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Keyword: supercommittee

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  • Puerto Rico's Revival

    11/17/2011 6:09:00 AM PST · by Kaslin · 2 replies
    Townhall.com ^ | November 17, 2011 | Cal Thomas
    SAN JUAN, Puerto Rico -- Since the congressional super committee appears unable, or unwilling, to take a lesson from Indiana or Virginia -- where Republican governors have made spending cuts and delivered budget surpluses without damaging the social safety net -- members might wish to consider Puerto Rico and what its governor, Luis Fortuno is doing. Fortuno is Puerto Rico's first Republican governor in 42 years. In 2009 when he took office, the U.S. territory had a $3.3 billion budget deficit. Three years earlier, Moody's Investors Service downgraded the commonwealth's bond rating to junk status while in deep recession. Like...
  • How The Supercommittee Can Fail Successfully

    11/16/2011 11:43:23 AM PST · by Slyscribe · 1 replies
    IBD's Capital Hill ^ | 11/16/2011 | Jed Graham
    A grand deficit-cutting bargain this year always looked like a virtual impossibility. After the Tea Party-infused Republican House swept into power on what they interpreted as a small-government mandate, there was simply no way to bridge the parties’ gaping divide over the Bush upper-income tax cuts and Obama’s signature health law.
  • Super Committee, Super Lie

    11/16/2011 9:14:04 AM PST · by St. Louis Conservative · 25 replies · 1+ views
    National Journal ^ | November 16, 2011 | Major Garrett
    When I left the White House beat to cover Congress, I told people what the biggest difference was between the two beats. People in the White House and Congress lie to you, I would say; the difference is that on the Hill it’s not the same lie told by the same seven people. That was true until the super committee was created. Now, instead of politicians lying to their constituents and reporters, they are lying to themselves. Not rationalizing, or trimming the truth, or speaking in euphemisms. Lying. Bald. Faced. Lying. The super committee is a thought experiment gone awry....
  • Don't Let the GOP Cave on Spending

    11/15/2011 2:31:06 PM PST · by SharpRightTurn · 9 replies
    Senate Conservatives.com E-mail ^ | 11/15/2011 | Jim DeMint
    Fellow Conservatives: Despite bipartisan promises to cut spending after the 2010 elections, Washington politicians are still voting to make the government even bigger and more expensive than ever. Don't believe me? Even though the federal government is nearly $15 trillion in debt, it's spending at record-high levels. Federal spending has gone up 5 percent in the first nine months of this year alone. Just two weeks ago, Democrats and Republicans in the Senate passed three new spending bills to increase 2012 funding above 2011 funding levels. The bills will increase spending for the Department of Agriculture by $6.4 billion; for...
  • Reversion to the Clinton tax hikes: Time to rethink what our government has become

    11/15/2011 7:41:26 AM PST · by SeekAndFind · 3 replies
    Hotair ^ | 11/15/2011 | J.E. Dyer
    As we read more and more about the US federal government handing out money – borrowed-against-our-future money – to the private enterprises of Obama’s campaign donors, it is heart-warming to remember that the tax code is scheduled to revert on 1 January to what it was under Bill Clinton.This means that unless the Super Committee comes to an agreement to avert it, you are almost guaranteed to have a larger federal income tax bill next year.Money-manager-types explain, each time we reach this precipice, that going back to the Clinton tax code means virtually everyone who pays now will pay more....
  • GOP Snatching Defeat From the Jaws of Victory

    11/15/2011 9:17:55 AM PST · by Qbert · 17 replies
    Human Events ^ | 11/14/2011 | Brian H. Darling
    Now comes an opportunity for House and Senate Republicans to push a strong Balanced Budget Amendment (BBA), but not only have House Republicans tossed an interception on the BBA, but they also appear to have preemptively surrendered a touchdown to the liberals on tax policy as part of the Super Committee negotiations. If conservatives want to win, they should take the BBA and the $1.2 trillion in cuts mandated by the Super Committee directly to the American people, who tend to reward politicians who fight tax hikes and push for deep cuts to the federal government.  Yet they seem intent...
  • The Supercommittee Will Fail — And When It Does, Markets Will Crash

    11/15/2011 6:47:08 AM PST · by SeekAndFind · 33 replies
    Investor Place ^ | 11/15/2011 | Jeff Reeves
    Partisan politics will make any meaningful deal difficult to reach. The so-called Congressional supercommittee — a group of 12 politicians with the unenviable task of reaching a compromise on federal spending and our massive budget deficit — is running out of time. And so are American consumers and investors hoping for a deal to bolster a struggling economy and prove the stock market rally is here to stay. Only about a week is left for the group of six Republicans and six Democrats to craft a plan that will slash $1.2 trillion from the U.S. deficit during the next decade....
  • House GOP leader Cantor says deficit deal likely

    11/14/2011 4:54:01 PM PST · by Jeff Chandler · 14 replies
    Breitbart.com ^ | Nov 14 05:01 PM US/Eastern | DAVID ESPO
    WASHINGTON (AP) - Sidestepping controversy, House Majority Leader Eric Cantor, R-Va., declined to take sides Monday on a proposal for higher taxes backed by fellow Republicans on Congress' supercommittee, yet expressed confidence the panel would agree on a deficit-reduction plan of at least $1.2 trillion by a Nov. 23 deadline. A proposal for $300 billion in higher taxes has stirred grumbling within the ranks of congressional Republicans, for whom opposition to such measures has been political bedrock for more than two decades. One prominent conservative, Rep. Jim Jordan of Ohio, said in a published commentary during the day that "our...
  • Supercommittee looking for an 'out' on tax increases

    11/14/2011 9:42:17 AM PST · by Qbert · 16 replies
    American Thinker ^ | November 14, 2011 | Rick Moran
    Whenever congress gets stuck, they start complaining and pass the buck. Or kick the can down the road: With a little over a week left to reach a deal, members of the Congressional deficit reduction panel are looking for an escape hatch that would let them strike an accord on revenue levels but delay until next year tough decisions about exactly how to raise taxes. Under this approach, the panel would decide on the amount of new revenue to be raised but would leave it to the tax-writing committees of Congress to fill in details next year, well beyond the...
  • Panel seeks way to reach a deal on tax increase

    11/14/2011 5:17:52 AM PST · by upchuck · 9 replies
    NY Slimes via MercuryNews ^ | September 13, 2011 | Robert Pear
    With a little over a week left to reach a deal, members of the congressional deficit reduction panel are looking for an escape hatch that would let them strike an accord on revenue levels but delay until next year tough decisions about exactly how to raise taxes. Under this approach, the panel would decide on the amount of new revenue to be raised but would leave it to the tax-writing committees of Congress to fill in details next year, well beyond the Nov. 23 deadline for the panel itself to reach an agreement. That would put off painful political decisions...
  • America's Time For Decision and Definition

    11/14/2011 6:28:14 AM PST · by Kaslin · 2 replies
    Townhall.com ^ | November 14, 2011 | Star Parker
    The Wall Street Journal calls the economic implosion now taking place in Europe “a crisis of the welfare state.” The latest European nation to hit the wall is Italy, where national debt is 120 percent of GDP. That is, for every dollar their national economy produces, they owe $1.20. The Journal calls this a crisis of the welfare state because this Italian national debt well in excess of the ability of Italians to pay for these obligations is the direct result of excessive government spending. When the Republican presidential candidates were asked in the most recent debate if the United...
  • Deficit 'super committee' may put off decisions

    11/12/2011 12:31:29 PM PST · by Hojczyk · 22 replies
    Los Angeles Times ^ | November 11,2011 | Lisa Mascaro
    Rather than risk stark failure, the congressional panel could decide now on only the outline of a deal, deferring the tougher calls until after the 2012 election. Some Republican leaders believe the White House would prefer to see the committee fail so that Obama could continue to run against a "do-nothing Congress." "It does raise your suspicion," said Sen. Mitch McConnell of Kentucky, the Republican leader. "If the joint committee succeeds, it steps on the story line that they've been peddling, which is that you can't do anything with the Republicans in Congress." Democrats have their own suspicions — that...
  • Will Obama really insist on debt triggers if the supercommittee fails? (How serious is he?)

    11/12/2011 11:40:02 AM PST · by SeekAndFind · 9 replies
    American Thinker ^ | 11/12/2011 | Rick Moran
    President Obama warned congress that he would insist on activating the debt triggers that would lead to automatic budget cuts across the board if the supercommittee fails to find the cuts mandated under the debt ceiling agreement from last summer. Washington Post: President Obama called the Democratic and Republican chairmen of Congress's special deficit reduction supercommittee Friday and urged them to reach a deal, as the panel's deadline for agreeing on a strategy to slash the nation's debt rapidly approaches. In separate phone calls, Obama urged Sen. Patty Murray (D-Wash.) and Rep. Jeb Hensarling (R-Tex.) to find a way to...
  • K Street's Super Committee Splurge

    11/11/2011 2:32:30 AM PST · by Kaslin · 1 replies
    Townhall.com ^ | November 11, 2011 | Michelle Malkin
    The bipartisan debt panel to nowhere is exactly where K Street lobbyists want it to be: hopelessly deadlocked. A November 23 deadline for agreement on $1.2 trillion in budget savings is looming, but no real reductions in the size, scope or spending of government are on the table. Instead, we are witnessing another obscene special-interest splurge to preserve the status quo. All in the name of "reform," of course. The only thing "super" about the so-called budget control super committee is the size of lobbying muscle exerted on its members. Almost 100 registered lobbyists who are former employees of super...
  • Stop the Insanity!--Who will Break the Political Deadlock Over the Super Committee?

    11/10/2011 1:31:07 PM PST · by clove · 10 replies
    Foxnews.com ^ | November 10, 2011 | Juan Williams
    Republican stonewalling on tax hikes for the very rich remains the primary obstacle to the Super Committee reaching a debt deal to restore stability to the nation’s economic future. On the issue of raising taxes for the rich, the GOP majority in the House has defied the will of the American people, the Democratic majority in the Senate and the president. So, it is maddening that some Democrats now want to mimic the GOP’s politics of polarization by undermining the Super Committee as it approaches its Nov. 23 deadline. Rep. Maxine Waters (D-Calif.) recently introduced a bill to repeal the...
  • Democrats want war savings to fund new stimulus package

    11/10/2011 10:19:11 AM PST · by BradtotheBone · 20 replies
    The Hill ^ | 11/10/11 10:43 AM ET | Erik Wasson and Julian Pecquet
    Democrats on the supercommittee have proposed that the savings from the end of the wars in Iraq and Afghanistan be used to pay for a new stimulus package, according to a summary of the $2.3 trillion plan obtained by The Hill. The latest offer from Democrats on the deficit panel, made Monday night to their Republican counterparts, would use some of the war savings to help pay for spending on infrastructure. The budget savings from ending the wars are estimated to total around $1 trillion over a decade, according to an estimate in July from the Congressional Budget Office. The...
  • Rooting for Failure: Democrats Walk Away from Super Committee

    11/10/2011 10:08:08 AM PST · by Driftwood1 · 14 replies
    Townhall ^ | 11-10-11 | Guy Benson
    Republicans offered a debt reduction blueprint that includes meaningful tax reform, needed spending cuts, and at least $300 Billion in increased federal revenue -- the piece of the puzzle the Left relentlessly focuses on. Yet Democrats just aren't interested:
  • Report: Democrats walk away from Super Committee? Dem Rep: 'I hope they can’t make a deal'

    11/09/2011 3:25:24 PM PST · by SeekAndFind · 25 replies
    Hotair ^ | 11/09/2011 | Allahpundit
    So says Rand Paul to Hannity. Rich Lowry’s hearing the same thing: Democrats last night rejected a framework for compromise that would have included significant new revenues. They had sounded amenable to the possible deal, but their position suddenly hardened after going back to their caucus. It is almost surely an indication that they want to do everything they can to validate President Obama’s line of attack on a “do nothing” Congress. Sen. Pat Toomey had worked out a framework that he considered pro-growth and a reasonable first step toward fiscal restraint, while making a major concession to Democrats on...
  • 40 House Republicans Ask Super Committee for Higher Taxes (List of Names)

    11/09/2011 9:30:04 AM PST · by Rational Thought · 35 replies
    Late last week, a group of 100 U.S. Representatives sent a letter to the so-called Super Committee urging the handpicked group of twelve legislators to consider “all options for mandatory and discretionary spending and revenues” in order to reach the committee’s goal of $1.2 trillion in deficit reduction over the next ten years. In Washington speak, this is code for raising taxes. Among this list is 40 Republicans whose capitulation encouraging the committee to raise taxes is troubling. We shouldn’t be surprised to see 60 Democrats seizing on the opportunity to drive a wedge between conservatives intent on restoring economic...
  • Rick Perry On the Super Committee and Energy

    11/09/2011 8:14:05 AM PST · by casinva · 10 replies
    Human Events ^ | November 9, 2011 | Erick Erickson
    In part two of my interview with Texas Governor Rick Perry, I asked him about his views on the Super Committee in Washington and what they may or may not do. This led into his views on energy and his position on the Keystone XL Pipeline. Governor Perry​ has some strong opinions on energy independence and some equally strong views on the Super Committee and Barack Obama's failures of leadership. ********** See this segment of the video at the linked article. There is also a link to the first part of the interview for those who are interested. VIDEO LENGTH:...
  • Senate bill powers up state online sales taxes

    11/09/2011 4:10:22 AM PST · by Timber Rattler · 13 replies
    Reuters ^ | Noveber 8, 2011 | Patrick Temple-West
    State governments would be able to collect online sales taxes under a bill due to be introduced in the Senate on Wednesday, said sources familiar with the bill.Supporters of the online sales tax collection requirement include Wal-Mart Stores Inc, Target Corp and other "big box" retailers who argue they are at a disadvantage against online-only competitors. A bipartisan group of up to seven senators will introduce the bill, which is broader than similar legislation introduced in the Senate in July. The new bill will differ from a bill in the House of Representatives by affecting more small businesses under a...
  • Republicans put revenue in the mix

    11/09/2011 12:00:01 AM PST · by Redcloak · 31 replies
    Politico ^ | 11/7/11 11:39 PM EST | JAKE SHERMAN & SEUNG MIN KIM
    A remarkable thing has happened on the way to the supercommittee deadline: Republicans are beating the “we-want-more-revenue” drum. No, congressional Republicans haven’t taken up the mantle of tax increases, but as the Joint Select Committee on Deficit Reduction lurches toward its Nov. 23 deadline to cut $1.2 trillion from the nation’s deficit, GOP lawmakers are talking a lot about how to raise revenue and still stick to their no-tax-increase pledge.
  • Congressional Leaders Jumping In to Save the Super Committee

    11/05/2011 12:28:31 PM PDT · by Kaslin · 22 replies
    Townhall.com ^ | November 5, 2011 | Erika Johnsen
    Predictably, with the November 23rd deadline for bipartisan deficit reduction fast approaching, Congressional leadership is scrambling to spur the "super committee" into action to prevent the automatic $1.5 trillion/next decade cuts from going into effect. Despite the obvious reasons for which the super committee should be super transparent, these meetings are taking place behind closed doors. Congressional leaders are trying to reverse the deadlock that has befallen the deficit "super committee" in much the same way the panel has operated: behind closed doors. The logjam is a familiar one that has doomed past budget battles. Republicans refuse to raise taxes...
  • Forty House Republicans sign letter encouraging Super Committee to consider new revenues

    11/04/2011 6:36:15 PM PDT · by mnehring · 55 replies
    I’m a day late on this but it’s too intriguing not to blog. You can read the actual letter, which is exceedingly tame, on Mike Simpson’s website. Among the signatories: …Ron Paul. The bad news? If this happens, some people might be paying a little more. The good news? We’ll never have to read another “time for a grand bargain” column from Tom Friedman again. Dude, I think we should take the deal. A group of 40 House Republicans for the first time Wednesday encouraged Congress’s deficit reduction committee to explore new revenue as part of a broad deal that...
  • Boehner on supercommittee: Tax increases are out, revenues could be in

    11/04/2011 2:22:06 AM PDT · by markomalley · 69 replies
    The Hill ^ | 11/03/11 | Russell Berman
    House Speaker John Boehner (R-Ohio) made clear on Thursday that when it comes to a deficit reduction deal, his position hasn’t changed: Tax increases are out, but new revenues could be in. The question of taxes and revenue has bedeviled congressional and administration negotiators for months, and they were at the center of the dispute between Boehner and President Obama when their talks for a possible “grand bargain” on the budget fell apart over the summer. As the clock ticks down on the deficit supercommittee to find at least $1.2 trillion in savings, the size and scope of new revenues...
  • "Greece is Falling -- Are We Next?

    11/03/2011 8:06:10 AM PDT · by Aspenhuskerette · 4 replies
    The Aspen Times ^ | November 3, 2011 | Charlie Leonard
    Most of the time, it's very easy to get distracted by events in our own lives and events in our own country without having to worry about what is going on in the rest of the world. Now is not one of those times. Everyone really needs to pay closer attention to events unfolding in Europe. Every day it becomes increasingly clear that there is no good solution to the Greek debt crisis that threatens to wreak havoc on the economies of Europe. In simplest terms, this tiny country, with an economy of about one one-hundredth of the United States,...
  • NBC's Kelly O'Donnell Calls Congressional Advocacy Of Tax Increases A 'Bright Spot'

    11/03/2011 5:35:59 AM PDT · by governsleastgovernsbest · 10 replies
    NewsBusters ^ | Mark Finkelstein
    Earlier today in another item this NewsBuster wrote: "In the liberal media mindset, mature, sensible citizens will vote for higher taxes, and by extension, for Democrats. If they don't, they must have taken temporary leave of their senses. The notion that people, in full control of their rational faculties, might be opposed to higher taxes and more goverment, simply doesn't compute in the MSM medulla." Literally within minutes of that item appearing, we had a perfect illustration of the MSM mindset it described. On Morning Joe today, NBC's Kelly O'Donnell called the support for tax increases contained in a letter...
  • The Supercommittee’s Dueling Budgets (Both parties unveil two very different proposals)

    10/28/2011 7:46:37 AM PDT · by SeekAndFind · 13 replies · 1+ views
    National Review ^ | 10/28/2011 | Andrew Stiles
    This week, Democratic and Republican members of the so-called “supercommittee” unveiled competing deficit-reduction proposals, both of which were subsequently rejected by the other side. The details are still a bit rough, but here’s a brief rundown: The Democratic plan — between $2.5 and $3 trillion in deficit reduction over ten years: ● $1.3 trillion in new taxes ($800 billion from letting the Bush tax rates expire on high income earners). ● $600 billion in savings from Medicare, Medicaid, and other health-care spending. ● $250 billion in savings from other mandatory spending. ● $400 billion in discretionary-spending cuts (half defense, half...
  • GOP rejects Dems' super committee offer; talks 'deadlocked' over taxes

    10/26/2011 2:37:13 PM PDT · by mdittmar · 17 replies
    CNN ^ | October 26, 2011 | Kate Bolduan, Deirdre Walsh and Ted Barrett
    Washington (CNN) -- Democrats on the debt-reduction super committee proposed a plan for slashing up to $3 trillion from the federal debt but Republicans swiftly and decisively rejected it because it relied heavily on tax increases, according to several congressional sources from both parties. One top Republican aide described the Democratic offer, made in a closed meeting Tuesday, as "outrageously absurd" and a "non-starter," and a sign the super committee may ultimately fail. But this is the first time in the months since the committee began its negotiations that any group on the panel has offered a specific plan.Democratic sources...
  • Supercommittee Dems push for stimulus to be part of deficit deal

    10/26/2011 4:31:00 PM PDT · by maggief · 28 replies
    The HIll ^ | October 26, 2011 | Erik Wasson
    Democrats on the congressional supercommittee this week presented Republicans with a plan to cut the deficit that included billions of dollars in stimulus spending, aides told The Hill. In a private meeting of the deficit panel Tuesday, Sen. Max Baucus (D-Mont.), chairman of the Senate Finance Committee, presented a proposal backed by a majority of Democrats on the panel that includes more than a trillion dollars in tax increases. The revenue would partially cover stimulus spending for the economy, aides said. More than 50 percent of the deficit reduction in the plan would come from tax increases, one source said....
  • Report: Super Committee Democrats Caving On Medicare Benefits Cuts (Tax hikes + Cuts to providers)

    10/26/2011 10:29:20 AM PDT · by Qbert · 9 replies
    Business Insider ^ | Oct. 26, 2011 | Zeke Miller
    Breaking on Reuters citing Congressional sources close to the "Super Committee": U.S. DEMOCRATS PROPOSE AROUND $400 BILLION IN MEDICARE CUTS; HALF IN BENEFIT CUTS, HALF IN PROVIDER SAVINGS-SOURCES Reuters is also reporting that Democrats are seeking to cut $2.5 trillion to $3 trillion from the deficit — double the Super Committee's mandate. [Snip] The plan reportedly includes a near 50-50 split of spending cuts and revenue increases.
  • Supercommittee Should Not Hike Capital Gains Rate

    10/25/2011 10:57:21 AM PDT · by 92nina · 3 replies
    ATR ^ | 2011-10-24 | Ryan Ellis
    We are now less than one month away from the reporting deadline for the so-called "Congressional Supercommittee." It has a mandate to report out $1.5 trillion of deficit reduction proposals by November 23rd. Failure to do so triggers a "sequester" of $1.2 trillion in spending cuts in January 2013. Of course, the Left is using the Supercommittee as an excuse to raise taxes. ATR has said from the beginning that the Supercommittee should focus only on spending cuts, since Washington has an over-spending problem, not an under-taxing problem. One rumor floating around is that the Supercommittee might be looking at...
  • Monster Prediction From BofA: Another US Debt Downgrade Is Coming In Just A Few Weeks

    10/22/2011 9:17:42 AM PDT · by TigerLikesRooster · 19 replies
    Business Insider ^ | 10/22/11 | Joe Weisenthal
    Monster Prediction From BofA: Another US Debt Downgrade Is Coming In Just A Few Weeks Joe Weisenthal | Oct. 22, 2011, 7:04 AM | 4,055 | 48 In an analyst note, Bofa/ML Ethan S. Harris drops a bit of a bombshell prediction: We expect a moderate slowdown in the beginning of next year, as two small policy shocks—another debt downgrade and fiscal tightening—hit the economy. The “not-so-super” Deficit Commission is very unlikely to come up with a credible deficit-reduction plan. The committee is more divided than the overall Congress. Since the fall-back plan is sharp cuts in discretionary spending, the...
  • Super Committee Not So Super After All

    10/15/2011 1:13:17 PM PDT · by Lexluthor69 · 21 replies
    The Silent Majority ^ | 10-15-11 | J.D. Longstreet
    It took no superior mind to see, right from the conception of the so-called Super Committee, that it would be dysfunctional. There was even some speculation that the committee was intended to fail. Now it certainly seems that those intuitions are about to bear fruit. There are reports that the committee is already deadlocked trying to decide… wait for it … where to begin! Late last week, there were reports that unnamed sources from the collective staffs of the committee were reporting anonymously, of course, that the six democrats wanted to begin with tax increases and the six republicans wanted...
  • Pelosi Left Out of Leaders Meeting on Super Committee

    10/14/2011 3:59:19 PM PDT · by Kaslin · 30 replies
    Roll Call ^ | October 14, 2011 | Meredith Shiner
    Congressional leaders met this week with two of the most important people in Washington: the co-chairmen of the Joint Committee for Deficit Reduction. There was only one problem: House Minority Leader Nancy Pelosi didn’t even know the meeting was taking place. With work on the all-important super committee finally kicking into high gear, panel co-chairmen Sen. Patty Murray (D-Wash.) and Rep. Jeb Hensarling (R-Texas) met with Senate Majority Leader Harry Reid (D-Nev.), Speaker John Boehner (R-Ohio) and Senate Minority Whip Jon Kyl (R-Ariz.) in the leadership suite of Senate Minority Leader Mitch McConnell (R-Ky.). Kyl is also member of the...
  • Deficit super panel is not yet at square one

    10/12/2011 10:24:54 AM PDT · by Libloather · 9 replies
    The Hill ^ | 10/12/11 | Alexander Bolton
    Deficit super panel is not yet at square oneBy Alexander Bolton - 10/12/11 05:20 AM ET The congressional supercommittee, tasked with reducing trillions of dollars from the nation’s record debt, can’t agree on how to count. Negotiations within the 12-member panel have been slowed down by an intense debate over the basic question of how to count the savings from any potential deficit-reduction deal. With only weeks left before the bipartisan panel hits the congressionally mandated deadline for reporting its recommendations, lawmakers have yet to resolve the thorny question of what kind of baseline to use to score a deal,...
  • California, the Example of What the Nation Could Become

    10/11/2011 10:42:15 AM PDT · by Tolerance Sucks Rocks · 31 replies
    California Political Review ^ | October 10, 2011 | Congressman Tom McClintock
    I want to welcome this groundbreaking scientific expedition to the savage lands of the Left Coast. You are here in California to answer an important theoretical question and now you have your answer. Yes, this is what Barack Obama’s second term would look like. Study it. Fear it. And then go home and make sure that it never happens to the rest of the country. Of course, in spite of all of its problems, California is still one of the best places in the country to build a successful small business. All you have to do is start with a...
  • Despite several meetings, Supercommittee's 'progress' unclear(Sen.John Kerry (R-MA);)

    09/29/2011 6:16:36 PM PDT · by mdittmar · 9 replies
    msnbc ^ | 9/28/11 | By NBC’s Frank Thorp
    The 12 members of the deficit supercommittee met again yesterday for more than six hours to discuss a way forward in achieving the $1.5 trillion in cuts required by the Budget Control Act in an effort to raise the nation’s debt ceiling.  The members don't plan another full meeting until early next week.Aides say that the meeting discussed non-health mandatory proposals, and members were treated to a presentation on Medicare, Medicaid, and Social Security.  The prior day’s meeting focused on tax reform, among other things.And while committee members have met behind closed doors five times (and had three open hearings),...
  • Recommendations to Super Committee: More Than $1.5 Trillion in Savings

    09/28/2011 11:39:07 AM PDT · by 92nina · 5 replies
    ATR ^ | 2011-09-28 | Ryan Ellis and Mattie Duppler Corrao
    The Joint Committee has been tasked with finding $1.5 trillion in savings over the next ten years. With government spending levels at 25 percent of GDP, this is not a difficult assignment. First, the Committee should enact a hard, nominal discretionary spending freeze at the FY2012 levels. Savings: $971 billion. Secondly, the following reforms offer multiple ways for the committee to find its way to $1.5 trillion in savings (calculated over ten years, unless otherwise noted): Revive federalism – Give states control over their Medicaid programs, remaining federal welfare programs and transportation spending. Devolving transportation to the states: Savings: $540...
  • Great news: Obama tax hike plan derailing supercommittee talks

    09/26/2011 9:32:49 AM PDT · by SeekAndFind · 8 replies
    Hotair ^ | 09/26/2011 | Ed Morrissey
    Presidents are never irrelevant, unless they choose to make themselves so. And even when a President starts spouting tax policy that the opposition party in the House absolutely rejects, as well as a significant portion of his own party in the Senate, he carries quite a bit of weight. In fact, it can start resembling an anchor: As if expectations were not low enough for the special Congressional committee charged with writing a deficit-reduction deal, they seem to be falling by the day as the two parties harden their positions on spending and taxes.Last week began with contradictory markers from...
  • Tea Party group forms its own 'super committee'

    09/21/2011 8:25:02 AM PDT · by Libloather · 10 replies
    CNN ^ | 9/21/11 | Kevin Liptak
    Tea Party group forms its own 'super committee'By: CNN's Kevin Liptak Washington (CNN) - As the congressional "super committee" works in Washington to cut America's federal debt, a panel of tea party activists will meet at a Denny's restaurant in Orlando to propose their own debt solutions. The gathering, convened by the large conservative political group FreedomWorks, will meet Sept. 23, coinciding with the Florida Conservative Political Action Conference, an annual meeting of right-leaning politicians. "FreedomWorks believes that President Obama's 'super-committee' will inevitably fall prey to special interest groups, shutting American taxpayers out of the discussion on how to reduce...
  • Senators press for line-item veto rule (McCain, RINOs, Dems want to give Obama more power)

    09/21/2011 6:51:31 AM PDT · by rabscuttle385 · 15 replies
    The Journal Gazette, Fort Wayne, Ind. ^ | 2011-09-21 | Brian Francisco
    Sen. Dan Coats, R-Ind., and three colleagues called Tuesday for the debt-reduction “supercommittee” to endorse a president’s authority to veto parts of the federal budget – a move that would appear to defy a Supreme Court ruling. “While a line-item veto alone will not solve our problems, it is a good start to help rein in excessive government spending,” Coats said in a statement. He was joined by Sens. John McCain, R-Ariz.; Thomas Carper, D-Del., and Mark Udall, D-Colo., in sending a letter recommending the line-item budget veto to the co-chairs of the 12-member House-Senate debt panel.
  • Washington Post: Obama budget proposal falls short, could derail “super committee” effort

    09/20/2011 9:54:14 AM PDT · by SeekAndFind · 10 replies
    Hotair ^ | 09/19/2011 | Ed Morrissey
    After getting hammered by Republicans in the debt-ceiling debate, Barack Obama clearly wanted to go on offense with his own deficit-reduction proposal. That opened up the opportunity to go fully populist, blaming the wealthy for not paying their fair share in order to propose massive tax hikes along with his supposedly new ideas for spending reductions. However, the Washington Post reports today that the ideas are not only not new, they won’t meet their targets and don’t actually reduce the deficit much from Obama’s previous proposals — and could derail any serious attempt by Congress to reduce spending in the...
  • Cut Defense Before Raising Taxes (The Supercommittee backs budget hawks into a corner)

    09/14/2011 6:43:18 AM PDT · by SeekAndFind · 22 replies
    National Review ^ | 09/14/2011 | Michael Tanner
    Lost amid all the hoopla last week about President Obama’s latest stimulus bill and the Republican primary dustup over whether Social Security is a Ponzi scheme was the news that the bipartisan “supercommittee” has begun its work trying to find at least $1.5 trillion in deficit reduction. Anyone who cares about low taxes, limited government, and economic growth should be paying close attention. That’s because the initial signs are not encouraging. The supercommittee is, of course, the bastard child of this summer’s deal to raise the debt ceiling. Equally divided between senators and congressmen, Democrats and Republicans, the supercommittee is...
  • WH plan for how to pay for jobs bill: Half a trillion dollars, Let the Super Committee figure it out

    09/12/2011 4:32:33 PM PDT · by SeekAndFind · 18 replies
    Hotair ^ | 09/12/2011 | Allahpundit
    Or, I guess, we could borrow another $500 billion, with offsetting spending cuts to come in, uh, “the out years.”Knowing the GOP’s steadfast opposition to tax increases, why would The One shove an allegedly bipartisan-minded jobs plan at them that’s paid for entirely with new revenue? Take three guesses, and the first two don’t count. Yuval Levin: The White House’s proposed means of paying for the “jobs bill” the president called on Congress to adopt last week really sheds light on the cynicism and confusion at the heart of the president’s new campaign theme. In order to be able to...
  • Jon Kyl: I’d quit supercommittee over defense cuts

    09/08/2011 12:50:31 PM PDT · by La Enchiladita · 44 replies
    Politico ^ | Sept. 8, 2011 | Charles Hoskinson
    They’ve only met once, but Sen. Jon Kyl is already threatening to quit the deficit busting supercommittee if the panel pushes more defense cuts. “I’m off the committee” if there are deeper cuts to the military, Kyl warned at a forum sponsored by several conservative think tanks, including AEI, the Foreign Policy Institute, and the Heritage Foundation. ...Kyl and others are also deeply worried about the so-called “trigger” in the debt-limit law passed last month. If the supercommittee fails to reach between $1.2 trillion and $1.5 trillion in spending cuts, there will be automatic cuts in defense spending and Medicare....
  • Six Reasons the Supercommittee Will Succeed

    09/04/2011 4:13:26 PM PDT · by SeekAndFind · 33 replies
    Real Clear Politics ^ | 09/03/2011 | Paul Weinstein
    Whatever you think of Standard and Poor’s decision to downgrade America’s credit, their justification was fairly plain. Political gridlock has managed to scuttle several successive efforts to get a handle on the federal debt. And few, if anyone, is sanguine that the new “supercommittee” in Congress will have any better luck. But a closer look reveals that, despite the nation’s pessimism, there are several reasons to believe that the 12-member supercommittee may be able to implement a plan that sets the nation back on track. The setup has been rigged to force a deal. So, in an age where “shorting”...
  • Job One for the Super-Committee: Cut the New Health Entitlement’s Cost (If they're serious)

    08/24/2011 6:38:44 AM PDT · by SeekAndFind · 3 replies
    Economics 21 ^ | 08/24/2011 | Charles Blahous
    The recent drama over the federal debt ceiling resulted in legislation that resolves the government’s operational debt management issues through early 2013. Left unresolved, however, was the critical matter of how to repair the government’s larger fiscal imbalance. The next step in this process will be taken by a bipartisan budget “super committee” consisting of twelve Senators and Congressmen, established in that same legislation.This special committee is charged with developing recommendations, due later this fall, to achieve $1.5 trillion in deficit reduction over the next ten years. The White House, continuing its rhetorical approach employed during recent budget negotiations, has...
  • ‘Super committee’ Republican: Simplify taxes (Toomey: Don't tax, don't spend)

    08/20/2011 6:51:57 PM PDT · by TigerLikesRooster · 46 replies
    Market Watch ^ | 08/20/11 | Robert Schroeder
    Aug. 20, 2011, 2:50 p.m. EDT ‘Super committee’ Republican: Simplify taxes More spending ‘very bad idea,’ tea-party favorite Sen. Toomey says By Robert Schroeder, MarketWatch WASHINGTON (MarketWatch) — The 12-member “super committee” tasked with cutting the U.S. budget deficit has a “great opportunity” to simplify the tax code, Sen. Pat Toomey says. What it won’t do, if the Pennsylvania Republican gets his way, is spend any government money in an attempt to boost economic growth. Spending, the former Club for Growth president said in a phone interview with MarketWatch, is “an artificial way that the government tries to conjure up...
  • NTUF Analysis: "Super Committee" Lawmakers Start Far Apart on Spending Reduction Ideas

    08/19/2011 7:04:57 PM PDT · by WOBBLY BOB · 6 replies
    NTU ^ | 8-18-11 | Pete Sepp
    The 12 panel members have legislative agendas whose individual impact on the budget would vary widely, from an annual cut in federal expenditures of just over $85 billion to a yearly increase of more than $1.15 trillion.