Posted on 05/21/2008 6:34:34 PM PDT by SmithL
WASHINGTON (AP) -- A technical glitch on an unrelated piece of legislation forced Democrats Wednesday to jerk their election-year fiscal blueprint from the House floor.
The nonbinding budget plan has already been delayed by more than a month when congressional leaders discovered Wednesday that they had failed to send to President Bush a portion of the farm bill. He vetoed the rest of that measure Wednesday and the House overrode the veto.
In short, the glitch on the farm bill needs to be fixed before the budget can pass or else the boost to farm and food programs can't be as generous. The problem means the budget won't be brought to a vote until after Congress return in June from a weeklong Memorial Day recess.
The Democratic fiscal plan relies on automatic tax increases to claim a balanced budget while boosting spending on defense, education and many other programs.
The House-Senate compromise aims to demonstrate that it's possible to balance the budget in the short term while adding money for domestic programs popular with lawmakers — and still spare benefit programs such as Medicare from cuts.
But to do so, the $3.1 trillion Democratic plan for the 2009 budget year and projecting forward four more years relies on almost $400 billion over three years in tax revenues that appear after Bush's tax cuts expire at the end of 2010. The 2009 budget year begins Oct. 1.
The Democratic plan explicitly calls for the renewal of tax cuts aimed at the middle class, including the $1,000-per-child credit, relief from the marriage penalty, estate tax cuts and the 10 percent tax rate on the first $7,825 of income for individuals.
But there's not enough money to extend cuts on income tax rates, capital gains and dividend income and still produce a surplus...
(Excerpt) Read more at sfgate.com ...
I would vote against any congressman or senator that voted for this “farm bill”. We criticize pork attached to other legislation. This legislation is nothing but pork. I wonder if there is pork added to this pork.
Wasn't that one of the areas they really railed about? Suddenly they like estate tax cuts. Hmmmm, what did Teddy know and when did he know it. Will he suddenly claim Florida residence too to cheat the Bay State tax man like they did for Rose?
Even with the tax increases they plan, there’s not enough money — they use gimics to make up the rest, and presume a growth rate that is based on the tax cuts continuing (because they know if the tax rates increase, it will slow the economy).
Come on, where's the consistency. We don't allow oil drilling creating a supply/demand curve that boosts the cost of oil. The farm bill pays farmers not to grow crops so the supply/demand curve boosts the cost of food. Now people are complaining that food and oil costs are too high? Go figure.
People aren't smart enough to know up from down. Society has devolved.
And that would make them STOOPID - eh?
They are pre-spending the tax money they anticipate when rates rise. That’ll only be the first couple of years. After that the tax increase will lower revenues.
“The Democratic fiscal plan relies on automatic tax increases to claim a balanced budget while boosting spending on defense, education and many other programs.”
STOP THE DEMOCRAT TAX INCREASE!
STOP THE BIGGEST TAX INCREASE IN AMERICAN HISTORY!
“They are pre-spending the tax money they anticipate when rates rise. That’ll only be the first couple of years. After that the tax increase will lower revenues.”
It’s a complete abomination.
After reading about how the Democrats are beating the Republicans in the polls, this is truly depressing.
this is the worst year possible to give it all away to the Democrats, when they have moved so far to the looney left.
Awful, sick to my stomach feeling that the inmates are now running the asylum and have plans to use electroshock on the doctors.
egads.
http://travismonitor.blogspot.com/
Via Farm Policy website: Dan Morgan reported in today’s Washington Post that, “A major new program in the recently enacted farm bill could increase taxpayer-financed payments to farmers by billions of dollars if high commodity prices decline to more typical levels, administration and congressional budget officials said yesterday.
“The potential costs came to light as administration officials pored over details of the 673-page, $307 billion legislation. President Bush has promised to veto the measure, which he called ‘bloated.’ The House and Senate passed the bill by bipartisan margins large enough to override him unless dozens of lawmakers switch sides.”
A call to action: Get the Senate and House to sustain Bush’s veto. $300 billion for farm programs is an absurd amount with such high food prices.
Right now, if an individual earns less than $8,500 (or close to that, I think), s/he isn't even required to file a return. If they've earned that without withholding, that's a zero percent tax rate.
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