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Subscribe to RSSHouse Speaker John Boehner (OH) said he was unsure of the impact on the economy if Congress doesn't extend unemployment insurance benefits and a payroll tax holiday on the agenda for lawmakers this month.
The Republican Speaker said that Republicans are interested in moving quickly on legislation to extend jobless benefits, which expired this week, along with a payroll tax cut supported by President Obama, which expires after Dec. 31.
But Boehner said he didn't know what would happen if Congress failed, a distinctly possible outcome given the gridlock that's plagued the House and Senate this year, especially on tax and spending issues.
"I'm not an economist, I don't know what impact it's going to have on the economy," he said in response to a question from NBC News at his weekly press conference. "It's just that I do believe there's enough common ground between where the White House and Democrats are and where Republicans are for us to move this legislation and to do so quickly."
Most economists believe failure to extend the payroll tax holiday and unemployment benefits would significantly hurt the economy. Mark Zandi, the chief economist at Moody's Analytics who's done work for both Democrats and Republicans, warned that failure to extend those benefits would make "real GDP growth will fall by nearly a percentage point and about one million jobs lost by the end of 2012."
Consensus may still elude Congress, too. Senate Democrats roundly rejected a proposal by their GOP counterparts on Wednesday that would have offset the cost of the extended payroll tax cut by cutting the federal workforce and freezing government employees' pay (while means-testing other benefits, like food stamps). Democrats favor a surtax on millionaires to finance an expanded payroll tax cut in 2012.
Boehner said moments later in the same press conference that he had little doubt that keeping payroll taxes lower would help the economy; the Speaker said his worry was how it would affect Social Security.
"I don't think there's any question that the pay roll tax relief in fact helps the economy. You're allowing more Americans, frankly every working American to keep more of their money in their pocket, that's a good thing," he said. "The concern that we've had is what does it to do the Social Security trust fund and that's why we believe protecting it is critically important."
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He's always claiming to know what "The American people want", but now he can't add up 1 and 1.
Mr Speaker, if you take money that's getting spent out of the economy, there's less demand. Less demand means less oppertunity. Who will hire anyone if their products can't be sold?
You don't need to be an economist, you just need some common sense.
And...Where are the jobs?
YAY!
Tom got the prime real estate! ;o)
Thanks for holding my place in line Feisty, I owe you one.
Anytime Tom! ;o)
And this douche bag is third in line for the Presidency!
*shakes head*
Maybe, Boehner the moaner should spend less time bellying up to the bar and MORE time doing some research...
Weeper, since you don't know what would happen if unemployment benefits aren't extended......
Let's make it easier for you to understand.......
Let's suspend YOUR salary for a few months.....can you feel it now. Better yet, since you're ignorant, you should be fired......NO benefits!
For anyone that doesn't think the OWS clowns were a bunch of dirty, smelly hippies, check out these pictures:
http://www.buzzfeed.com/mjs538/occupy-los-angeles-protesters-leave-tons-of-trash
"I'm not an economist, I don't know what impact it's going to have on the economy," he said in response to a question from NBC News at his weekly press conference.
CODE for – Economists have told me it will be good for the economy and not extending it will cause job losses but I can’t say that because everyone will see that our agenda is to do everything possible to keep unemployment high for the next 11 months.
It is pretty clear the Speaker Boehner and Senate Majority Leader McConnell have been boxed into a corner by President Obama. Both of them know that if the GOP capitulates (and I believe they will) they will suffer in the 2012 election.
This is why both of the LOOK like they want to support this bill, but in effect they do not. This means that they will actually have to do some work (for once) and people will REMEMBER this action. This is making the GOP nervous, and we can see that is the case when we have public defection(s) from the GOP party line.
Sen Snowe is the first. I expect many more GOPers to defect before this is all over.
Where are the JOBS, Speaker Boehner?
"The concern that we've had is what does it to do the Social Security trust fund and that's why we believe protecting it is critically important."
How can he expect anyone to believe that statement? My understanding is that what it means when they say "the bill will be paid for" is that the money lost to the Social Security trust fund by the tax holiday will be replaced by money from someplace else. If that is the case doesn't that mean the Social Security trust fund will not be reduced by the tax Holiday? Sometimes I am amazed at the apparent disconnect in some people's brains.
Let give Boehner a break. He just did the right thing by agreeing he's not an economist but a Grover Norquist engineering tool managing his propaganda economics.
Wow. That's it.
Just wow.
What Boehner really meant was I don't care what most economists say because what's important is to make President Obama a one-term president even if that means throwing the American people under the bus.
The payroll tax cut and all other parts of the president's Jobs Act were paid for. Teapublicans just don't want to ask multi-millionaires and billionaires to cover a measly amount of $43,000 million in extended UI that would go directly back into the economy with a measly surtax not even close to the rich paying their fair share. No, the GOP/TP want to fire a bunch more federal employees (= more mob loss) and freeze federal employee pay -- Except for their own pay of course.
Has anyone heard about giving each person over age 50 one million (with strings attached, such as having to buy a house) and how this would cost less than another stimulus package and would immediately create more jobs than we need as well as boost demand? Oh, but that would never happen...
So there is only one choice left. Throw the Teapublican anarchists out!
Hell no he's not a good Speaker of The House to!!!!
"It is pretty clear the Speaker Boehner and Senate Majority Leader McConnell have been boxed into a corner by President Obama. Both of them know that if the GOP capitulates (and I believe they will) they will suffer in the 2012 election."
Hey, you do know that McConnell is that Senate MINORITY Leader right? The Republicans haven't won the Senate yet....
The other thing I'm trying to wrap my head around is the position that it's okay to permanently raise taxes on a group of people to pay for a "temporary" tax cut. So once the tax cut goes away and the economy recovers, are they going to remove the "sur tax"? I highly doubt it, so then where will that money end up?
Question that begs answering....
Hey Guys, whatever you are doing to try to improve First Read...
STOP IT!!!!!!
Geeez, ya got me bouncing from one web site to another. The comments are coming up all goofy, I hit the older button and I end up on a story about Sarah Palin having pizza with Trump.
Knock it off!
Hang around Fox Forums, there, WCA- I hear they don't have any of these gremlings. If I were you, I'd get a move on.
You sure are Mr. BOSSY PANTS today WCA!
If you don't like it - you are free to leave, anytime...
WCA,
Geeez, hope you don't get bounced out of here for good. ;)
But for the first time ever, wca, I find myself in agreement with something you said--the Vine is going nuts. "STOP IT!!!!"
[Knock it off!]
Father Auto has spoken...
...peace be with you...
"I'm not an economist, I don't know what impact it's going to have on the economy," he said in response to a question from NBC News at his weekly press conference.
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Sweet Father...yet it any other financial scenario how many times has the man thrown out "job crushing, smashing, destroying" etc. Whatever. Nice leadership.
"Democrats favor a surtax on millionaires to finance an expanded payroll tax cut in 2012."
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Yeah, taxing them and additional 3% on any payroll earnings above 1 million dollars. Feelin' for ya...mac n cheese it is for them for them for the rest of the month.
Aw, c'mon, Boehner's doing his part to create jobs.
Over at Kimberly-Clark.
Making Kleenex.
Don't forget Jack Daniels & Chapstick!
drive by observer
You forgot the ABC store's and the bartender.
Does Boehner ever do any work? He seems to be ducking everything !..And when he does a public address on TV he is always leaving the podium as he mumble's that last sentence !
When or where in the hell have any of these pigs offered to cut their $173,000/year (minimum) salaries to reduce the deficit?
Duh!
Boehner will not commit anything as his knees have been cut out from under him and he has no power!