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Title: $1 TRILLION IN NEW TAXES?!
Source:
Yahoo Finance/AP
URL Source: http://finance.yahoo.com/news/Debt- ... es-Gang-apf-120819518.html?x=0
Published: Jul 19, 2011
Author: AP
Post Date: 2011-07-19 20:09:23 by TwentyTwelve
Keywords: $1 TRILLION IN NEW TAXES, Debt Ceiling Crises, 2012 Depression
Views: 2774
Comments: 26
Debt hope: Obama praises 'Gang of Six' plan Obama, some Republicans laud Senate 'Gang of Six' deficits plan as a way ahead on debt limit David Espo, AP Special Correspondent, On Tuesday July 19, 2011, 7:44 pm ap WASHINGTON (AP) -- President Barack Obama and a startling number of Republican senators lauded a bipartisan deficit-reduction plan Tuesday that includes $1 trillion in higher taxes, raising hopes of a last-minute compromise to repair the nation's finances while averting a government default. Wall Street saluted as well. Obama said he hoped congressional leaders would "start talking turkey" as soon as Wednesday along the lines of the Senate "Gang of Six" proposal, which quickly overshadowed a no-tax-increase alternative that conservatives spent Tuesday pushing toward an evening vote in the House. At the White House, the president warned that financial markets could soon begin to post worrisome losses unless gridlock is broken and the nation's $14.3 trillion debt limit raised. But stocks soared for the day, propelled by the deficit plan's emergence and Obama's decision to seize on it as well as by strong earnings reports. The Dow Jones industrials rose 202 points, the biggest one-day leap this year. In the House, the focus was on spending cuts. "Our bloated and obese federal budget needs a healthy and balanced diet, one that trims the fat of overspending and grows the muscle of our nation's economy," said Rep. Reid Ribble of Wisconsin, one of the 87 first-term House Republicans determined to reduce the size of government. Democrats said the measure, with its combination of cuts and spending limits, would inflict damage on millions who rely on Social Security, Medicare and other programs. "The Republicans are trying to repeal the second half of the 20th century," said Rep. Sander Levin, D-Michigan. Obama has threatened to veto the bill, which would raise the debt limit in exchange for what supporters said was an estimated $6 trillion in spending cuts and congressional approval of a constitutional balanced budget amendment for ratification by the states. In a recognition of the political realities, Speaker John Boehner, R-Ohio, told reporters before debate began on the bill that it also was "responsible to look at what Plan B would look like." He did not discuss what alternatives he had in mind, although the Senate's top two leaders have been at work on one that would let the president raise the debt limit without prior approval by Congress. Treasury officials say that without an increase in borrowing authority by Aug. 2, the government will not be able to pay all its bills, and default could result with severe consequences for the economy. The "Gang of Six" briefed other senators on the group's plan after a seemingly quixotic quest that took months, drew disdain at times from the leaders of both parties and appeared near failure more than once. It calls for deficit cuts of slightly less than $4 trillion over a decade and includes steps to slow the growth of Social Security payments, cut at least $500 billion from Medicare, Medicaid and other health programs and wring billions in savings from programs across the face of government. It envisions tax changes that would reduce existing breaks for a number of popular items while reducing the top income bracket from the current 35 percent to 29 percent or less. The tax overhaul "must be estimated to provide $1 trillion in additional revenue to meet plan targets," according to a summary that circulated in the Capitol. The group of six includes three Democrats, Sens. Kent Conrad of North Dakota, Mark Warner of Virginia and Dick Durbin of Illinois, a member of the leadership. The three Republicans, all conservatives, are Sens. Mike Crapo of Idaho, Tom Coburn of Oklahoma and Saxby Chambliss of Georgia, who has a particularly close relationship with Boehner dating to their days together in the House. In recommending higher government revenues, Republicans in the group challenged party orthodoxy that has held sway for two decades, ever since President George H.W. Bush memorably broke his "no new taxes" pledge to make a deficit reduction deal with congressional Democrats. In the years since, refusal to raise taxes has become a virtually inviolable article of faith among Republicans, and used by them and their allies in countless political campaigns against Democrats. Recently, Republicans who voted to repeal a tax subsidy for ethanol production drew opposition from Grover Norquist, a prominent anti-tax activists who has wielded significant influence inside the party. Even so, in the hours after the Gang of Six briefed other lawmakers on their plan, at least one member of the Republican Senate leadership, Lamar Alexander of Tennessee, signed on as a supporter. So, too, did Sen. Kay Bailey Hutchison of Texas. "We have an opportunity to act like statesmen and avoid a debacle on Aug. 2, and it seems to me that all of our efforts should be focused on that," added Sen. Roger Wicker, R-Miss. He and others said the plan was well-received at a weekly closed-door meeting of GOP senators. Sen. Richard Burr, R-N.C., asked about possible objections from tea party activists, said the measure "checks every box" for advocates of smaller government, including cuts in government spending and an overhaul of the tax code to eliminate special breaks. Obama stopped well short of endorsing the plan, saying administration officials were analyzing it and not all details were known. But he said it included "a revenue component" along with savings in Medicare and Social Security, making it the sort of balanced approach he has long advocated. He also noted that the Senate's two top leaders have been cooperating on a measure that would allow him to raise the debt limit without a prior vote of Congress while also setting up a special committee to recommend cuts from federal programs, including Social Security and Medicare. "That continues to be a necessary approach to put forward. In the event that we don't get an agreement, at minimum, we've got to raise the debt ceiling," he said. Unlike Obama, Sen. Jim DeMint, R-S.C. was harshly critical, calling McConnell's approach "smoke and mirrors." "If Republicans do not show the political will to stop the spending, and use the debt limit to make our case, the party is gone," he was quoted as saying on National Review Online. The Gang of Six envisioned a two-stage process in which $500 billion in savings would be enacted swiftly, with the more complicated changes in programs like Medicare and Medicaid to follow. Associated Press writers Alan Fram, Jim Abrams, Erica Werner, Stephen Ohlemacher, Darlene Superville and Andrew Taylor contributed to this story.
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#1. To: All (#0)
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The relationship between morality and liberty is a directly proportional one. "Only a virtuous people are capable of freedom. As nations become corrupt and vicious, they have more need of masters." ~ Ben Franklin "For my part, whatever anguish of spirit it may cost, I am willing to know the whole truth, to know the worst, and to provide for it.” ~ Patrick Henry
Nothing about DoD. Cut those bastards by 50p/c and balance it. God, I do hate this .gov
Break the Conventions - Keep the Commandments
Cut those bastards by 50p/c and balance it. God, I do hate this .gov They don't care about us, that is for sure.
No, we're just the lemmings off which they feed.
Break the Conventions - Keep the Commandments
........and no real Tea Party by the dumbed down cowardly sheeple! Looks and sounds like another round of bailouts for the rich. The sheeple didn't do anything about the first bailout but pound their computer keyboards and they won't do any thing with this one or the next and the next and the next ones either.
Michael Boskin: Get Ready for a 70% Marginal Tax Rate - WSJ.com The combined marginal rate from all taxes is a vital metric, ... the combined marginal tax rate on labor income to more than 70% by 2035 and 80% by 2050. ...
Hold tight. When the day comes that we're hungry and we can't buy stuff, the shooting will begin.
Ron Paul: "We Will Default Because The Debt Is Unsustainable" | RealClearPolitics "When a country is indebted to the degree that we’re indebted, the country always defaults. We will default because the debt is unsustainable," Rep. Ron Paul (R-TX) said on the House floor today.
Total confiscatory insanity. Load'em and keep'em locked and ready.
Break the Conventions - Keep the Commandments
Metal Markers Stolen From Abington Veterans’ Graves « CBS Boston ABINGTON (CBS) – Police are looking for some vandals who stole metal rods from a veterans’ cemetery, most likely for cash. The thieves took at least 18 markers made of copper, bronze and brass from the graves of war heroes at Mount Vernon Cemetery.
Teriffic vid by RP.
All they are doing is delaying the agony just like they did with the bailout and trying to grab another trillion or so. The lousy thieving bastards! They better use the next bailout to find themselves a hide-a-way. There are enough angry sheeple who are on to them and their comeuppance is about happen.
I corrected it for you!
http://www.wlsam.com/Article.asp?id=2211748 Posted 6/13/11 2:57 p.m. SPRINGFIELD, Ill. (AP) - Illinois is so hard up for money that it's studying the possibility of selling ads on state license plates. The idea is to offer special corporate-sponsored plates. Drivers would get a discount on the price, and businesses would put their logos on the plates. Lawmakers voted last month to have the secretary of state study the pros and cons of corporate plates. The study is supposed to be finished by Jan. 1 Texas already allows corporate plates, which are produced by a firm called My Plates. Spokeswoman Kim Drummond says they're like "little billboards" spreading a company's messages across the state. Sen. John Mulroe of Chicago says he hopes the corporate plates will bring Illinois more money without raising taxes. The bill is SB1360.
Just wait until millions of babies and children start crying fom hunger. The mothers will do what the pussified men have been balless, gutless, and spineless to do. I pity those they go after.
.......but those buying those plates got to have a job in order to buy them and they have to have money for a car, car uinsurance, and gasoline. What money they have is going to pay the inflated prices for food. If those business had any concern for the people they would invest in jobs. Next thing you know we will have some government twinky propose a lotter and in that lottery, losing ticket holders just might be killed. So much for collateral damage!
THOUGHT FOR THE DAY! "The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the U.S. Government can't pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies. . Increasing America's debt weakens us domestically and internationally. Leadership means that .the buck stops here.. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better." -- Senator Barack Obama, March 20, 2006
In the end the Republicans will come out of a meeting and, with solemn expressions on their downtrodden faces, explain that in the end there was no alternative but to raise taxes. Don't look for any Republican congresscritters to hold any townhall meetings, they might get shot.
So you're advising them not to stray too far from those secret bunkers under washington dc. You think they are smart enough what you are trying to tell them?
It's coming. The only question is, will it be the millions of jewzios, or billions of goyim?
Hay Stolen From CT Petting Zoo...
#2. To: All (#1)
#3. To: TwentyTwelve (#0)
#4. To: TwentyTwelve (#0)
#5. To: Lod (#4)
Nothing about DoD.
#6. To: TwentyTwelve (#5)
#7. To: TwentyTwelve (#0)
#8. To: ambi (#7)
The sheeple didn't do anything about the first bailout but pound their computer keyboards and they won't do any thing with this one or the next and the next and the next ones either.
#9. To: TwentyTwelve, 4 (#8)
#10. To: ambi (#7)
#11. To: TwentyTwelve (#8)
#12. To: Jethro Tull (#9)
#13. To: TwentyTwelve, 4 (#10)
#14. To: TwentyTwelve (#10)
Ron Paul: "We Will Default Because The Debt Is Unsustainable" | RealClearPolitics
#15. To: TwentyTwelve (#12)
Police are looking for some vandals who stole metal rods from a veterans’ cemetery, most likely for
cashfood.
#16. To: ambi (#14)
All they are doing is delaying the agony just like they did with the bailout and trying to grab another trillion or so. The lousy thieving bastards!
#17. To: Lod (#4)
#18. To: Jethro Tull (#9)
Hold tight. When the day comes that we're hungry and we can't buy stuff, the shooting will begin.
#19. To: TwentyTwelve (#17)
The idea is to offer special corporate-sponsored plates. Drivers would get a discount on the price, and businesses would put their logos on the plates.
#20. To: ambi (#14)
All they are doing is delaying the agony just like they did with the bailout and trying to grab another trillion or so. The lousy thieving bastards!
#21. To: TwentyTwelve (#0)
-Schweizerische Schuetzenzeitung (Swiss Shooting Federation) April, 1941
#22. To: X-15 (#21)
Don't look for any Republican congresscritters to hold any townhall meetings, they might get shot.
#23. To: Jethro Tull (#9)
Hold tight. When the day comes that we're hungry and we can't buy stuff, the shooting will begin.
#24. To: ambi (#19)
Next thing you know we will have some government twinky propose a lotter and in that lottery, losing ticket holders just might be killed.
Mike Flaherty: Yeah, it's been there a long time. I wish I knew which corner.
My Man Godfrey (1936 2011)
#25. To: ambi (#14)
All they are doing is delaying the agony just like they did with the bailout and trying to grab another trillion or so. The lousy thieving bastards! They better use the next bailout to find themselves a hide-a-way. There are enough angry sheeple who are on to them and their comeuppance is about happen.
#26. To: Jethro Tull (#9)
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