TPMDC Debt: February 2012
Mitt Romney
D'oh! Debt Hawks Fear Most GOP Tax Plans Will Increase Deficit
A key test for the political establishment and the media this campaign cycle will be whether they accurately explain the Presidential candidates' budget plans to voters, or whether they allow the candidates to spin their way out of the severe implications of their own proposals. The election will hinge to a large extent on the two parties' visions for the role of the federal government and how to pay for it, and keeping the taxing and spending implication of those visions clear is the key to helping voters make informed decisions at the polls.
An event hosted Thursday morning by the fiscal discipline hawks at the Center for a Responsible Federal Budget offered this corner of the establishment an early critique of the GOP candidates' tax and spending plans -- all of which drew mixed reviews or worse.
PERMALINK | COMMENTS | RECOMMEND RECOMMEND (0)Topics: 2012, 2012 Presidential Primaries, 2012 elections, Budget, Bush Tax Cuts, Debt, Deficit, Medicaid, Medicare, Mitt Romney, Rick Santorum, Ron Paul, Social Security, Tax Cuts, Taxes
Debt
White House To GOP: Only One Way Around Defense Cuts -- And You're Not Gonna Like It
House Speaker John Boehner (R-OH), President Obama and Senate Majority Leader Harry Reid (D-NV).
In light of Congressional Republicans' abandonment of a key part of the debt limit agreement, two senior administration officials briefing reporters at the White House Monday said automatic, across the board cuts to defense programs will happen as scheduled unless Republicans relent on their refusal to raise revenues.
The officials conducted the briefing under the condition that they not be quoted directly, but their position was unambiguous -- the White House will not support any effort to swap out scheduled cuts to defense programs (and other automatic cuts) unless Congress passes a balanced package of deficit reducing legislation of equal or greater measure. That means new tax revenue from wealthy Americans and corporate interests, which Republicans have routinely refused to consider.
PERMALINK | COMMENTS | RECOMMEND RECOMMEND (0)Topics: Barack Obama, Debt, Debt Ceiling, Defense Spending, Taxes, White House
Defense Spending
Bait And Switch: GOP Leaders Renege On Debt Limit Deal Defense Cuts
House Speaker John Boehner with House Majority Leader Eric Cantor in the foreground.
Republican leaders in Congress have all but reneged on a key agreement they reached with the White House last summer rather than reconsider their unwavering stance against new tax revenue.
Relations between the Obama administration and the congressional GOP were already just about as bad as can be. But even so, this sets a precedent future Congresses and White Houses will remember when partisan mismatches force them to strike deals and govern.
PERMALINK | COMMENTS | RECOMMEND RECOMMEND (0)Topics: Debt, Debt Ceiling, Defense Spending, John Boehner, Military Spending, Republicans, Spending, Super Committee, Tax Cuts, Taxes, White House
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