No tax increases.
That is what I honed in on right away. Obama shafted the left so that he could more favorably position himself for re-election. However, the "No tax increases" needs to be followed with "for now."
Not so sure about that.
•Special committee to recommend cuts of $1.8 trillion (or whatever it takes to add up to the total of the debt ceiling increase)
Mark Levin said they never wanted tax increases because too many dem senators are afraid they won’t get re-elected if they vote for it.
Maybe no tax increase...just pass along the 1.8 TRILLION extra in spending over the cuts....
Don't anybody hold your breath waiting for those "cuts" to appear either.
>> No tax increases.
Not an issue before this “debt crisis”, so it’s not like Boehner accomplished anything here.
One tenet from the article..
The formation of a special Congressional committee to recommend further deficit reduction of up to $1.6 trillion (whatever it takes to add up to the total of the debt ceiling increase). This deficit reduction could take the form of spending cuts, tax increases or both.
Man oh manochevits!
Wrong.. not only are there tax increases but cuts will be spread out over 10 years...in other words there won't be any spending cuts.
Here, according to Democratic and Republican sources, are the key elements:
•A debt ceiling increase of up to $2.1 to $2.4 trillion (depending on the size of the spending cuts agreed to in the final deal). •They have now agreed to spending cuts of roughly $1.2 trillion over 10 years.
•The formation of a special Congressional committee to recommend further deficit reduction of up to $1.6 trillion (whatever it takes to add up to the total of the debt ceiling increase). This deficit reduction could take the form of spending cuts, tax increases or both .
•The special committee must make recommendations by late November (before Congress' Thanksgiving recess).
•If Congress does not approve those cuts by December 23, automatic across-the-board cuts go into effect, including cuts to Defense and Medicare. This "trigger" is designed to force action on the deficit reduction committee's recommendations by making the alternative painful to both Democrats and Republicans. •A vote, in both the House and Senate, on a balanced budget amendment.
If the debt ceiling is raised, I bet taxes are gonna have to pay for it. Any increase in debt is an increase in taxes.
But I am sure that the next time this issue comes up, the decisions will be much easier. Debt will be lower, the economy will be rolling along, better/wiser folks will be making the decisions, and no one will have to feel any pain.