[Gcromqgb]

The President actually snuck in a way to deal with this: IPAB. Conservatives should embrace and strengthen IPAB. Many liberals want to kill it, as in right now, precisely because they fear it might work.

[investor]

Stiglitz is right about where the last $4 trillion in debt came from. What he doesn't tell you is where the next $10 trillion comes from: Medicare and Medicaid. 80% of spending growth from her on is Medicare and Medicaid. Most of the rest is Social Security.

No, no, no. Most, not all, but most, of these deficits come from very real decisions that were made earlier. 2 wars, an unpaid gift to pharma called Medicare Part D, and tax cuts for the rich with no offsets in spending. Those decisions were trillions of new spending and new revenue cuts. They were clearly unpaid, and need to be made right to restore any smidgin of sanity to the process.

Don't be blaming Democrats for the actions of Republicans.

[Gcromqgb]

CURRENT deficits, yes. Future deficits, no. Democrats themselves insist that the current deficits aren't a problem, the future deficits are. And the future deficits come from entitlements.

[mynaflzak]

Can't say I didn't see this one coming.

Obama Pushes Tax Hikes in Budget Talks, Calls Aug. 2 'Hard Deadline' on Debt Ceiling

President Obama called on Republicans Wednesday to drop their opposition to tax increases, saying "everybody else" is willing to sacrifice their "sacred cows" for deficit reduction and urging GOP lawmakers to do the same.

The president also warned that Washington will soon run up against a "hard deadline" to strike a budget deal and raise the debt ceiling, rejecting suggestions that the situation is not as dire as the Treasury Department makes it out to be. Though some Republicans claim the Aug. 2 deadline -- the date when Treasury warns the U.S. will face default if the cap is not raised -- is not firm, Obama warned that it is a serious deadline and that failing to raise the cap could cause investors to pull out of the U.S., leading Treasury to raise interest rates.

"The consequences for the U.S. economy will be significant and unpredictable," Obama said, while he denied engaging in "scare tactics." "Aug. 2 is a very important date and there's no reason why we can't get this done now."

The president is trying to salvage bipartisan budget talks that fell apart late last week when GOP negotiators bowed out. Obama is trying to find middle ground between the two parties on a plan to cut spending so he can muster a majority in Congress to approve an increase in the $14.3 trillion debt ceiling by Aug. 2.

But Democrats, including Obama, continue to push hard for raising revenue as part of the deal, while Republicans are adamantly opposed to anything that resembles a tax hike. Senate Democrats said at a press conference Wednesday afternoon that the votes may not be there to support a budget deal if revenue increases are not included.

The president showed frustration Wednesday with being called on to resolve the dispute. He suggested Congress should stop going on recess and stay in Washington through the summer until a deal is done.

"You need to be here. I've been here," he said of Congress. "You stay here, let's get it done."

To get it done, Obama made clear he's pushing for tax increases in addition to spending cuts. Playing political hardball, he characterized the debate for Republicans as a choice between revamping a tax code that favors millionaires and depriving children of government aid.

"We're going to have to tackle spending in the tax code," he said. "It would be nice if we could keep every tax break there is, but we've got to make some tough choices here if we want to reduce our deficit."

He pushed proposals to end tax breaks for corporate jet owners, as well as for oil and gas companies -- and claimed that everything from food safety to college scholarships to the weather service could be in jeopardy if revenue is not included as part of a deal.

"Ask Republican constituents if they're willing to compromise their kids' safety so some corporate jet owner continues to get a tax break," he said.

Obama said he and Vice President Biden will work "as long as it takes" to strike a deal with Republicans. He expressed confidence that that could happen.

In his opening remarks, the president also called on lawmakers to renew a payroll tax cut that took effect on Jan. 1, identifying it as one of several measures lawmakers could approve to help create jobs.

The biggest sticking point in the talks has been the issue of tax hikes, which Republicans resolutely oppose. House Speaker John Boehner, speaking on Fox News Tuesday night, reiterated that he opposes any tax increase as part of a deal.

"There are no votes in the Congress ... to raise taxes on anyone, so tax increases are off the table," Boehner said.

The speaker also predicted that the Obama administration will soon issue warnings that Americans might not get their Social Security checks or that doctors might not get Medicare payments if the debt ceiling issue is not resolved in the coming weeks.

"It is predictable. It is going to come. What we've got to do is continue to press our case with the American people that cutting spending now and dealing with our long-term debt will help create a better environment for job creators in our country," Boehner said.

Obama faced several foreign policy questions at the press conference Wednesday, particularly on Libya. Though lawmakers on both sides of the aisle have criticized the administration's handling of the mission, Obama said the complaints amount to a lot of "fuss."

"We have done exactly what I said we would do," Obama said, noting that no U.S. troops are on the ground and NATO allies are playing a big role in what he described as a "limited operation."

The House has twice rebuked the president for his handling of the conflict, while Obama's allies in the Senate are trying to piece together a resolution to authorize the U.S. military's actions there. The debate, though, signals lawmakers are becoming increasingly frustrated with the administration's view that it need not seek permission from Congress to continue the military operation.

The president on Wednesday again called for Muammar al-Qaddafi to leave power. "He needs to step down. He needs to go," Obama said.

Addressing economic woes, Obama also called on Congress Wednesday to pass several measures he claimed would help jump-start the economy.

The president called on Congress to pass free-trade agreements, approve money for infrastructure projects at the state and local level and pass a new patent law.

"I urge Congress to act on these ideas now," he said, touting his administration's efforts to scrutinize government regulations and look at ways to provide help for small businesses and start-ups.

Wednesday's news conference comes amid persistent signals that the economic recovery has slowed. Obama has been stepping up his promotion of job creation initiatives amid evidence that the state of the economy has weakened his job approval standing with the public.

Obama's last full-blown news conference was in March, when turmoil in Libya first drew in the U.S. military and the threatened shutdown of the government was making headlines. Obama has since answered questions in brief sessions with reporters during a European trip and during a joint White House appearance with German Chancellor Angela Merkel.

Obama also recently announced a drawdown of U.S. troops from Afghanistan, prompting criticism by some lawmakers that he was not pulling enough forces out and by others that he was acting too precipitously.

Source: Obama Pushes Tax Hikes in Budget Talks, Calls Aug. 2 'Hard Deadline' on Debt Ceiling - FoxNews.com

Thoughts

[aspinswramymn]

His fear mongering is bullshit. Everything that comes out of his mouth is bullshit. There is not even any point in taking him seriously anymore. Just ignore him.

[quedry36]

Can't say I didn't see this one coming.



Source: Obama Pushes Tax Hikes in Budget Talks, Calls Aug. 2 'Hard Deadline' on Debt Ceiling - FoxNews.com

Thoughts

It's a tough nut to crack. The addict always bargains this way. You always get the "just give me a little bit" routine and if you're stupid enough to cave it takes that addict about 2 seconds to be back at the bottle or the cigarettes or the credit cards. We're not trying to wean a baby off the teat here. We're trying to get a drunk off the juice and it's absolutely never a pretty operation.

[Talicoabilk]

While this is classic posturing and in no way a surprise for a Democratic White House, it is strange behavior for a president on the ropes. It also flies in the face of the candidate Obama who was so clear about how he would work "with" congress and not against it. Of course then he had George Bush to blame for everything.

Now though, it is just plain stupid. You do not talk tough unless you are coming from a position of strength. And he isn't. Considering the collection of oddballs and wackos arrayed against him, his numbers suck

But then there is this:

Nerves Show on Team Obama
Recent scrambling by the president’s political advisers indicates they’re very worried about his reelection chances.

By Josh Kraushaar
From the National Journal:

It’s been a rough June for the White House. Instead of being able to run a campaign taking credit for economic improvement, President Obama will, according to the latest forecasts, be trying to win four more years amid a grim economy next year. The president’s reelection team, once hoping to run on a “Morning in America” theme now doesn’t have that luxury. No wonder, the president’s advisers over the past month have been making moves that suggest they’re awfully concerned about his prospects:

1. Searching for an economic message. Veteran Democratic pollster Stan Greenberg recently offered perceptive advice to the president’s team by criticizing its “getting the car out of the ditch” metaphor meant to suggest the economy is slowly improving. As Greenberg wrote: “People thought they still were in the ditch.”

This is a time when the president needs to find his inner Bill Clinton, and feel Americans’ pain. If he wants to be one of the few presidents to win reelection in a stagnant economy, he’ll have to devote less time to defending past policies, like the auto bailout, and more to offering specific solutions to help people get back to work. Think a 21st century version of FDR’s fireside chats.

But there are few signs that the president’s economic messaging has changed. Democratic National Committee Chairwoman Debbie Wasserman Schultz recently said Democrats own the economy, but they don’t seem to be adapting their message to the bad economy likely to face them in November 2012.

2. Doubling down on manufacturing. The latest White House effort to wring good news out of a bad economy focuses on successes in the manufacturing sector: the auto bailout that put GM and Chrysler on sounder footing, as well as green initiatives.

Politically, it’s a puzzling message. While there has been a small uptick in manufacturing jobs, it’s hardly enough to be felt by the blue-collar electorate, who have been bearing the brunt of the recession and never viewed Obama too favorably in the first place. The latest Gallup weekly tracking poll shows Obama’s approval with college graduates at 51 percent, with a 40 percent approval among nongraduates.

The president’s emphasis on green jobs doesn’t help. It’s tough for many steelworkers to see themselves producing solar panels. Clean-energy jobs may be the future, but they’re not seen by displaced workers as a panacea.

NationalJournal.com - Nerves Show on Team Obama - Wednesday, June 29, 2011



Considering the National Journal is an inside-the-beltway publication, it reads like a warning.

[Talicoabilk]

It's a tough nut to crack. The addict always bargains this way. You always get the "just give me a little bit" routine and if you're stupid enough to cave it takes that addict about 2 seconds to be back at the bottle or the cigarettes or the credit cards. We're not trying to wean a baby off the teat here. We're trying to get a drunk off the juice and it's absolutely never a pretty operation.

That's a good way to put it...although it is true of any politician when they want to buy votes...and that is his concern here.

Obama stopped being president and became a candidate two months ago.....

[Talicoabilk]

""You need to be here. I've been here," he said of Congress. "You stay here, let's get it done."

Read more: Obama Pushes Tax Hikes in Budget Talks, Calls Aug. 2 'Hard Deadline' on Debt Ceiling - FoxNews.com



Now that is outright bullshit. He's been traveling more than any other president and when he is in Washington he's golfing.

[aspinswramymn]

""You need to be here. I've been here," he said of Congress. "You stay here, let's get it done."

Read more: Obama Pushes Tax Hikes in Budget Talks, Calls Aug. 2 'Hard Deadline' on Debt Ceiling - FoxNews.com



Now that is outright bullshit. He's been traveling more than any other president and when he is in Washington he's golfing.

And all republicans have to say is 'when you are ready to actually take some action, we'll be there.' The house has already passed their plan. The senate, the president wouldnt even debate it. Ball is in there court to actually submit something in writing.

[jeaccatty]

Can't say I didn't see this one coming.



Source: Obama Pushes Tax Hikes in Budget Talks, Calls Aug. 2 'Hard Deadline' on Debt Ceiling - FoxNews.com

Thoughts

Well--I don't know how democrats and Obama figure on paying for this--without drastic cuts in the mix?

There are 18,000 baby-boomers entering social security/medicare DAILY which will continue for the next 15 years--resulting in another 64 trillion in unfunded liabilities on top of the 14.3 trillion in red ink now. This results in $534,000.00 per household owed to the Federal government to pay this tab.

Attachment 11372

1 billion dollars --$100.00 bills stacked on pallets.

Attachment 11373

1 trillion dollars--$100.00 bill stacked on pallets.

And we only need 78.3 trillion--or 78 of the above 1 trillion chart-

[Lidawka]

Is there anyone out there who really believes that cutting your way to prosperity will work or that the Republican position of protecting tax cuts for corporate jet owners over sending your kids to school is the correct one, let alone sustainable? Can someone please lay out an argument how that insanity can possibly make sense even to a tea party person?

The GOP is trying to tank the economy to make Obama look bad.

1) That's astounding
2) It will backfire on them. I can't wait to see them running for the hills when the DOW starts dropping.

[Kryfamid]

Is there anyone out there who really believes that cutting your way to prosperity will work or that the Republican position of protecting tax cuts for corporate jet owners over sending your kids to school is the correct one, let alone sustainable? Can someone please lay out an argument how that insanity can possibly make sense even to a tea party person?

The GOP is trying to tank the economy to make Obama look bad.

1) That's astounding
2) It will backfire on them. I can't wait to see them running for the hills when the DOW starts dropping.

Danny,

You sound as insane as those who thought democrats caused the housing crisis to make bush look bad...

[Wymdqcvb]

Of course taxes are going to increase. Everybody knows this. The cuts in spending necessary to balance the budget without raising taxes are simply unacceptable to the electorate. Even the TEA Party types oppose cuts in Medicare and Social security.

What is happening now is that cynical politicians are manouvering for tactical advantage while the US economy is perched on the edge of disastrous government crisis, even default.

The Baggies have become the suicide bombers of American politics. If they manage to bring down the government as they have been chanting so enthusiastically for the past couple of years, the result will be a snap back of public opinion that will bring us to the level of socialism in Canada, if not in Germany.

Go for it, fellas, the Marxist Libertarian Party is with you all the way.

[aspinswramymn]

No need for name calling. Tell you what, how about a 1 for 1 deal? Ill give you 1% tax rate increase on the rich for every 1% tax rate increase on every other rate. We can all sacrifice together.

[Doctor-CTAC]

...while the US economy is perched on the edge of disastrous government crisis, even default...

LOL

Did you just arrive in the United States or wake up from a decade-long nap?

Here's what will happen, and pay careful attention because when you see it this once you'll be able to make a comment similar to the one I'm making now the next time some partisan tool starts commenting on whatever "disastrous government crisis" is about to befall us next:

• The Democrats will call the Republicans names.
• The Republicans will call the Democrats names.
• The left will claim that the right is on the verge of destroying America.
• The right will claim that it's the left that's on the verge of destroying America.
• This silly schoolgirl bullshit will go right down to the wire.
• In a midnight session of Congress the evening before the deadline, when there are no more partisan points to be scored, the government will come together and reach some agreement or other and the fate of the free world will be saved.
• The Republicans will take credit for this "victory".
• The Democrats will take credit for this "victory".

In summation, move along folks, nothing to see here, or at least nothing we haven't seem many, many times before.

[Gcromqgb]

The tax hikes are insignificant. Even if Republicans agree to them, they got 90% of what they wanted. I predict that the Republicans will take this deal. But being that it's only the end of JUne and they have until Aug. 5, sure, they are going to pretend to walk away for now.

Besides, most of these tax breaks are crap. Republicans should be happy to let them go, and I suspect they actually are. But if they can get more out of the Democrats, why not?

[Talicoabilk]

Is there anyone out there who really believes that cutting your way to prosperity will work or that the Republican position of protecting tax cuts for corporate jet owners over sending your kids to school is the correct one, let alone sustainable? Can someone please lay out an argument how that insanity can possibly make sense even to a tea party person?

The GOP is trying to tank the economy to make Obama look bad.

1) That's astounding
2) It will backfire on them. I can't wait to see them running for the hills when the DOW starts dropping.

When the DOW STARTS dropping? Have you looked at it lately? Have you seen what's happened to people's life savings since Obama took office?

BTW, by his third year in office, Ronald Reagan was riding one of the greatest economic resurgences in US history, one that lasted well into Clinton's term. Any idea how he did that?

I seem to remember hearing the word "cut" as in spending and as in tax rates.

Please provide one example in the last one hundred years of any government anywhere of taxing its way back to prosperity. Just one. One as in half of two.

[Gcromqgb]

It's true that sharp cuts in spending can harm the economy, but nations that have embarked on austerity have been much stronger for it as soon as two years later.

[PemiaGefe]

Congress needs to be firm and demand huge cuts in spending. Lets start with congressional staff and executive staff. It is time for the elite to downsize. We also need to stop subsidizes.....All of them. We also need to stop the Obama cronyism with GE and the unions. We also need to stop spending money on bullshit green jobs. They are killing Spain why would they work here? We need to stop all federal spending that is not in the defense of the country. Let the states individually deal with welfare problems and education. Maybe that was we wont have a generation of fucking morons on food stamps.



In other words.....Stop being fucking selfish! You are not entitled to anything you fat lazy bastards!