deziloooooo
Senior Associate
Joined: Dec 20, 2010 16:22:04 GMT -5
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Post by deziloooooo on Feb 13, 2011 13:38:33 GMT -5
Since President budget will be presented shortly..there is already differences coming out between the Administrations suggestions and the Oppositions {pubs}suggestions , I thought a review of the Bi Partisan commissions suggestions and some ideas from the opposition might be helpful for those following the arguments ----------------------------------------------------------------------- "Republican proposalsRep. Paul Ryan (R) has proposed the Road map for America's Future, which is a series of budgetary reforms. His January 2010 version of the plan includes partial privatization of Social Security, the transition of Medicare to a voucher system, discretionary spending cuts and freezes, and tax reform.[147] A series of graphs and charts summarizing the impact of the plan are included.[148] Economists have both praised and criticized particular features of the plan.[149][150] The CBO also did a partial evaluation of the bill.[151] The Center for Budget and Policy Priorities (CBPP) was very critical of the Road map.[152] Rep. Ryan provided a response to the CBPP's analysis.[153]
The Republican Party website includes an alternative budget proposal provided to the President in January 2010. It includes lower taxes, lower annual increases in entitlement spending growth, and marginally higher defense spending than the President's 2011 budget proposal.[154] During September 2010, Republicans published "A Pledge to America" which advocated a repeal of recent health care legislation, reduced spending and the size of government, and tax reductions.[155] The NYT editorial board was very critical of the Pledge, stating: "...[The Pledge] offers a laundry list of spending-cut proposals, none of which are up to the scale of the problem, and many that cannot be taken seriously."[156]
[edit] Fiscal reform commission President Obama established a budget reform commission, the National Commission on Fiscal Responsibility and Reform, during February, 2010. The Commission "shall propose recommendations designed to balance the budget, excluding interest payments on the debt, by 2015. This result is projected to stabilize the debt-to-GDP ratio at an acceptable level once the economy recovers." The Commission's report is due by December 1, 2010.[157]
The Commission released a draft of its proposals on November 10, 2010. It included various tax and spend adjustments to bring long-run government tax revenue and spending into line at approximately 21% of GDP. For fiscal year 2009, tax revenues were approximately 15% of GDP and spending was 24% of GDP. The Co-chairs summary of the plan states that it:
Achieves nearly $4 trillion in deficit reduction through 2020 via 50+ specific ways to cut outdated programs and strengthen competitiveness by making Washington cut and invest, not borrow and spend. Reduces the deficit to 2.2% of GDP by 2015, exceeding President’s goal of primary balance (about 3% of GDP). Reduces tax rates, abolishes the alternative minimum tax, and cuts back door spending (e.g., mortgage interest deductions) in the tax code. Stabilizes debt by 2014 and reduces debt to 60% of GDP by 2024 and 40% by 2037. Ensures lasting Social Security solvency, prevents projected 22% cuts in 2037, reduces elderly poverty, and distributes burden fairly.[158] The Center on Budget and Policy Priorities evaluated the draft plan, praising that it "puts everything on the table" but criticizing that it "lacks an appropriate balance between program cuts and revenue increases."[159]
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deziloooooo
Senior Associate
Joined: Dec 20, 2010 16:22:04 GMT -5
Posts: 10,723
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Post by deziloooooo on Feb 13, 2011 13:42:44 GMT -5
To moderators..realize it is long...but it IS only a small part of the article. Want me to cut it down, just send me a PM , will comply with links to the LOOONNGGG article..hey the budget it is LOOOONNNNGGG..but what ever you want, you get, just let me know,
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Deleted
Joined: Mar 28, 2024 5:24:46 GMT -5
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Post by Deleted on Feb 13, 2011 14:43:08 GMT -5
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Deleted
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Post by Deleted on Feb 13, 2011 14:47:03 GMT -5
Big problem here is just like the immigration issue-- neither side wants to touch entitlements first. No one is going to win here. Jobs will be lost, entitlements will be cut, that's where we are right now, and someone needs to get up the nerve to do it. Some think we are on the way back UP. I am not even sure, from all I read, that we are at the BOTTOM yet.
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Deleted
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Post by Deleted on Feb 13, 2011 14:52:45 GMT -5
news.yahoo.com/s/ap/us_mcconnellMcConnell says Obama agenda is `over' ....McConnell also laid out the strategy of Senate Republicans, saying, "Whatever the House can get out of the House with a majority vote is the goal of the Senate." While Republicans remain in the minority in the Senate, McConnell said Democratic senators facing re-election next year have a political motivation to join GOP lawmakers in pushing for spending cuts. "We'll see how many of them come over and join us and begin to tackle our annual deficit," he said. McConnell said the national debt has grown rapidly with the stimulus spending under Obama, and yet national unemployment remains stubbornly high. McConnell warned that cutting federal spending won't come without some pain. "Everybody is going to have to do with less if we're going to get this job done," he said. "And we need to get it done." MORE
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