As Debt Panel Releases Plan, Two Senators Commit

[FreeStateDemocrat]

Source: NY Times


By JACKIE CALMES and PETER BAKER
Published: December 1, 2010
WASHINGTON — The Republican and Democratic leaders of the Senate Budget Committee, Judd Gregg and Kent Conrad, said on Wednesday that they endorsed the package of long-term tax increases and spending cuts put forward by the co-chairmen of President Obama’s deficit reduction commission

But their support was offset by several other members of Congress from both parties who indicated their opposition to the plan before a final vote on Friday.

The probable opponents include Representatives Paul D. Ryan of Wisconsin, a Republican who will be the House Budget Committee chairman in the next Congress; Jeb Hensarling of Texas, who will be a Republican House leader; and Jan Schakowsky of Illinois, a liberal Democrat who has called the chairmen’s plan too hard on the middle class and has put forward her own proposal.

“There are no easy fixes here, so while I do not agree with all parts of the co-chairmen’s final proposal, I will support it because it represents a step forward that we urgently need,” Mr. Gregg, Republican of New Hampshire, said in a statement on Wednesday, released before the panel began its last public meeting before Friday’s vote on the proposal. “Lawmakers in Washington are elected to make the decisions necessary to keep our country safe from harm and on solid economic footing. Inaction on our debt crisis is not an option at this point.”

The two co-chairmen — former Senator Alan K. Simpson, a Republican, and Erskine B. Bowles, a Democrat and former chief of staff to President Bill Clinton — formally released their proposal Wednesday morning, but its broad outlines have been known for weeks. The report calls for deep cuts in domestic and military spending starting in 2012, and a sweeping overhaul of the tax code to raise revenue, in part by modifying or eliminating tax deductions like the one for home mortgage interest.



Read more: http://www.nytimes.com/2010/12/02/us/politics/02fiscal.html?_r=1&hp

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Maybe that should that be headlined as "At Least Two Senators Should be Committed"

[hlthe2b]

1. Two Senators committed to plan to destroy the US middle class

Let's call it what it is.

[emulatorloo]

2. Ah, Kent Conrad - one of the usual suspects

[xchrom]

3. 'urgently'? Dear Sen. Gregg - did we 'urgently' need

That expensive cluster fuck in Iraq?

They can all kiss my ass.

[CLANG]

4. Yanking the mortgage interest isn't going to hurt ANYONE but the middle class

That would be a huge chunk of extra taxes for me - with not a penny in increased income!

Fuckers want to destroy America, but good!

[BonnieJW]

5. I can't see that happening.

Can you imagine what would happen if people could not deduct mortgage interest??? The real estate industry, the mortgage industry, the banksters would all be screaming. Can't have that? What would be the advantage of buying a house if you couldn't deduct the mortgage interest? Everyone would just rent.

[CLANG]

6. On the surface (as well as at depth) it looks like a ridiculous idea.

Then why the hell is any responsible person even considering it? Answer: These people are irresponsible.

[bongbong]

8. They're also testing the teabagger message ...

They're currently testing the teabagger message of "only property owners should have the vote just like the Founding Fathers intended!"

Putting that and "big incentive to rent and not own" together spells even more trouble.

The above sentence would count as a Conspiracy Theory except in this brave new world of Blatant Coup De Tat (AKA, the 2000 & 2004 elections) we're living in now.

[AngryAmish]

10. They are not yanking the whole thing

I think they are capping it at 500k of mortgage. And no second home.

Even I do not have a 500k mortgage.

[CLANG]

11. Well, that's good news.

I guess. I'm so damned confused about all this mumbo jumbo bullshit the repukes are handing down.

[No Elephants]

7. Remember when Obama wanted to hire Gregg?

"the two co-chairmen — former Senator Alan K. Simpson, a Republican, and Erskine B. Bowles, a Democrat and former chief of staff to President Bill Clinton —"


Bowles is a Clinton retread (COS, no less) and investment bank founder from North Csrolina. "Bowles is also a member of the board of directors of General Motors, Morgan Stanley, and North Carolina Mutual Life Insurance Company and serves on the North Carolina Advisory Board of DonorsChoose." http://en.wikipedia.org/wiki/Erskine_Bowles

Bowles and Republican Alan Simpson.


Now, there's true bipartisanship for ya!

Can Obama pick 'em or what?

[blackspade]

9. So the plan is to raise revenue...

by increasing the taxes of the middle class.
The rich of course get a pass.

This was all a sham from the beginning. The commission already had a plan going in and came out with exactly what they wanted.
It won't matter if the report gets the endorsement of the commission.
It will provide enough cover for the rethugs to start action on the austerity measures that will enrich the top 1% even more on the backs of the working class.
Either Obama was played for a sucker by appointing this commission or he is complicit in the politics behind it.
Either way, working people will pay the price.
Shameful.

[whosinpower]

12. YOU LIE! - not the poster - the politician who backs this

From another article - http://news.yahoo.com/s/ap/20101201/ap_on_go_pr_wh/us_deficit_commission

snip - But other proposals remain the same. Among them are a gradual increase in the Social Security retirement age to 68 by 2050 and 69 by 2075, using a less generous cost-of-living adjustment for the programs and increasing the cap on income subject to Social Security taxes.

The plan also retains a 15-cents-per-gallon increase on gasoline, a three-year freeze on federal worker pay and cutting 200,000 workers from the federal payroll through attrition.

The proposal obtained by the Associated Press was a draft that was still undergoing changes Tuesday evening.

Other recommendations:

• Eliminate congressional pet spending projects, known as "earmarks."

• Reduce the corporate income tax rate to 28 percent from 35 percent, and stop taxing the overseas profits of U.S.-based multinational corporations.

• Overhaul individual income taxes and corporate taxes. Gives Congress the choice of reducing the top rate to as low as 23 percent and no higher than 29 percent. The lower the rate, the fewer the tax credits and deductions available to taxpayers.


In a nutshell....pay more for gas...work longer for your pension....AND - here is the BESTEST part - US BASED multinational corporations working overseas - PAY NO FRACKING TAXES...AND CORPORATE TAX RATE GOES DOWWWWWWWWWNNNNN.
Read carefully the proposal on individual taxes....the lower the rate means the less tax credits you will qualify for...so...for those on the edge of poverty....they get less credits available to them than the ones paying the higher rate...or the ones who could afford it the most.

SHOW ME YOUR PAIN, YOUR SUFFERING, YOUR HARDSHIP, YOUR SACRIFICE, YOU LIEING PIECE OF DOGPOOP.