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From CNS News:
By Fred Lucas
August 1, 2011
Washington (CNSNews.com) – If the negotiated debt bill becomes law as expected, President Obama aims to press the special congressional committee created by the deal to include tax increases as a way to achieve $1.5 trillion in deficit reduction, White House Press Secretary Jay Carney said Monday.
“That committee will be charged with reducing the deficit further, by $1.5 trillion further,” Carney told reporters Monday. The 12-member committee will comprise six Democrats and six Republicans, from both Houses of Congress.
“Everything is on the table for that committee, everything, including both entitlement reform and tax reform. Let’s be clear: The president thinks, as you know, that the biggest possible overall accomplishment in terms of deficit reduction is a desirable goal, as long as it’s balanced. He looks forward to, by the process set up by that committee, to having that debate about what our priorities are.”
The deal agreed to Sunday night was passed by the House of Representatives in a 269-161 vote on Monday evening.
If also approved by the Senate – a vote is scheduled for noon on Tuesday – and signed by the president, the measure will increase the nation’s ability to borrow money by a total of $2.1 trillion in two phases through early 2013. The current national debt is $14.4 trillion. The deal also includes an “enforcement mechanism.”
Allowing the Bush tax cuts to expire would be a goal of the administration, according to a White House release issued late Sunday night. [Emphasis added here]
Under the headline, “The Enforcement Mechanism Complements the Forcing Event Already In Law – the Expiration of the Bush Tax Cuts – To Create Pressure for a Balanced Deal,” the release stated (emphasis in original), “The Bush tax cuts expire as of 1/1/2013, the same date that the spending sequester would go into effect.”
“These two events together will force balanced deficit reduction,” it continued. “Absent a balanced deal, it would enable the President to use his veto pen to ensure nearly $1 trillion in additional deficit reduction by not extending the high-income tax cuts.”
The deal would cut discretionary spending at $917 billion over 10 years and raise the debt ceiling by $900 billion to February. Before the ceiling is increased by an additional $1.5 trillion to endure to early 2013, Congress and the president must agree to an additional $1.5 trillion in cuts over 10 years, decided on by the special committee. Congress would give an up or down vote to the additional cuts recommended by the committee by Dec. 23.
Still, only about $10 billion in spending is cut in the first two years. Beyond the first fiscal year, the cuts are not binding. [Emphasis added here]
Continue reading here……
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Allowing the Bush tax cuts to expire IS a tax increase to small and large businesses (the ones who HIRE employees)
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YOU have been HAD America…….All the theatrics, the chest beating, the rhetoric STILL projects the idiosyncrasy of Washington, D.C. as…….Forget the peasants just conduct Business as usual
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In this present crisis government is not the solution to our problem; government is the problem. From time to time we’ve been tempted to believe that society has become too complex to be managed by self-rule, that government by an elite group is superior to government for, by, and of the people. Well, if no one among us is capable of governing himself, then who among us has the capacity to govern someone else? All of us together, in and out of government, must bear the burden. The solutions we seek must be equitable, with no one group singled out to pay a higher price.
~~Ronald Reagan’s Inaugural Address January 20, 1981
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