red states rule
06-22-2010, 06:20 PM
Well, so much for Obama's promise not to raise taxes on the middle class. I doubt if most people here are surprised. Those few who still think Obama is doing a fine job will blame Bush for the tax increase
How I am not sure. But that is what they have done for the last 17 months, so why would they stop now?
Hoyer Says Taxes Will Likely Rise
By John D. McKinnon and Greg Hitt
The deficit drama intensified on Capitol Hill, as Democrats signaled they might have to scale back their plans for middle-class tax relief.
House Majority Leader Steny Hoyer said Democrats will have to consider passing only a short-term extension of the Bush-era tax cuts for middle-class people this year. After that, taxes could be headed higher, he suggested.
“As the House and Senate debate what to do with the expiring Bush tax cuts in the coming weeks, we need to have a serious discussion about … whether we can afford to permanently extend them before we have a real plan for long-term deficit reduction,” the Maryland Democrat said in prepared remarks to Third Way, a moderate think tank.
With annual budget deficits running well in excess of $1 trillion, worries over government red ink have brought several current initiatives to a virtual standstill in Congress, including a new jobs and economic-relief package.
To establish a long-term plan for deficit reduction, Hoyer again endorsed a fiscal responsibility commission that President Obama established earlier in the year. It’s trying to come up with bipartisan recommendations that could pass the House and Senate. But the panel’s prospects for reaching agreement appear dim, because of the deep philosophical divides between the parties, as well as the high political stakes.
As he has before, Hoyer endorsed a mix of spending cuts and tax increases to put the government’s finances back on track. On the spending side, he said Congress should consider defense cuts, as well as “a higher retirement age, or one pegged to lifespan” for Social Security beneficiaries; “more progressive Social Security and Medicare benefits; and a stronger safety net for the Americans who need it most.” Strengthening safety-net programs for the poor and unemployed could help to placate liberals who will chafe at proposed reductions in Social Security.
http://blogs.wsj.com/washwire/2010/06/22/hoyer-taxes-likely-must-go-up/
How I am not sure. But that is what they have done for the last 17 months, so why would they stop now?
Hoyer Says Taxes Will Likely Rise
By John D. McKinnon and Greg Hitt
The deficit drama intensified on Capitol Hill, as Democrats signaled they might have to scale back their plans for middle-class tax relief.
House Majority Leader Steny Hoyer said Democrats will have to consider passing only a short-term extension of the Bush-era tax cuts for middle-class people this year. After that, taxes could be headed higher, he suggested.
“As the House and Senate debate what to do with the expiring Bush tax cuts in the coming weeks, we need to have a serious discussion about … whether we can afford to permanently extend them before we have a real plan for long-term deficit reduction,” the Maryland Democrat said in prepared remarks to Third Way, a moderate think tank.
With annual budget deficits running well in excess of $1 trillion, worries over government red ink have brought several current initiatives to a virtual standstill in Congress, including a new jobs and economic-relief package.
To establish a long-term plan for deficit reduction, Hoyer again endorsed a fiscal responsibility commission that President Obama established earlier in the year. It’s trying to come up with bipartisan recommendations that could pass the House and Senate. But the panel’s prospects for reaching agreement appear dim, because of the deep philosophical divides between the parties, as well as the high political stakes.
As he has before, Hoyer endorsed a mix of spending cuts and tax increases to put the government’s finances back on track. On the spending side, he said Congress should consider defense cuts, as well as “a higher retirement age, or one pegged to lifespan” for Social Security beneficiaries; “more progressive Social Security and Medicare benefits; and a stronger safety net for the Americans who need it most.” Strengthening safety-net programs for the poor and unemployed could help to placate liberals who will chafe at proposed reductions in Social Security.
http://blogs.wsj.com/washwire/2010/06/22/hoyer-taxes-likely-must-go-up/