know where he was??? The President knows that this was a lie early on, and knew better to NOT show his doubts. So the Pakistan Government incorrectly thought that President Obama can be easily tricked. Wrong! A couple of messages for the Pakistan Government. Stop playing games with the lives of all individuals around the world. Find all terrorists quickly, and kill them all in all areas. Our military is in Afganistan however, we want our troops out there very soon. The problem is that the Pakistan Government is not doing their jobs correctly, which is grinding on our troops, our people, our economy, and our policy in this part of the world. The Pakistan Government had better start comprehending quickly that accepting our funding with one hand, and stabbing us in the back with the other is a real problem. For Pakistan!! They need to kill all terrorists immediately, and take no prisoners. The Pakistan Intelligence Services need to clean house, and start over in staffing this office immediately. The fact that Bin Laden was living where he was, and the Pakistan Government did know. Is a joke America! The Pakistan Government needs to be held accountable for all terrorist attacks in their sphere of influence. Economically, it is this simple. For every terrorist attack. The Pakistan Government will not get a certain portion of needed funding. Would they feel the economic pinch then America?? You know it!! The "Policies of Puke" spewed by the whole Government of Pakistan will end sooner rather than later. Call or write your representatives my fellow citizens, and let your voices of freedom be heard. I have already America! I am sick of being robbed by a corrupt, and terrorist driven Government.