Obama endorses 'Gang of Six' deficit plan

[txbo]

President Barack Obama gave his endorsement Tuesday to a deficit reduction plan offered by a bipartisan group of six senators, urging congressional leaders to use that blueprint as the basis for a bill that he can sign into law before the Aug. 2 debt limit deadline.

www.msnbc.msn.com/id/43807163/ns/politics-capitol_hill/

[privateinvestor]

Jul 19, 2011 15:51:21 GMT -5 txbo said:

President Barack Obama gave his endorsement Tuesday to a deficit reduction plan offered by a bipartisan group of six senators, urging congressional leaders to use that blueprint as the basis for a bill that he can sign into law before the Aug. 2 debt limit deadline.

www.msnbc.msn.com/id/43807163/ns/politics-capitol_hill/

Yes but will the "gang of six" plan pass muster in the House??? Will it ever get to Obama's desk??

[txbo]

The market loves it so I love it, as will many Americans.

[djAdvocate]

Jul 19, 2011 16:01:17 GMT -5 txbo said:

The market loves it so I love it, as will many Americans.

the last time something like this happened, the market actually brought congress to the table. maybe it will work again.

[humok]

Why should we pay more taxes? Why doesn't the fed Govt simply cut money out of the welfare to other countries instead of making us pay more? All a bunch of BS.

[handyman2]

Gang of Six sounds like a bunch of bank robbers.

[txbo]

Jul 19, 2011 19:20:47 GMT -5 handyman2 said:

Gang of Six sounds like a bunch of bank robbers.

It does paint a picture of seedy characters.

[mwcpa]

could it be that Ds, Rs and TPs can get along....applause for the 6 level headed Senators, who actually put together a compromise and did not just stick their feet in the mud, they seem to favor doing what is best for the country over what is best for ideology and the extremist.

"Why should we pay more taxes"

That does not seem to necessarily be the result of the plan for many....from the plan as I found it at i2.cdn.turner.com/cnn/2011/images/07/19/a.bipartisan.plan.to.reduce.our.nations.deficits_final.pdf


"Require the Finance Committee to report tax reform within six months that would deliver real
deficit savings by broadening the tax base, lowering tax rates, and generating economic
growth as follows:
• Simplify the tax code by reducing the number of tax expenditures and reducing individual
tax rates, by establishing three tax brackets with rates of 8–12 percent, 14–22 percent,
and 23–29 percent.
• Permanently repeal the $1.7 trillion Alternative Minimum Tax.
• Tax reform must be projected to stimulate economic growth, leading to increased
revenue.
• Tax reform must be estimated to provide $1 trillion in additional revenue to meet plantargets and generate an additional $133 billion by 2021, without raising the federal gas
tax, to ensure improved solvency for the Highway Trust Fund.
• If CBO scored this plan, it would find net tax relief of approximately $1.5 trillion.
• To the extent future Congresses find that the dynamic effects of tax reform result in
additional revenue beyond these targets, this revenue must go to additional rate
reductions and deficit reduction, not to new spending.
• Reform, not eliminate, tax expenditures for health, charitable giving, homeownership,
and retirement, and retain support for low-income workers and families.
• Retain the Earned Income Tax Credit and the Child Tax Credit, or provide at least the
same level of support for qualified beneficiaries.
• Maintain or improve the progressivity of the tax code.
• Establish a single corporate tax rate between 23 percent and 29 percent, raise as much
revenue as the current corporate tax system, and move to a competitive territorial tax
system."

Getting rid of the complicated and repressive AMT for lower rates and reformed (meaning less) deductions for individuals may be a good deal, but one needs to see the actual plan to run the numbers... requiring Congress to pass on any greater than expected revenue increases to the people in the form of tax rate reductions and not special interest spending through the tax law all sounds good.... again, let's see the actual bill and the thousands of revisions by the other members Congress and the Senate (just hopefully this time the lobbyists and special interest will stay out, but I doubt it, there will be a 'bridge to nowhere' or two buried in any deal)

[floridayankee]

Jul 20, 2011 0:25:50 GMT -5 txbo said:

Jul 19, 2011 19:20:47 GMT -5 handyman2 said:

Gang of Six sounds like a bunch of bank robbers.

It does paint a picture of seedy characters.

So do the terms senator, congressman and politician.

[txbo]

Former President Bill Clinton said if faced with default, he would single-handedly raise the debt ceiling using the 14th Amendment and he'd do it "without hesitation, and force the courts to stop me.”

Clinton also said he thinks that the fact that Congress is allowed to first appropriate funds and then gets a second vote on whether to pay for them is "crazy."

www.npr.org/blogs/thetwo-way/2011/07/19/138511612/bill-clinton-says-hed-raise-the-debt-ceiling-using-14th-amendment?ft=1&f=1001&sc=tw

[jkapp]

>>• Retain the Earned Income Tax Credit and the Child Tax Credit, or provide at least the
same level of support for qualified beneficiaries.<<

Still not giving up the entitlement gravy train, I see. How about if we're going to give out the EIC we limit what it can be spent on. The last co-worker I knew who received her refund with EIC used it for a vacation to a resort casino. Not exactly a well-created wealth redistribution plan...

[floridayankee]

Jul 20, 2011 9:58:24 GMT -5 jkapp said:

The last co-worker I knew who received her refund with EIC used it for a vacation to a resort casino. Not exactly a well-created wealth redistribution plan.

What do you mean? It was redistributed from one evil, rich bass-turd to another via the financially handicapped.

[pepper112765]

Jul 20, 2011 9:58:24 GMT -5 jkapp said:

>>• Retain the Earned Income Tax Credit and the Child Tax Credit, or provide at least the
same level of support for qualified beneficiaries.<<

Still not giving up the entitlement gravy train, I see. How about if we're going to give out the EIC we limit what it can be spent on. The last co-worker I knew who received her refund with EIC used it for a vacation to a resort casino. Not exactly a well-created wealth redistribution plan...

So you object to a direct tax benefit as opposed to the indirect ones that those that own homes, pay real estate taxes, pay for college enjoy?

[handyman2]

Have people looked closly at the preposals by the gang of six? They lay out some good points. The catch is that once it is voted in parts of it are based on what they plan to happen not actually making changes. We know how this goes. Promises made but never kept. No wonder Obama endorses it.
Plainly it is just kicking trhe can down the road as some say.

[Cookies Galore]

Jul 19, 2011 19:20:47 GMT -5 handyman2 said:

Gang of Six sounds like a bunch of bank robbers.

I was thinking Gang of Four tribute band.

[privateinvestor]

The so called "Gang of Six" Deficit Plan is much too complicated and contentious to be approved by both parties in the congress. So with the clock clicking down to zero hour, go with the so called the "Hail Mary" pass for now..

[Angel!]

I'm a little confused why Obama is supporting this plan & saying it is like what he proposed. It has the spending cuts he proposed, but instead of $1 Trillion tax increase there is a 1.5 Trillion tax decrease. Kind of sounds like it isn't that similar to his plan at all. Maybe he realizes he is out of time & options & he better throw his support behind something that might actually pass.

In fact, I would think the republicans would consider this a win. But, maybe they can't see it as a win since the pres publically supported it before they had the opportunity. We all know they can't possibly like something the president endorses.

[Angel!]

Jul 20, 2011 9:58:24 GMT -5 jkapp said:

>>• Retain the Earned Income Tax Credit and the Child Tax Credit, or provide at least the
same level of support for qualified beneficiaries.<<

Still not giving up the entitlement gravy train, I see. .

Wouldn't getting rid of the child tax credit or EITC be a tax increase? Aren't republicans against all tax increases even those that are the result of getting rid of a credit or loophole?

I love how the republicans complain on one hand that 50% pay no income tax & then also insist that there will be no tax increases. How do they expect these people to pay more if they don't increase taxes?

[mwcpa]

"Wouldn't getting rid of the child tax credit or EITC be a tax increase?"

Yes it would to those who benefit from it, I assume your question was rhetorical, but I had to answer it....

It's amazing, closing "corporate jet" loopholes will kill jobs as it is a tax increase, but let's get rid of EIC since it is not a form of tax increase...

Personally I feel the EIC should not be in the tax law since it is a form of welfare, but it's there and eliminating it would therefore be a tax increase by the definition used by House Republicans.

[BeenThere...DoneThat...]

...it's long past time to stop EITC... collecting taxes would be a good use of IRS payroll...

...I can suggest a few more ideas, if you want... ;D

[djAdvocate]

Jul 19, 2011 19:13:59 GMT -5 humok said:

Why should we pay more taxes? Why doesn't the fed Govt simply cut money out of the welfare to other countries instead of making us pay more? All a bunch of BS.

there is actually a good answer to that, but very few people are talking about it.

cutting spending will not generate any job growth, which is what we need to get things going.

[djAdvocate]

Jul 20, 2011 13:03:32 GMT -5 Cookies Galore said:

Jul 19, 2011 19:20:47 GMT -5 handyman2 said:

Gang of Six sounds like a bunch of bank robbers.

I was thinking Gang of Four tribute band.

capital- it fails us now!

[privateinvestor]

Yea but realistically do you think the congress will approve the Gang of Six Plan??? I just don't think there is enough time for this bill to be debated, lobbied, diced, spliced and amended which is the usual process for new pieces of legislature in our congress..

It has much the same proposals from the Simpson/Boiles Debt Reduction Committee and that was tossed in the trash can by the congress

[djAdvocate]

Jul 20, 2011 20:05:02 GMT -5 @privateinvestor said:

Yea but realistically do you think the congress will approve the Gang of Six Plan??? I just don't think there is enough time for this bill to be debated, lobbied, diced, spliced and amended which is the usual process for new pieces of legislature in our congress..

It has much the same proposals from the Simpson/Boiles Debt Reduction Committee and that was tossed in the trash can by the congress

i would like to think that the urgency of the situation would light a fire under their asses. but given that they are currently debating something that has no chance of passing, i guess that is false hope, eh?

[privateinvestor]

Jul 20, 2011 20:16:19 GMT -5 djAdvocate said:

Jul 20, 2011 20:05:02 GMT -5 @privateinvestor said:

Yea but realistically do you think the congress will approve the Gang of Six Plan??? I just don't think there is enough time for this bill to be debated, lobbied, diced, spliced and amended which is the usual process for new pieces of legislature in our congress..

It has much the same proposals from the Simpson/Boiles Debt Reduction Committee and that was tossed in the trash can by the congress

i would like to think that the urgency of the situation would light a fire under their asses. but given that they are currently debating something that has no chance of passing, i guess that is false hope, eh?

One of the salesmen for the Gang of Six Plan is senator Kent Conrad and he is trying to convince Boehner, Cantor and Ryan to go along with this plan behind the scenes so let's see how good a saleman he is or is not..

[djAdvocate]

Jul 20, 2011 20:20:28 GMT -5 @privateinvestor said:

Jul 20, 2011 20:16:19 GMT -5 djAdvocate said:

i would like to think that the urgency of the situation would light a fire under their asses. but given that they are currently debating something that has no chance of passing, i guess that is false hope, eh?

One of the salesmen for the Gang of Six Plan is senator Kent Conrad and he is trying to convince Boehner, Cantor and Ryan to go along this plan behind the scenes so let's see how good a saleman he is or is not..

that sounds like pretty good strategy to me.

[privateinvestor]

Conrad has two more days to seal the Gang of Six plan since 22 July is supposed to be the drop dead date to get this bill passed through congress by 02 August so it will be interesting to see what happens over the next two weeks in Washington DC....the blame games are already heating up and it is not because of the high temps in the Capital..

[handyman2]

The problem with the gang of six plan is that here is no way it can be put together rated and brought to the floor by Aug. 2nd and get enough votes in the house by repubs and dems. The house has already passed a plan and the senate will attempt to bring it to a vote on it Saturday and if it passes Obama says he will veto it. For him and the democrats that vote against it that would be political suicide and put the Republicans in the drivers seat for the 2012 elections. But for some strange reason I feel he does not care.

[safeharbor37]

I love how the republicans complain on one hand that 50% pay no income tax & then also insist that there will be no tax increases. How do they expect these people to pay more if they don't increase taxes?

[dancinmama]

My understanding is that the Gang of Six plan is a deficit reduction plan ONLY and the "outline" does not yet include anything related to raising the debt ceiling.

These idiots in Washington are running out of time. The republicans passed the Cut, Cap, and Balance bill; but it has no hopes in the Senate (I don't think). IF it would pass the Senate, I think Obama would have no choice but to sign it.

Assuming that that is not going to happen, the House republicans need to come up with a backup plan (and who knows, they might already have one) for something shorter term, that requires deep deficit reductions, in exchange for a smaller debt ceiling increase. I hate to see them go through this whole bullcrap exercise again, but I think that's where we're headed.