With the deal announced to raise the debt ceiling and instill trillions in cuts during a recession, it is time to declare the that the right owns the economy. So just how bad is this deal? Here’s Paul Krugman’s take: For the deal itself, given the available information, is a disaster, and not just for […]
Monday night, House Speaker John Boehner took to the airwaves to taught his deficit reduction plan. Of course the left didn’t like this plan, but they aren’t alone: The debt ceiling deal introduced by Speaker John Boehner (R-Ohio) would save, by one measure, roughly $850 billion over the course of ten years and just $1 […]
Today is d-day, as in debt: The U.S. government is expected to hit the $14.294 trillion debt ceiling Monday, setting in motion an uncertain, 11-week political scramble to avoid a default. The Treasury Department plans to announce Monday it will stop issuing and reinvesting government securities in certain government pension plans, part of a series […]
The blindness of the right is mindboggling at times. Over at Hot Air, Ed Morrissey has a post up entitled “Taxpayers to Obama: Keep your hands off our deductions”. Here’s what Ed says: In his speech on Wednesday, Barack Obama suggested that eliminating some tax deductions might be necessary to close the budget deficit, at […]
Ezra Klein lays out the odds of the GOP reducing the deficit should they regain control of Congress: If Republicans take the House and the Senate, how much likelier is a full extension of the Bush tax cuts? I’d say it goes up to 70 percent, and the only reason I don’t say 100 percent […]
Following up on my earlier post about the Republicans not worrying about the deficit if it helps the rich, I decided to post this little graph. It really puts a perspective on the current budget deficit and who is ultimatley responsible for it. Fareed Zakaria, writing an article entitled “Raise My Taxes, Mr. President!” in […]
This will be big fuel for the GOP: The Congressional Budget Office (CBO) corrected its estimate of the Senate health bill’s costs on Sunday, saying it would reduce deficits slightly less than they’d predicted. In a letter to Senate Majority Leader Harry Reid (D-Nev.), CBO Director Douglas Elmendorf said that the nonpartisan budget office had […]