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Democrats want to raise revenue by making tax code changes that directly add money to government coffers. Republicans have agreed to increase government revenue, but are demanding large cuts to benefit programs, which they say are bleeding Americans ...
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Send to a FriendShare ThisTell Your FriendsTweet ThisTweet ThisMoreShare It. Del.icio.usFacebookStumbleuponNewsvineYahoo bookmarksMixxDiggRedditGoogle BookmarksTwitterLinkedIn U.S. Rep. Jeb Hensarling (R-TX) participates in a news conference on the jobs report, Nov. 4, 2011 in Washington, DC. (Getty)(AP) WASHINGTON - The Republican co-chair of a committee in charge of slashing the nation's deficit called deliberations a "roller coaster ride" and gave no indication that a deal could be struck before the panel's Nov. 23 deadline.
Texas Rep. Jeb Hensarling said Sunday the panel will fail unless Democrats agree to significant "structural" changes to entitlement programs like Medicare ? the government health care program that primarily benefits the elderly ? and Social Security, the government retirement program.
The supercommittee was created as part of a hard-fought deal between President Obama and lawmakers. It has until Nov. 23 to agree on how to reduce the deficit by at least $1.2 trillion in the next decade. Any amount less than that would be made up in automatic across-the-board cuts divided evenly between defense and domestic programs.
The panel has been stymied for weeks over taxes. Democrats want to raise revenue by making tax code changes that directly add money to government coffers. Republicans have agreed to increase government revenue, but are demanding large cuts to benefit programs, which they say are bleeding Americans dry.
Both sides have blamed the other for failing to move forward. Last week, White House Press Secretary Jay Carney said that Obama has told panel members that their finished product must contain both sources of new revenue, or taxes, as well as spending cuts.
At a news conference at the Asia-Pacific economic summit in Hawaii Sunday, Obama said he hopes lawmakers will "bite the bullet and do what needs to be done," but voiced frustration with what he said was a desire by some members of Congress to "want to keep jiggering the math" to get a different outcome.
The president refused to say whether he would veto any effort to bypass the deep cuts in defense and other spending that would take effect if there is no deal forthcoming from Congress.
"We've got 10 days to do this, and I really believe that all of the ingredients for a good resolution are there. We just need to build the will," said Clyburn. At the same time, Clyburn accused Republicans of wanting to cut a billionaire's tax bill by $300,000 while eliminating Medicare for people on a fixed income.
Sen. Pat Toomey, a Republican member of the committee, defended his latest proposal as one that would get the economy moving again. Toomey and other Republicans want to generate at least $250 billion in new revenue by limiting tax deductions but only if Democrats agree to drop the top tax rate from 35 percent to 28 percent.
"You absolutely can do this in a way that will be pro-growth, that will generate more revenue, (and) that would avoid this huge tax increase that's coming otherwise," Toomey said.
Democrats have rejected the idea as something that will ultimately cost more than it would save, and called for a mix of $1 trillion in spending cuts and $1 trillion in higher tax revenue over the next decade.
Sen. Mark Warner, a Democrat who supports entitlement and tax reform, suggested that politics was the biggest culprit in preventing a deal.
"You'll know this supercommittee is getting close when folks on both ends of the political extreme scream the loudest, because that will show that there's actually movement being made," he said.
Republican Sen. Tom Coburn, a vocal opponent of any tax increase, said he could stand the idea of increasing government revenues if the money comes from restructuring entitlement programs.
"I want to tell you, we're going to touch Medicare because there's no way we can borrow the money five years from now to run Medicare the way it is today," he said. "The question really is, will politicians do what is best for the country or best for their party and position?"
Hensarling, Warner and Coburn spoke on CNN's "State of the Union." Toomey and Clyburn spoke on "Fox News Sunday."© 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.
Send to a FriendShare ThisTell Your FriendsTweet ThisTweet ThisMoreShare ItAdd a Comment 1234Next »See all 75 Comments by Martha12345 November 14, 2011 1:
Patty Murray, Patty Murray,Patty Murray, Patty Murray,Patty Murray, Patty Murray,Patty Murray, Patty Murray,Patty Murray, Patty Murray,Patty Murray, Patty Murray,Patty Murray, Patty Murray,.....
Let's hope that this debt committee completely deadlocks. The whole premise is outrageous---that we need deep cuts to Social Security and Medicare, in a time when people are hurting, just to balance the budget.
And all because Republicans started to scream about deficits on January 20, 2009 when before then they never said a word when Bush was running up the debt like there was no tomorrow---spending money starting two wars while at the same time giving two rounds of tax cuts to the rich.
There is no reason balancing the budget has to be done right now. The deficit is not the cause of the bad economy---unemployment is. Making draconian cuts to government programs will do nothing to help the unemployed.
What we really need is a massive stimulus program (one big enough this time, like $1 trillion). Pay for it by going more into debt (not a big deal---interest rates are so low that there really is no better time to borrow if we must---money is practically free). Or pay for it by a small tax increase on the very rich (how about a new tax bracket for those making more than $1 million).
You cannot get anywhere when one side obstructs anything the otherside proposes and refuses to allow new tax revenues (closing loopholes) as any part of the plan. One thing you can bet on - they will lower SS and medicare because the rich SOBs on the hill are not a part of it and don't care not matter what they say - they don't care. That is both parties. I saw 60 Minutes this week and it is lawful for those on Capitol Hill to partake in insider trading and thus they get rich where anywhere else on the planet it is unlawful. What a pack of prostitutes all of them (maybe not Bernie Sanders). We need to wipe out the entire Congress and Senate and all lobbyist before we can even call ourselves a democracy.
Our president's approach to the economic crisis was to pass the buck and divert his responsibilities elsewhere and be non-presidential. A committee approach to solving something as critical as our economic crisis without the president's direct involvement is shameful. This is like when he'd vote "present" for major legislative votes.
You obviously have NO CLUE how our government works!!!!!!! The president has no authority to rally do anything about the budget. IT'S CONGRESS'S JOB.
arthanyel - you do not understand that recessions drive deficits. Most of the deficit is NOT structural. Your statements are all propaganda.
A miracle did NOT occur between 2008 and 2009. It is called a recession. There is nothing structural that happened between 2008 and 2009.
Deficits are TEMPORARY, caused by the 2009 deficit. Why have they lingered? Obama's LACK of any plan for the economy, 9%+ unemployment, Obama's attack on private businesses, etc.
Deficits will easily come down (due to increased tax revenue) when we get a president in that thinks beyond the next union vote. Coupled with spending cuts, the budget can be balanced.
There are two issues that are not necessarily related: the bad economy and the deficit. But the bad economy is not due to the deficit---it is due to high unemployment. Instead of cutting back on everything, we should be heavily investing in job creation. We can fund it by going into debt (no better time---interest rates are so low that money is practically free) or by raising taxes. Heck, if we had simply let the Bush tax cuts expire like they were supposed to, that would account for HALF of the deficit right there!
Cutting is absolutely the worst thing to do in a jobless economy like this one. Republicans know this very well, and that's why they are talking about nothing else. They want the economy to continue to suffer because they are hoping people will blame Obama for it.
vsmit: Obama was handed a structural deficit of $1.1T per year by Bush and the Republicans - a combination of unfunded wars, unfunded tax cuts, unfunded drug benefits, unfunded education mandates, and giant tax cuts. While the deficits occurred while he was President, NONE of his actions generated them - and virtually ALL of his actions to address them have been blocked by Republicans refusing to raise taxes on millionaires. So who is responsible for the debt and deficit? The man who created it (Bush) or the man who is trying to fix it but is being blocked?
And your numbers for Bush's years are wildly innaccurate because Bush kept off the books the hundreds of bvillions being spent that he didn't want to show.
It is mathematically impossible to balance the budget on spending cuts alone without elimionating (not cutting, nor restructuring - ELLIMINATING) Social Security and Medicare. And the economy can not possibly grow enough to make uyp the tax cut shortfalls unless it outperforms by more than DOUBLE the best period IN THE HISTORY OF MANKIND.
Well what ever happens I am now convinced that the American people are so stubbornly stupid that they will re-elect the worst president in history in spite of the fact that 76 % of the people say he is taking the country in the wrong direction. Americans are just that stupid. Obama has literally failed this country and failed at everything he has done except when he followed all the Bush policies that allowed him to pull out of Iraq on Bushes schedule which most of us want. He has broken nearly every campaign pledge and is criminally involved with the Holder Gun Running to the Mexican Drug Cartel. The most hypocritical liar of all time but hey like I said the American people are like SUPER stupid and they will re-elect no mater if he stabbed the pope in front of everyone they would still vote him in again. God help us all.
But I'm skeptical, because being "dissatisfied" with Obama also includes people like me that believe Obama let the banks off too light, failed to close Guantanamo, passed too weak of a health care plan that didn't include a Public Option, has disregarded the Constitution in his assassination of American citizens claimed to be terrorists by missile attack---all things that a Republican probably agrees with and supports!
So that 76% figure includes Republicans that insanely think that "Obamacare" is a socialist policy, and people like me that think Obama sold out to the health care companies instead of passing a real Government-run health care plan.
The rest of your comment is pure propaganda. Obama and the Democrats forced Bush to agree to a 12-2011 pullout from Iraq, he didn't want to - this is well documented. Obama has kept more campaign pledges than most candidates. He was not involved, criminally or otherwise, in the ATF idiocy. He is neither particularly hypocritical (for a poltiican) and his "lies" have been political exaggerations as all politicians make - he has never lied about anything the way Herman Cain has lied about his sexual harassment, or Bush lied about Iraq, or Cheney lied about Haliburton, or Clinton lied about Monica.
As for re-electing him, I repeat what I have said repeatedly - if a better choice is available, the better choice will easily win. But none of the Republican candidates (with the possible exception of Huntsman) are better choices.
You think with the unemployment rate at 9% (down from above 10% when Bush left office) that the problem is just a bunch of lazy liberals?
All this talk about balancing the budget is just for rubes like you anyhow. Why were Republicans not talking about it when Bush increased the debt from $5.9 Trillion to $11.8 Trillion (it's over 14 Trillion now)? Why no Balanced Budget Amendment when Bush was starting two expensive wars while at the same time giving two rounds of tax cuts to the rich?
by chatmandu7451 The koolaide is flowing greatly today. You liberal/progressive/socialist pukes are only following the Obama lead, blame everything on someone else and never take responsibility for anything. Obama, No hope, No change, No transparency and No leadership.
Liberals and progressives are not socialists. Have you ever looked up the term? You might try getting some education, it is quite liberating.
Also, apparently you don't understand politics either. EVERY POLITICIAN (except maybe Ron Paul) blames everyone else and refuses to take responsibility. Obama has accepted more responsibility than most, and certainly far more than the Republicans who CREATED the debt and deficit problems; $13T of the $14.2T debt was created by Republicans, $1.1T of the current $1.4T deficit was created by Republicans and handed to Obama when he took office.
Finally, how do you define "leadership"? Obama has made it clear what kind of solutions he will sign, those solutions are bi-partisan in nature not wholly one-sided like all the House "solutions", and he has exerted great energy (and incurred great wrath) from the left wing of his own party to try and find a common ground.
It's hard to "lead" when half of the government has sworn to destroy you at all costs, and would rather see you fail than help the country.
Finally, it is YOU who are drinking the conservative/fascist koolaid, where the invisible hand of the free market magically solves all problems and lets you ignore the 50 MILLION PEOPLE you propose to throw out into the streets to die (without medical care and the safety nets) so that you can give billionaires another tax cut.
Mortar: Untrue. A simple search will show how many times he has. He has not accepted responsibility foir some things that he really IS reponsible for, but Republicans have accepted NO RESPONSIBILITY AT ALL - they won't even admit reality.
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