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Subscribe to RSSThough he may have hinted over the weekend that he would consider raising revenue in order to avoid a government shutdown, Sen. John Cornyn (R-TX) says not so fast.
"We're not for raising taxes through the front door or back door during a fragile economic recovery," the Texas senator said on MSNBC's Andrea Mitchell Reports. "We think that would make unemployment worse, not better"
Why not try to raise some revenue, be it by raising taxes or closing loopholes or ending some subsidies?
"We're for making government smaller not bigger. It seems disingenuous to say we're going to cut spending and raise taxes," the member of both the Senate Budget and Finance Committees said.
With the U.S. unemployment rate at 9.1 percent, raising taxes would "discourage job creation," Cornyn said.
When asked to respond to critics, like center-right New York Times columnist David Brooks, who said Republicans should accept the deal Democrats have offered, which includes trillions of dollars in spending cuts in exchange for millions of dollars in revenue increases, Cornyn said, "It's premature to be declaring who is reasonable and not. Negotiations really didn't start seriously until the president himself got personally engaged."
Cornyn said once Congress completes budget negotiations for the Aug. 2nd deadline to increase the debt ceiling, "the next thing we should turn to should be tax reform."
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The Hill:
The federal government has reaped a $10 billion profit on bank loans made under the controversial Troubled Asset Relief Program (TARP).
The Treasury Department announced Tuesday that the government had pulled in another $1.7 billion in proceeds stemming from TARP loans.
Bank of Montreal had acquired M&I Bank of Milwaukee and, as part of the deal, paid back the purchased bank's share of TARP funds.
The reviled bailout program had been expected to prove extremely costly to the federal government, but bank assistance under the program has been in the black since March. All told, the government has received about $255 billion from banks under TARP, having lent out just $245 billion.
Treasury now estimates that when all is said and done, the section of TARP devoted to banks will net taxpayers a $20 billion profit.
http://thehill.com/blogs/on-the-money/banking-financial-institutions/169693-treasury-announces-10-billion-in-tarp-profit-from-banks?utm_campaign=hillsonthemoney&utm_source=twitterfeed&utm_medium=twitter
"We're for making government smaller not bigger."
This is what the GOP is doing all across the country:
Think Progress:
Ohio Gov. John Kasich (R) campaigned on the promise of “a new way and a new day” for all Ohioans. Within 177 of those “new days,” Kasich has demolished worker’s rights, slashed children’s health, kneecapped the middle class, insulted African-Americans, and even eliminated jobs he promised to create — all while expanding tax breaks for corporations and the wealthy. Such a hefty agenda certainly requires a “new way” of governing. Namely, a complete dismissal of his consistuents. In 177 days, Kasich’s approval ratings have plummeted, and it’s not difficult to see why. After all, Kasich signed Ohio’s last four major bills into law despite the decided objection of Ohio voters, starting with limits on public workers:
– Senate Bill 5: Over the protests and tears of over 70,000 of Ohio teachers, nurses, police, and firefighters, Kasich signed Ohio’s Senate Bill 5 into law in March. The bill eviscerates public workers’ right to collectively bargain and fully bans their right to strike. According to a poll taken before he signed the law, 65 percent of voters thought employees should maintain the same rights, and 54 percent said they’d repeal the bill in an election. Because of this bill, 55 percent said they’d now vote for former Gov. Ted Strickland (D), who lost to Kasich in 2010 by just over 5 percent of the vote.
On June 30, Kasich finalized his complete dismissal of his constituents by signing three major bills Ohioans overwhelmingly detest into law in one day.
– Fracking State Parks: Ohio Republicans pushed opening any state park for oil and gas drilling to the highest bidder this year. The method of drilling for gas, known as “fracking,” contaminates water supplies with radioactive material and even caused one Cleveland, Ohio home to blow up. According to a recent poll, more than 70 percent of Ohioans opposed drilling on public lands. Kasich, however, is only concerned for the “stream of revenue” and signed the bill into law.
– Guns In Bars: The Republican-led legislature also decided to allow guns in bars, restaurants, and sports stadiums this year. An idea that’s even unpopular with the NRA, the bill earned sweeping disapproval from bar owners, the Ohio Restaurant Association, the Ohio Licensed Beverage Association, the Fraternal Order of Police, and 80 percent of Ohio voters. Ignoring his constituents and basic common sense, Kasich signed the bill into law.
– Ohio Budget: Ohio’s $56 billion budget plan levels comprehensive blows to Ohio’s middle class and vulnerable populations. While eliminating the estate tax and cutting income taxes to help Ohio’s wealthy, the budget slashes funding for schools, higher education, nursing homes, children’s hospitals, and work-support programs for the poor. The think tank Innovation Ohio estimates that the budget will cause a loss of 51,000 state jobs. Unsurprisingly, 53 percent “disapprove of Kasich’s handling of the state budget” and believe the budget is “unfair to people like them.” It’s more than fair to the wealthy and corporations though, so Kasich signed it into law.
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The GOP is not for smaller government unless it's directed at the poor/working/middle class. Government to the GOP is a body which looks out for their rich friends' interests only.
If they were for smaller government, they wouldn't be accepting a paycheck and all the perks that go along with it, particularly airplanes and helicopters.
They're lying. Every single one of them.
Treasury now estimates that when all is said and done, the section of TARP devoted to banks will net taxpayers a $20 billion profit.
________________________________________
I'm confused as to what your point is in this post. It appears to be that the US taxpayers made a profit by bailing out the "evil" Wall St banks. If so, you are absolutely right. However, that is not going to play well with the other FR lefty liberal's party line on the subject.
Sure it will Joe. That's your holy "Obama Deficit" shrinking before your eyes. All without having to toss grandma under anything at all. I'm bettin you and your ilk are pretty bummed at this news.
@ Amused -- Beware of the Trojan Horse. You may rest assured that republicans will find a way to concede a few nickels and dimes here and there while stealing most of it from Grandma, public workers, the poor, and the disabled.
@ Joe -- Plays great. Looks like a victory to me. Bring back Geithner and the rest of the boys. LoL
"It's premature to be declaring who is reasonable and not. Negotiations really didn't start seriously until the president himself got personally engaged."
That's the problem with Obama - he's disengaged, and wants other people to make decisions for him.
This is typical of a weak leader - avoids making decisions so he won't be blamed if something doesn't work.
The old saying "The buck stops here" has been changed to "Don't let the buck get here".
If Cornyn wants to keep his job he better consider spending cuts only. Period.
We have a spending problem not a tax problem.
Stop the spending.
Why no one has rebutted Pat, from Boston? The silence is deafening.
"...raising taxes would "discourage job creation," Cornyn said. "
WHY do these idiots keep saying this? It's BS. Hell, companies are flush with cash now, and have recorded record profits the last several quarters with the taxe rates they pay now, and they are NOT creating any damned jobs! (at least not HERE, that is....).
Although the GOP says that they are motivated by a concern for the nation’s finances, the total unwillingness of the Republican leadership in Congress to consider as much as $1 of tax increase renders these concerns as hallow.
There is a $1.4 trillion annual budget deficit and almost a $15 trillion national debt.
Just addressing the current year deficit, there is virtually no way of cutting that much money from existing programs without gutting or ending them. The GOP has said that Defense is off the table. The Bush tax cuts were extended by Obama for 2 years and unless repealed, they too are off the table. So, unless there are revenue increases to accompany cuts, there is no way to achieve a balanced budget in the current fiscal year.
A balanced approach that addresses revenue, expenses and economic growth, what the Obama appointed Debt Commission proposed, is really the only long term viable solution to our economic woes.
Senator Cornyn joins Newt Gingrich and Mitt Romney in the "I didn't really mean that" chorus. When they say they're for making government smaller, they mean smaller in terms of providing Government with the ability to protect the public from the greed and corruption of the private as in clean water, clean air, safe food, safety of workers and citizens, protection from big banks who risked it all and caused an economic meltdown. Tiresome bunch.
Reagan did not decrease the size of Government, he grew it; Bush 41 grew it some more and Bush 43 kept pace with both. Republicans say they are for small government but that is only when they are not in power. If one looks at what the GOP is doing in states nationwide, they are implementing big "intrusive" government with laws that place government squarely in the private lives of American citizens and in doctors offices. Whenever a republican says they want small Government--ask what they mean by it, demand specifics because their version is not what they claim.
So Cornyn, instead of doing his duty to his country, is doing his duty for Grover Norquist and his band of islamic extemists. Why does a man who wants to destroy our government and is in league with jihadists make common cause with Republicans. Is it because Republicans will help him destroy America?
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Cornyn had better get off of his butt and do his job.
If you want America to look, and smell, like Texas you should listen to Cornyn. It is truly a disgusting piece of wasteland run by mostly white supremacists including Perry. Obama 2012. How bad is it? Texas crosses the border into Oklahoma for fresh air on the weekend.
Cornyn sets up the same old mantra of the Repulican Pledge party . "We want to limit Government not grow it bigger." Lets figure out instead: how to make the government we have WORK. Is that such a novel idea?
It takes both spending cuts and new revenue to make it work both on the federal level and state level. Here in MN our governor will not be held hostage to the old mantra of cronies like Corny and the Teaparty folks. He was willing to shut down our state because the deal could not be done . Hopefully the meeting between our leaders of our divided state government will find the compromise this week. Their talks have continued.
Cornyn just realized this weekend he may be voted out by the seniors in his district ....Vote for a republican and continue to ruin America !
The number game continues. Look at this quote from New York Times columnist David Brooks...
When asked to respond to critics, like center-right New York Times columnist David Brooks, who said Republicans should accept the deal Democrats have offered, which includes trillions of dollars in spending cuts in exchange for millions of dollars in revenue increases, Cornyn said.
Notice the use of trillons offered by the Democrats while the Republicans will not even give up millions. Trillions vs. millions. Really. Maybe he means the Dems are willing to cut costs of one trillion (over 10 years) and he thinks the Republicans should give on the 500,000 millions (that be a half trillion, I think) in increased taxes from the millionaires and billionaires.
Lets stop playing the word game and compare apples to apples, ie., use the same denomination for dollars when making comparisons. Unfortunately, we may need to use trillions ($1,000,000,000,000) as our "talking point" standard. It has gotten that big.