WASHINGTON — Senate Democrats unveiled a largely stand-pat budget on Wednesday that calls for $1 trillion in new tax revenues over the coming decade and increases spending while protecting the party’s domestic policy priorities and adding $4 trillion more to the national debt than a slashing alternative from House Republicans.
The plan by Budget Committee Chairwoman Patty Murray of Washington blends about $1 trillion in modest cuts to health care providers, the Pentagon, domestic agencies, and interest payments on the debt with an equal amount in new revenue claimed by closing tax breaks.
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So, Paul Ryan wants to ignore the electorate. Thats's going to likely mean a dem backlash in two years.
It's good to see that the Democrats get it. Clearly spending isn't an issue with this country. We need increased revenue AND spending cuts to get this country's finances in order. Is it really that hard to see? No business or responsible person would respond to financial problems this way. Very disturbing.
Nice of the Senate to finally follow the law.
Deficit is not a problem.
Their GDP assumptions are a joke
Raising taxes should be a non-starter. Already raised taxes, raising taxes and costs w/ PPACA as well. Will kill the economy (and not let them get to those GDP numbers).
WSJ:
Mr. Alesina and his colleagues wanted to answer the most basic question: What works?
They sought the answer (which they published in an August 2012 paper on "fiscal consolidations" for the National Bureau of Economic Research) by analyzing an International Monetary Fund history of all the fiscal plans that 17 OECD governments enacted between 1978 and 2009, including the U.S., Canada and Japan. Together, these countries tried everything to grow—raise spending, cut spending, raise taxes or cut them, in endless combinations. What helped?
"Adjustments based upon spending cuts," the economists concluded, "are much less costly in terms of output losses than tax-based ones. Spending-based adjustments"—that is, cuts—"have been associated with mild and short-lived recessions, in many cases with no recession at all. Tax-based adjustments"—tax increases—"have been associated with prolonged and deep recessions."
They mean like the thriving economy we've had since the Bush tax cuts?
what happened after thre cuts?
Both these gangs are so far off base they are subject to an easy double play. The wingbat from Washington State wants to up the deficit, like most of the Democrats, three of four of whom in this space express their adoration of additional taxes. As for Ryan, he's a bit worse than Patty Wacky from Washington. Both of these gangs want to put their varied 'plans' to reduce the deficit on the backs of the retired, present and future. The only proposal that has recently appeared in this arena comes from a little known Congressman with little chance of being elected to the Senate from Taxachoosetts. Rep. Steve Lynch proposed raising the level of income taxable for FICA purposes be raised from its current levels to over $200,000. But you can bet Barry the O will join his newly found Republican buddies joining to refuse that idea, too much of a burden Hysen will likely lecture in one of his never-ending campaign harangues.
Are you kidding me? adding $1 Trillion in revenue, increase spending and adding $4 Trillion to the deficit is a Budget?? It's so obvious that these Senate Democrats and the president don't see deficit as an issue at all. To them they're nothing, just increase taxes to gain more revenues, spend them and the economy will improve, everybody will be making more money, happier and everything will be OK. I really wish I could manage my finance like they do. No worry on deficit, just spend and spend...
t appears paying more for gasoline and higher taxes trumps the exuberance of the equity markets as UMich Consumer Sentiment crashed in February. Printing at 71.8 on expectations of 78.0 this is the biggest miss on record based on Bloomberg data. The 71.8 level is the lowest since December 2011 as it appears that the Fed's only remaining policy tool is just not sparking that animal spirit in the real economy's anchor - the US consumer - as while current conditions did drop, it is future expectations that plunged.
Barack Obama "We don't have a spending problem". We just aren't taxing people enough. ..Meanwhile in other news EURO zone Cyprus government to Tax bank savings deposits. News causes a run on the banks and drops the S&P index in the US.......Senate Democrats and president Obama say "We need more revenue, That's a great idea"...Watch out for your wallets.