Action? Don't bank on it

As tax and spending crisis looms, Congress shamefully drags its feet

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There’s not only another recession on the horizon, but your U.S. Congress is helping put it there.

The nonpartisan Congressional Budget Office predicted this past week that continued inaction on tax and spending policy by Congress “would lead to economic conditions in 2013 that will probably be considered a recession.”

Bush-era tax rates are set to expire next year, raising taxes on millions of Americans. Meanwhile, Congress, in the hopes that a deadline would inspire it to actually cut federal spending thoughtfully, set up a system of blunt and potentially very damaging automatic across-the-board spending cuts that take effect in January.

The cuts would have a devastating effect on our nation’s defenses – though you wouldn’t know it from our Campaigner-in-Chief, who hasn’t lifted a finger to try to stop them.

“He is commander-in-chief,” says Sen. John McCain, “and right now on this issue of the most serious national security consequences, he’s AWOL.”

The combination of tax increases and spending cuts, writes the Associated Press, would mean “in effect sucking roughly $400 billion out of a U.S. economy that is already struggling.”

All this happens unless Congress takes action.

Economic experts say the uncertainty of it all is helping tamp down economic activity now.

Don’t bank on anything getting done before the election, either. While both parties are to blame for the mess we’re in, the president and Democrats in Congress think it’s more important to make a political point than to actually fix what ails the economy. Instead of agreeing to extend current tax rates, Democrats want to look good for their base by fighting for tax increases on upper-income Americans who, it should be noted, already pay the lion’s share of federal taxes.

President Obama himself has, in the past, argued against increasing taxes in a down economy.

As for thoughtful (and urgently needed) spending cuts, Democrats chronically exhibit a Type 1 hypersensitivity reaction anytime they get a whiff of smaller government. And yet they seem willing to blindly take a dull axe to the budget – again, as long as they’re making what they think is a politically popular point.

The truth is, neither party has covered itself in glory in this disgraceful episode.

What we are seeing today must be particularly galling to the remaining veterans of World War II, who gave us the best years of their lives to defeat tyranny on two ends of the globe. That our “leaders” in Washington can’t muster the mere mettle to balance our budget, or even talk with each other in a rational way to avoid what some are calling “Taxmageddon” next year, is an insult to the men and women who once made this the greatest nation on Earth.

Shame on all of those responsible.

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constituent
164
Points
constituent 08/26/12 - 10:11 pm
1
17
I want to see President stand

I want to see President stand his ground, I rather see tax increase for all Americans before we extend the Bush tax cuts for the rich. There's no excuse for any more delays on Nov. 6 lets vote out Tea Party Republicans in Congress across the fifty states. Since,Tea Party Republicans took controlled of the House in Congress( 2010) all they did for the past two years was voted 33 times to repeal President Obama's health care law,and refused to bring not one jobs bill to the floor for a vote all to make the economy sour,so voters would think is President Obama fault for high unemployment, that trick want work on Nov. 6 we sending you Republican clowns home packaging.

gargoyle
19557
Points
gargoyle 08/26/12 - 11:39 pm
5
1
How can a small group of tea

How can a small group of tea party canidates be causing so much carnage? The party who have not submited a budget that even their own members can vote on is the Democratic party. Puzzel me this ,why have the senate leaders (Harry Reid ) road blocked Budget bills making it to the floor ? The President has been AWOL since taking office and with help from Reid they have held the American people hostage by inaction. Blame and spin have no place in government , Lets talk about sound policies and cut the blame shifting.This isn't the Springer show that the President is trying to make it out to be and as leader of the free world it should have commanded more of his attention. The Dems scorched earth win at any cost has not put this country in a good path to solving any issues we face.The class warfare game that Obama has played will fester into a wound that will not heal quickly. We need statesmen not political hacks, if this climate of hyper gotcha politics can't be changed I fear for my childrens future.

carcraft
27886
Points
carcraft 08/27/12 - 12:12 am
7
2
Obamabots are Amazing

The President has done NOTHING but play golf and campaign! The Democrats control the Presidency and the Senate yet we get nothing, nada, zip zero from either. Then Obama says it is the evil Republicans. 50% of American households pay NO income tax. The top 10% pay about 80% of all income tax, ANY income tax cuts should favor the "wealthy"! Besides for years were lied to and told the Bush tax cuts were ONLY for the wealthy! What a complete joke. The Democrats can't keep straight the lies they are telling when!

dichotomy
36283
Points
dichotomy 08/27/12 - 06:56 am
9
1
The Republicans in the House

The Republicans in the House have been the ONLY ones passing jobs bills. Democrat Senator Harry Reid won't bring those bills up for a vote because he is afraid his own Democrats would vote for them. Harry Reid is the epitome of an obstructionist. He won't bring legislation up for a vote because he is protecting Obama from being embarrassed by Democrats voting for common sense legislation sent over from the Republican controlled House. As for the votes to repeal Obamacare, it IS the will of the majority of American people in EVERY poll that Obamacare needs to be repealed and replaced.

We not only need to repeal Obama and Obamacare in November....we need to put Harry Reid back in the little office they reserve for the minority leader.

Little Lamb
47986
Points
Little Lamb 08/27/12 - 06:57 am
8
1
Jobs

Do you remember in State of the Union speech after State of the Union speech that President Obama said he would focus like a laser on job creation? Instead, he courts Hollywood campaign cash and polishes his golf game. In place of jobs, we have food stamps and unemployment compensation benefits.

We must escort the president into his own unemployment line this November.

freeradical
1144
Points
freeradical 08/27/12 - 07:12 am
6
1
Pimping out secret military

Pimping out secret military procedures , & operations , as well as

forced social engineering ( homosexual practice compliance ) for

for self-glorifying pure political puposes is the longstanding & only use

nanny state liberals have ever seen for the military.

Nothing new here.

Beyond that it is nothing more than a big liberal piggy bank to be

raided.

This ain't brain surgery.

Doug Duncan
348
Points
Doug Duncan 08/27/12 - 07:32 am
7
1
Liberty

Our real challenge is that liberals don't want smaller government. They believe government is a tool to be used to bring about what author Mark Levin calls "Ameritopia". A utopian society where the individual must become subordinated and reliant upon the State, instead of his own initiative. As Carcraft states above 50% of American's do not pay income tax. 66% of the taxes collected in the US are paid out as entitlements. Liberals are slowly transforming our great nation into a society into governmental dependents. Their plan is unfolding right before our eyes. Obamacare is the next great intrusion. I beileve without a doubt that the President is not AWOL. He is actively implementing his plan. We must do everything in our power to stand in the gap and save liberty.

TParty
6003
Points
TParty 08/27/12 - 07:59 am
1
3
What does the nonpartisan

What does the nonpartisan Congressional Budget Office say about the Bush Tax cuts, and how it effects the deficit?

How can John McCain - a member of Congress- complain that someone else is not doing his job for him? Does he want President Obama to write some bills for him?

ACES said so themselves, "All this happens unless Congress takes action."

ObamaCare has passed- and the Supreme Court said it's fine. What does the nonpartisan Congressional Budget Office say about ObamaCare and how is saves money?

Angie H
4300
Points
Angie H 08/27/12 - 08:02 am
5
0
constituent writes "I rather

constituent writes "I rather see tax increase for all Americans before we extend the Bush tax cuts for the rich."

So why is it if they are reinstated, they are only for the rich, but if they expire, then EVERYONE'S taxes increase? Care to explain that?

Angie H
4300
Points
Angie H 08/27/12 - 08:04 am
5
0
"What does the nonpartisan

"What does the nonpartisan Congressional Budget Office say about ObamaCare and how is saves money?"

Is that before or after the SCOTUS said you can't be forced to participate?

TParty
6003
Points
TParty 08/27/12 - 08:09 am
0
3
SCOTUS ruled that the law is

SCOTUS ruled that the law is constitutional. So what does the CBO say about it?

rmwhitley
5547
Points
rmwhitley 08/27/12 - 08:16 am
0
1
All of
Unpublished

you misdirected liberals. Who do you think you are? obama's term for the "rich" actually affects DIRECTLY the household incomes of anyone making over $30,000 yearly. Hide and watch. Haiti, move over, cause we will be sending boatloads of Americans to you in order to find a better living.

Angie H
4300
Points
Angie H 08/27/12 - 09:23 am
4
0
The SCOTUS said you can not

The SCOTUS said you can not be forced to purchace insurance, but you can be charged a tax if you don't.....have they re-jiggered the numbers since then? Have they updated using the actual cost numbers, or are they still using the original ones?

What does the CBO say when they get the ACTUAL costs, instead of what the Obama admin gave them..... GIGO (garbage in garbage out)

lovingthesouth72
1399
Points
lovingthesouth72 08/27/12 - 09:04 am
7
2
It's time to grow up -

Putting aside the dems vs reps ever present rivalry, I think we should take an honest look at the current administration and see what's going on. Here we have a group of folks in the White House that spend recklessly and expect others to pay for it. For the past three years they have not submitted a budget. They also promote and endorse casual sex (with the help of Planned Parenthood as they host the party at the Democratic Convention titled "Sex, Cocktail and Politics"). This, my friends, sounds like the average teenager to me (( I will spend all I want, have sex all I want, and pay for it with mom and dad's credit card)). What's really sad is that I actually know teenagers that behave more responsibly than those currently occupying the White House. It's time to get the grownups back in the White House and running, not ruining, this country. Romney and Ryan have a plan to restore this great country. They are men with a plan, not an agenda. Even the international magazine The Economist has endorsed the Ryan/Romney ticket, and they are not the most conservative publication. Heck, even in Washington, on both sides of the political isle, you hear that no one can compare to Ryan in his expertise of fiscal policy and budget. And then you have Romney's ability to create jobs. It's time to get America back on track. If you have any shred of IQ, you will know that the right thing for this great country is to get Obama and his administration out of the White House, regardless of what political party affiliation you currently have. They had four years, and they have failed. The facts prove it.

burninater
9799
Points
burninater 08/27/12 - 12:00 pm
0
3
A utopian society where the

A utopian society where the individual must become subordinated and reliant upon the State, instead of his own initiative.
------
Nonsense. What people want is a society where the deck is not so fully stacked in favor of entrenched wealth that they don't have to watch as the fruit of the struggles of their parents and grandparents are sucked out of this great country by individuals whose only moral prerogrative is ROI.

Angie H
4300
Points
Angie H 08/27/12 - 12:11 pm
3
0
Yeah. We must fight to make

Yeah. We must fight to make sure that the wealthy can't keep what they worked for. The deck is stacked in favor of those who take risks, work hard and make good decisions. That has got to change. From each according to his ability, to each according to his needs.......where have I heard that before?

burninater
9799
Points
burninater 08/27/12 - 12:38 pm
0
2
Some people live on the

Some people live on the slippery slope. Preventing the corruption that allows 0.1% of the population to reap 50% of nation's capital gains does not equal becoming communist. That is such a tired old dishrag of an untruth.

Hard work and good decisions do not give you $300 million dollar severance packages after your bank loses billions.

Hard work and good decisions do not give you effective tax rates lower than individuals who have one one-hundredth of your annual income.

Hard work and good decisions do not allow you to create shell corporations on small foreign islands to suck American wealth out of America.

To think that those things are the products of hard work and good decisions is head-in-the-sandism of the finest order.

Angie H
4300
Points
Angie H 08/27/12 - 12:44 pm
1
0
Smart negotiations get you a

Smart negotiations get you a $300 million severance package. Wealth envy is an ugly thing.

Angie H
4300
Points
Angie H 08/27/12 - 01:03 pm
6
0
Laziness and poor decisions

Laziness and poor decisions CAN get you a tax rate of 0%.

Angie H
4300
Points
Angie H 08/27/12 - 01:04 pm
3
0
I guess my head in the

I guess my head in the sand....wealth is just the product of stealing from the poor, something that they don't have. They didn't work for any of it.

TParty
6003
Points
TParty 08/27/12 - 01:24 pm
0
1
Lovingthesouth

Did The Economist endorse Romney? Here is an article I read only yesterday:

http://www.economist.com/node/21560864?fsrc=scn/tw/te/pe/somittwhatdoyou...

In case you, or others don't want to read it- here is how it opens:

"WHEN Mitt Romney was governor of liberal Massachusetts, he supported abortion, gun control, tackling climate change and a requirement that everyone should buy health insurance, backed up with generous subsidies for those who could not afford it. "

Again- we have people blaming the White House for spending- but Congress is the one that controls the money!! That is not the Presidents job!!

Do people not know what Simpson-Bowles plan is?

Romney is not backing Ryan's plan. It was one of the first things that happened when Ryan joined the ticket. Ryan himself has said they are doing it Romney's way, not his .

If you have any shred of IQ, you would know everything you stated is false, and even a lie.

Stopping the free fall of lost jobs that occurred under the previous administration, and continued in the first month of when Obama was in office- to having 4.5 million jobs created is nothing scoff at.

Does that mean things are peachy? Nope. Does that mean everyone has a job? Nope. But do not pretend that nothing has happened. People seem to forget how bad things were falling apart in 07, and how bad it got in 08.

harley_52
25117
Points
harley_52 08/27/12 - 01:24 pm
2
1
Management talent....

....not unlike football, basketball, brain surgery, or artistic talent can all gey you mega-bucks if you're good enough to rise above the herd. Heck, for that matter, even a superb geologist can make a lot more money than the garden variety type that often end up working for the government, or teaching.

The Kerry's, the Kennedys, the Reids, and the Boxers of the world all run around acting like they really, really care about the poor and the middle class. They don't. Nor do most of the left-wing posers who profit from and enjoy the very same Capitalistic society they act like they abhor.
Hypocrites, one and all.

harley_52
25117
Points
harley_52 08/27/12 - 01:28 pm
3
1
"....wealth is just the product....

........of stealing from the poor, something that they don't have. They didn't work for any of it."

Now you've got it, Angie. You can become an icon of the far left if you'll just keep repeating that loudly enough, often enough, and on camera. It helps if you can fake a tear in your eye, and get your lip to quiver too. :)

Angie H
4300
Points
Angie H 08/27/12 - 01:30 pm
3
0
What was the national debt

What was the national debt and unemployment rate in 08? 4.5 million jobs IS something to scoff at if you the unemployment rate keeps going up. It means you haven't done good enough. Job creation under Bush was not that good, primarily because the unemployment rate wasn't as high....ie there weren't as many people needing new jobs. If my house is not on fire, my "fire extinguishing rate" will not be that good either.

Angie H
4300
Points
Angie H 08/27/12 - 01:31 pm
1
0
I know, Harley.....the

I know, Harley.....the liberals want us to believe that the wealthy somehow stole their wealth......they couldn't have earned it.....right?

Angie H
4300
Points
Angie H 08/27/12 - 01:44 pm
3
0
TParty. I think most

TParty. I think most conservatives agree that Romney isn't the best choice the Republicans could have made, but still an infinitely better choice than the current President.

TParty
6003
Points
TParty 08/27/12 - 02:14 pm
0
3
Better than which

Which Romney is better? The one whose record we can check and look at the actual evidence? Or the Romney of today, who doesn't say much except he's not Obama?

When Bush left office, unemployment rate was 7.3%. It is currently 8.3%

Not to mention the debt caused under the Bush admin. Going to war without paying for it. The Bush tax cuts- the CBO say the Bush-era tax cuts were the single biggest contributor to the deficit over the past decade. Medicare Plan D- the list can go on.

There are some things that Obama has done as well to make it worse/more accurate. For instance:

-accounting for the wars in Iraq and Afghanistan ("overseas military contingencies") in the budget rather than through the use of supplemental appropriations;

-assuming the Alternative Minimum Tax will be indexed for inflation;

-accounting for the full costs of Medicare reimbursements; and

-anticipating the inevitable expenditures for natural disaster relief.

None of these items were accounted correctly. These changes will make the debt over ten years look $2.7 trillion larger than it would otherwise appear.

Doug Duncan
348
Points
Doug Duncan 08/27/12 - 03:24 pm
3
0
Burninater

Do you have any facts to back up your assertions or are they just conjecture? What I see is a growing segment of our society that is increasingly dependent upon government handouts. Those handouts come from taxing those who produce or borrowing. That is a fact you cannot deny.

harley_52
25117
Points
harley_52 08/27/12 - 04:10 pm
3
0
The "Unemployment Rate"....

...is not necessarily what it seems. Politicians know that well. Since the announced "unemployment rate" represents a fraction of the people who are "participating in the labor force" one way to manipulate that number is to stop large numbers of people from "participating."

How do you do that? One way is to put them on disability, as Obama has learned well.

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