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Archive for Saturday, July 9, 2011

Boehner to seek smaller $2T debt deal

July 9, 2011

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— House Republican budget negotiators have abandoned plans to pursue a massive $4 trillion, 10-year deficit reduction package in the face of stiff GOP opposition to any plan that would increase taxes as part of the deal.

House Speaker John Boehner informed President Barack Obama Saturday that a smaller agreement of about $2 trillion was more realistic.

In a statement issued Saturday evening, Boehner said: “Despite good-faith efforts to find common ground, the White House will not pursue a bigger debt reduction agreement without tax hikes.”

The White House responded that Obama will continue to push to make as much progress on deficit reduction as possible.

Boehner’s statement came a day before he and seven of the top House and Senate leaders were scheduled to meet at the White House in a negotiating session and lay out their remaining differences.

A deficit reduction deal is crucial to win Republican support for an increase in the nation’s debt ceiling. The government’s borrowing capacity is currently capped at $14.3 trillion and administration officials say it will go into default without action by Aug. 2.

Obama tried to build political support for an ambitious package of spending cuts and new tax revenue that would reduce the debt by $4 trillion over 10 years. But from the moment he proposed it, Republicans said they would reject any tax increases and Democrats objected to spending cuts in some of their most prized benefit programs, including Medicare, Medicaid and Social Security.

A bipartisan group of lawmakers led by Vice President Joe Biden had already identified, but not signed off on, about $2 trillion in deficit reductions, most accomplished through spending cuts.

But after holding a secret meeting with Boehner last weekend, Obama and his top aides said they believed an even bigger figure was attainable if both parties made politically painful, but potentially historic, choices.

In the end, the pressure from both sides was pushing against Obama’s bigger goal.

“I believe the best approach may be to focus on producing a smaller measure, based on the cuts identified in the Biden-led negotiations, that still meets our call for spending reforms and cuts greater than the amount of any debt limit increase,” Boehner said.

White House Communications Director Dan Pfeiffer said that Obama intended to continue to push for as big a deficit reduction number as possible and that tax revenue be part of the mix.

“The president believes that solving our fiscal problems is an economic imperative. But in order to do that, we cannot ask the middle-class and seniors to bear all the burden of higher costs and budget cuts,” Pfeiffer said. “We need a balanced approach that asks the very wealthiest and special interests to pay their fair share as well, and we believe the American people agree.”

Comments

Richard Heckler 3 years, 2 months ago

The Congressional Progressive Caucus People's Budget proposal is gaining some big-time momentum, but we need to up the ante even further if we're going to get this the mainstream attention it deserves.

If The People's Budget is to advance, we must act now. http://www.pdamerica.org/get-informed/view/critical-vote-on-the-peoples-budget-scheduled-for-9-am-tomorrow/

This is the only budget that does everything this country needs:

* Creates good-paying jobs
* Fully maintains our social safety net
* Invests in education
* Ends our costly wars
* Closes the tax loopholes that have made offshoring jobs profitable
* Ends oil and gas subsidies that pollute our country at taxpayer expense
* Creates a national infrastructure investment bank to help us make intelligent investments for the future

This budget represents the future we believe in as Americans, and the CPC really needs our support to keep it on the front burner. Please call your member of Congress, now.

This is one of those occasions we all hope we'll live to see: We really can make a difference right now if we speak up loudly with one voice.

The People's Budget represents not just common sense; it represents the will of the American people.

The People's Budget. These aren't just words on a page or numbers in a table—these dollars and cents mean lives helped or hurt, people succeeding or falling by the wayside, and families lifted up or dragged down. This is about America. http://www.pdamerica.org/get-informed/view/critical-vote-on-the-peoples-budget-scheduled-for-9-am-tomorrow/

What the Peoples Budget does very specifically:

http://cpc.grijalva.house.gov/index.cfm?sectionid=70&sectiontree=5,70

http://www.npr.org/2011/04/15/135435883/the-nation-obama-should-fight-for-peoples-budget

http://www.democracynow.org/2011/4/14/while_obama_touts_compromise_with_gop

http://www.thenation.com/blog/159939/fighting-peoples-budget

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Richard Heckler 3 years, 2 months ago

How to substantially reduce the cost of public school plus city,state and federal governments?

Improved Medicare Single Payer Insurance for All is THE solution.

  • Easy to Implement: Medicare has been in existence since 1966, it provides healthcare to those 65 and older, and satisfaction levels are high. The structure is already in place and can be easily expanded to cover everyone.

  • Simple: One entity – established by the government – would handle billing and payment at a cost significantly lower than private insurance companies. Private insurance companies spend about 31% of every healthcare dollar on administration. Medicare now spends about 3%.

  • Real Choice: An expanded and improved Medicare for All would provide personal choice of doctors and other healthcare providers. While financing would be public, providers would remain private. As with Medicare, you choose your doctor, your hospital, and other healthcare providers.

  • State and Local Tax Relief: Medicare for All would assume the costs of healthcare delivery, thus relieving the states and local governments of the cost of healthcare, including Medicaid, and as a result reduce State and local tax burdens.

  • Expanded coverage: Would cover all medically necessary healthcare services – no more rationing by private insurance companies. There would be no limits on coverage, no co-pays or deductibles, and services would include not only primary and specialized care but also prescription drugs, dental, vision, mental health services, and long-term care.

  • Everyone In, Nobody Out: Everyone would be eligible and covered. No longer would doctors ask what insurance you have before they treat you.

  • No More Overpriced Private Health Insurance: Medicare for All would eliminate the need for private health insurance companies who put profit before healthcare, unfairly limit choice, restrict who gets coverage, and force people into bankruptcy.

  • Lower Costs: Most people will pay significantly less for healthcare. Savings will be achieved in reduced administrative costs and in negotiated prices for prescription drugs.

http://www.healthcare-now.org/

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Richard Heckler 3 years, 2 months ago

Hey the debt limit will be increased. There is no reason not to raise the debt limit. If repubs were in the white house it would be done in a flash.

IF the debt limit were not increased there would be a lot of very smart and very rich people plus many countries which have invested in the USA that would be pissed off..... simple as that.

Not only that many many other important financial aspects would simply be no more such as:

  • Wall Street investments up in smoke
  • Wall Street Banks
  • retirement plans gone
  • millions upon millions upon millions of jobs lost
  • medical insurance up in smoke
  • homes by the millions would be lost
  • soldiers could not be paid
  • military industrial complex down the tubes
  • millions of financial institutions up in smoke
  • what's left of USA industry gone
  • elected officials would not get paid
  • in essence the USA economy is history

Who in the hell would loan the USA money for recovery?

China and Japan would own the USA pure and simple.

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