Reid:S&P downgrade backs Dems' call for more revenue

TheHill ^ | 08/05/11 | Jamie Klatell

[Cheerio]

Standard & Poor's decision to downgrade the nation's credit rating reinforces Democrats' call for increasing tax revenue, Senate Majority Leader Harry Reid (D-Nev.) said Friday.

[A_Former_Democrat]

Exactly. They’re cowards and hypocrites.

[no dems]

Steve Israel, head of the DCCC was just on with Cavuto..he called for taxing the rich..said “that’s why Willy Sutton robbed banks..that’s where the $$$ is”
OMG!!! That needs to be a political ad for the GOP in 2012 if I ever heard one.

[ex-snook]

It’s the jobs, stupid.

There are some 25 million un/under employed. Put them back to work earning money, paying taxes and buying things and the economy will be restored to the way it used to be.

[SunkenCiv]

Thanks Cheerio.

• Cost of admission to the next party Obama's throwing: $71,600
• Warren Buffett: "In Omaha The US Is Still Triple A" ('I'd even give America Quadruple-A') [he'll take four tickets]
• S&P credit rating analysis values spending cuts more than tax revenue
• Boehner blames S&P downgrade on 'out-of-control spending'
• U.S. AAA credit rating DOWNGRADED for first time in history after Obama's debt deal
• GOP Presidential Contenders Pile on Obama for Historic Credit Downgrade
• Obama partisans ignore facts when bashing Bush [even here on FR]
• Rubio No Savior, But Full of Common Sense
• Geithner Flashback: 'No Risk' the US Will Lose its Top Credit Rating
• China tells U.S. "good old days" of borrowing are over
• In Seven Trading Days, $4.5 Trillion Was Wiped Off The Value Of Equities Worldwide

[Chgogal]

The Democrats had control of the purse since January 2007. And since then the deficit has exploded.

[Brilliant]

So why is Obama now calling to extend the payroll tax cut?

[BlatherNaut]

Sorry Harry. The carcas is already picked clean.

[grobdriver]

Roger the John Galt.
They pull a stunt like that, and I'll put 100% of my salary into the tax-deferred 401K account and we'll live off my wife's salary.
Net tax receipts will go DOWN!

[RJS1950]

The downgrade is because we are overextended; at 100% of our GNP.

Nazi socialist bastards need to be voted out and the party outlawed.

FUBO & FAD

[Let's Roll]

Exactly.

You don’t get rewarded for incompetent, disastrous behavior, dingy, by getting more money to waste.

[FlingWingFlyer]

Yo Dingy! That’s not how it works. When the normal family finds that all of their credit cards are maxed out, THEY CUTBACK ON THEIR SPENDING. They don’t go in and ask their boss for more money. It’s a fact of life there bubba. If you had spent more of your pitiful life out here where the rubber meets the road instead of living in Washington’s fantasy land, you would know that.

[EBH]

IRS: Not enough rich to cover the deficit
http://blogs.dailymail.com/donsurber/archives/39534

[darkwing104]

Dear Las Vegas....

You are by far my favorite City but this time you disappointed me...

[A Cyrenian]

Why do the people in Nevada keep electing this idiot?

I don't understand. His head is not right.

[Kahuna]

I’m leaning that way as well. Why should we prevent the rats from diving off the cliff? We simply must win the Senate and Presidency next year and any recovery that occurs between now and then will be attributed to the Won and his comrades. Any republican attempts to restructure and reform the tax code and entitlements will be used to destroy their election chances. I say get a vote on a balanced budget amendment and take names.

[no-to-illegals]

Don’t you just love it when an insane Reid asks everyone to go along with the insane thoughts of Reid, and give up on ever being sane again? Shows how terribly zer0 and the democRATS are losing this war of words. America is gaining her legs and starting to stand despite ried’s and the democRATS attempt to knock America back down. I can see 2012 from my house, dingy.

[RowdyFFC]

I think the word out of S&P’s horses mouth that the ONLY thing that would’ve prevented the downgrade was $4 TRILLION in spending cuts which would show we are serious about the debt...

Reid, Pelosi, and their talking twit Wasserman-Schultz are delusions and what’s more, they’re lying...

[Son House]

Or it’s obvious Senate Majority leader Reid is planning on more damage to the private sector;

By Christina D. Romer and David H. Romer
http://emlab.berkeley.edu/users/dromer/papers/RomerandRomerAERJune2010.pdf

“Our baseline specification implies that an exogenous tax increase of 1% of GDP lowers real GDP by almost 3%”

[Neverforget01]

Not true. Paul Ryan is quite articulate. Cant you see why Barack and the MSM went after him so voraciously?

[Poison Pill]

Democrats' call for increasing tax revenue

In other news scientists expect sun to continue to rise in the east.