Dems Mock Latest GOP Supercommittee Offer

I think its fairly obvious that GOP wants to run on the economy that exists today.They have no interest in doing anything that they think might help President Obama's relection chances.

http://tpmdc.talkingpointsmemo.com/2...p?ref=fpa_beta

After multiple meetings Friday, Democrats publicly excoriated a fall-back offer by Super Committee Republicans to cut 10-year deficits by over $600 billion. And for the first time, Democratic members are publicly casting doubt on the panel’s chances to meet its Wednesday deadline.

Partisan tempers flared over how Democrats and Republicans describe the offer, which includes a trivial amount of new tax revenue, but doesn’t touch entitlement programs like Social Security and Medicare.

Only $3 billion of the total package comes from new tax revenues — ending a tax preferences for owners of corporate jets. The rest came from spending cuts to federal agencies, federal pay, agricultural subsidies, higher fees and spectrum and land sales, and interest saved on the national debt.

Democratic aides mocked the plan as wildly imbalanced — a 200:1 spending cuts-to-tax revenue offer Republicans never should have made. That counts land and spectrum sales as spending cuts, which they really aren’t.

Republicans defended the plan as $229 billion in fees and revenues, $316 billion in cuts, 100 of which come from defense. But only a tiny fraction of the $229 billion comes from actual tax revenues — and CBO counts many fees as spending cuts, because they save the federal government money by passing on costs to taxpayers.

Republicans note that all the proposed savings have been fairly uncontroversial in the past. But even if that’s the case the entire menu is skewed heavily toward GOP preferences, and would make it difficult to reach consensus on future negotiations. Democrats have not foreclosed on the idea of a small, last-ditch package, but only one that culls equally from provisions that Dems and Republicans prefer.

I'm going to Japan for a couple days. Enjoy posting your partisan nonsense. The democratic solution is to convolute the tax system to NOT generate revenue for government operations, but to administer "social justice" as defined by a few. It is a shame. It is disgusting. For the first time in my life, being "American" is begining to be dissapointing.

What is more disappointing is that the left cannot engage in any meaningful conversation - tax the rich...... That's it. No need to discuss inflationism - it interferes with you dogmatic believe.....

http://www.washingtonpost.com/blogs/...IIYN_blog.html
The do-nothing plan: now worth $7.1 trillion
Posted by Ezra Klein at 10:55 AM ET, 11/18/2011

In the past, I’ve talked about the “do-nothing plan” for deficit reduction: Congress heads home to spend more time with their campaign contributors, and the Bush tax cuts automatically expire, the 1997 Balanced Budget Act’s scheduled Medicare cuts kick in, the Affordable Care Act is implemented, and the budget moves roughly into balance. It’s not an ideal way to balance the budget, but it helps clarify that the deficit is the result of votes Congress expects to cast over the next few years. If, instead of casting those votes, they do nothing, or pay for the things they choose to do, the deficit mostly disappears.




James Horney of the Center on Budget and Policy Priorities ran the numbers for my colleague E. J. Dionne, and he says the do-nothing plan would now lead to $7.1 trillion in deficit reduction — more than even the Fiscal Commission envisioned. Here’s how it breaks down:

— $3.3 trillion from letting temporary income and estate tax cuts enacted in 2001, 2003, 2009, and 2010 expire on schedule at the end of 2012 (presuming Congress also lets relief from the Alternative Minimum Tax expire, as noted below);
— $0.8 trillion from allowing other temporary tax cuts (the “extenders” that Congress has regularly extended on a “temporary” basis) expire on schedule;
— $0.3 trillion from letting cuts in Medicare physician reimbursements scheduled under current law (required under the Medicare Sustainable Growth Rate formula enacted in 1997, but which have been postponed since 2003) take effect;
— $0.7 trillion from letting the temporary increase in the exemption amount under the Alternative Minimum Tax expire, thereby returning the exemption to the level in effect in 2001;
— $1.2 trillion from letting the sequestration of spending required if the Joint Committee does not produce $1.2 trillion in deficit reduction take effect; and
— $0.9 trillion in lower interest payments on the debt as a result of the deficit reduction achieved from not extending these current policies.
Put another way, all we need to do to solve our deficit problem — or, more accurately, avoid creating one — is to enforce PAYGO rules in Congress.