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Posts Tagged ‘Obama Budget’

AP/The Huffington Post First Posted: 7/27/11 09:52 PM ET Updated: 7/29/11 10:19 AM ET

Neither the House nor the Senate has a clear path forward for must-pass legislation to allow the government to continue to borrow to pay its bills, putting lawmakers and financial markets alike on edge less than a week before the deadline for heading off the nation’s first-ever default.

Without a deal by Tuesday, the Obama administration has said the government will be unable to pay all its bills, and could miss checks to Social Security recipients, veterans and others who depend on public help. In addition, credit rating agencies could downgrade their assessment of the government’s finances, further unnerving financial markets and perhaps causing interest rates to rise for everyone.

Despite his image as a button-down Republican, House Speaker John Boehner walked to the brink of a dramatic and historic agreement to change the government’s spending habits.

But as he twice approached a $4 trillion deficit-reduction deal with President Barack Obama that would have rocked both parties’ bases, Boehner was reeled back in by his caucus’ conservative wing. The muscular, Tea Party-fueled group not only forced him to abandon a “grand bargain” with Obama, it made him scramble Wednesday to secure the votes for a far more modest deficit-ceiling plan, which in turn is all but doomed in the Senate.

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Obama Press Conference (LIVE VIDEO & UPDATES)

HuffPost- Posted: 02/15/11 10:55 AM

President Obama will hold a press conference at 11:00 AM ET. The president is expected to discuss his budget, which the White House unveiled yesterday. Scroll down for live video and updates from the press conference.

HERE

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It only makes sense that a party currently being wagged by fringe crazy people like Glenn Beck, Rush Limbaugh and Michele Bachmann would release its alternative budget on April Fools’ Day.

Not only does the Republican plan freeze discretionary spending for five years in the midst of a recession which, by most accounts and proved by history, will countermand any sort of economic recovery, but it also cuts taxes by 10 percent for the same Wall Street executives whose actions largely got us into this economic mess in the first place. In other words: Congratulations, Republicans, you just released a budget that rewards wealthy corporate executives while blocking any attempt to dig us out of the economic catastrophe they created.

Smart!

The only bit of Republican legislation that’d be more ridiculous would be if Michele Bachmann were to introduce a constitutional amendment thwarting a fake plot to eliminate the dollar as the form of currency in the United States.

Oh wait. She’s already done that. And 33 Republican congressmembers so far have co-sponsored the amendment. 30-plus Republicans have irrevocably tethered their wagons to the Bachmann crazy train. Excellent. Next on the agenda: a bill creating the Office of Robot Insurance, protecting us from robot attackers who use old people’s medicine for fuel. Speaking of which, the Republican plan also phases out Medicare.

The marquee item, however, in the Republican plan is their inexplicably regressive tax cut for the super rich. Wealthy Americans in the top three tax brackets would see their tax burden cut to a flat 25 percent from previous rates of 35, 33 and 28. According to the Center for American Progress, CEOs from any of the top 800 corporations would receive a tax break of around $1.5 million a year. Meanwhile, if you earn $15,000 a year, your tax break will be around $0 a year.

But get this. Under the Republican plan, Americans are given the option of paying the old tax rates instead of the new, expensive and regressive Republican rates. So, for example, if your household income is $100,000, you could pay the same tax rate as someone earning $15,000. Or you could be a swell egg and go back to your old rate. Aside from the utter lack of fairness in the notion of a $100,000 household paying the same rate as a $15,000 household, who in their right mind would voluntarily pay higher taxes?

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