STAY CALM AND PASS IT ON
Congress has passed an extension of the payroll tax cut and long-term jobless benefits, handing to President Obama one of his election-year priorities despite widespread concerns about the bill’s deficit implications.
The Senate approved the bill Friday afternoon on a 60-36 vote. The $143 billion package, which also would forestall deep cuts in Medicare reimbursements to doctors, would extend the 2-percentage-point payroll tax cut for the rest of 2012.(Read More)
Read what Senator Harkin (D-Iowa) said about the demise Social Security
Two thousand years ago, the apostle Paul wrote a letter to the Galatians and reminded them of the obvious fact, “you reap what you sow.” What you plant is what you will harvest.
For years, Congress has planted deficit irresponsibility, and now a huge debt overshadows our nation.
Every year, regardless of revenue, spending has gone up. Government shutdowns loom multiple times a year. Budget planning is done in weeks and months, rather than in years and decades. Deficit negotiations stalemate and leave the intolerable financial status quo
– House Speaker John Boehner (R-Ohio) and House Majority Leader Eric Cantor (R-Va,) were not among the 72 House Republicans who signed a letter to the Joint Select Committee on Deficit Reduction–the so-called “Supercommittee”–asking the committee not to call for increasing taxes. Give our Congressman Flores a big “thumbs-up” for signing this letter. (Read More)
Writing in the Wall Street Journal, Stephen Moore takes stock of the bipartisan Super Committee, charged by the Budget Control Act of 2011 with producing a certain amount of deficit reduction before Thanksgiving, in order to avoid triggering some automatic spending cuts designed to be painful in a bipartisan way (i.e. automatic cuts to the Defense Department are only supposed to bother Republicans.)
The clock is ticking, and “insiders” tell Moore things are not looking good for a deal:(Read More)