November 30th, 2010
03:48 PM ET
3 years ago

Obama debt panel delays final vote

New York (CNNMoney.com)– The leaders of President Obama's debt commission said Tuesday that they would delay a vote on final recommendations until Friday.

The vote was originally scheduled for Wednesday.

The commission's co-chairmen, Erskine Bowles and Alan Simpson, said they would still their report on Wednesday.
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Filed under: Alan Simpson • Debt • Erskine Bowles
soundoff (12 Responses)
  1. Nancy Pelosi, the wicked witch of the west, the DemocRAT gift that just keeps on giving

    Only in America do the stupid politicians need a "debt panel" to figure out what to do! The American people look at this insanity and rightfully shout "DO WHAT I DO! STOP SPENDING WHAT YOU DON'T HAVE!!"

    Another problem is the perversion of the tax code into a social re-engineering program by the leftists. When nearly HALF the people don't pay taxes and many get more back than they pay then the whole system is doomed to fail. Endless government entitlements paid for by fewer and fewer people is insanity and is unsustainable.

    The looney left is leading America down the path it has lead Europe down: bankrupt Greece, bankrupt Ireland, soon to be bankrupt Portugal, soon to be bankrupt Spain, riots in the streets of Greece, Great Britain, Ireland, etc. Now is THAT a great road to march down! WAKE UP AMERICA!!

    November 30, 2010 04:03 pm at 4:03 pm |
  2. Sniffit

    "There is a majority CONSENSUS by the Republicans and many DemocRATS that they do NOT want to raise taxes on ANYBODY in this fragile economy. But Obozo, Reid and Pelosi are hell bent on forcing their left wing class warfare down everybodys throat, yet again."

    Actually, that is 100% verifiably untrue. Every single survey has indicated that the majority of Americans (a) want the tax cuts for the middle class to remain in effect and (b) either DO NOT WANT or really don't care for the rich to get a continuing tax cut. You're just making crap up for your own benefit so you can sleep at night asfe in your self-affirmed fantasy bubble.

    BTW, the "tax cuts for the middle class" are actually a tax cut FOR EVERYONE. EVERYONE would continue to get a tax break on their first $250,000 of income, not just people who are "middle-class." The question is whether people maknig more than $250,000 NEED a tax cut for the money they earn above $250,000.

    THEY CLEARLY DON'T.

    November 30, 2010 04:08 pm at 4:08 pm |
  3. Randolph Carter, I'm no expert, but...

    "Another problem is the perversion of the tax code into a social re-engineering program by the leftists. When nearly HALF the people don't pay taxes and many get more back than they pay then the whole system is doomed to fail. Endless government entitlements paid for by fewer and fewer people is insanity and is unsustainable."

    Hmmm... Seems fair to me when 90% of the population gets to share 7% of the wealth. Face it, brocephus, taxes are the lowest they've been in 50 years and capital gains are taxed way lower than earned income. Many large corporations paid no corporate income tax last year due to loopholes. It's about time the "haves" start paying their fair share. Stop believeing the corporate brainwashing. Have a nice day!

    November 30, 2010 04:20 pm at 4:20 pm |
  4. Four and The Door

    Sniffit
    ... The question is whether people maknig more than $250,000 NEED a tax cut for the money they earn above $250,000.
    THEY CLEARLY DON'T.
    ________________________________________________________________________________________________
    ...and why is it so easy for Democrats to lose focus on job creation?!?! Are you okay with 9.6% in perpetuity...with stagnant growth of the economy and ever increasing government debt because of that?

    I do understand your emotional reaction to all these billionaires walking around making too much money, but the reality is, the people who create jobs generally make more than $250k a year. They actually do prefer to grow their businesses, but if they are taxed higher they really don't have a choice with that money. Taxes have to be paid regardless. Hiring more people is a choice they can delay in order to pay taxes.

    November 30, 2010 04:22 pm at 4:22 pm |
  5. All American ship is sinking

    The country is like a sinking ship overloaded in Debt....The ship is not half Democrat and half Rebuplican....if the the ship sinks all of it sinks not only one side or the other......!

    November 30, 2010 04:23 pm at 4:23 pm |
  6. Sniffit

    "I'm guessing now that Senator John McCain will want a study done of the study!"

    McCain has already tried to claim that the study wasn't done right. Buck McKeon, who will be heading the House Armed Services Committee, and Joe "You Lie" Wilson (who will be chair of the Subcommittee on Military Personnel) have already released a giant obstructionist dilatory fart at the study, basically claiming that they need time for a study to make sure the study was done correctly (i.e., an opoprtunity to fabricate whatever the hell they can come up with to claim that it was done wrong, etc.) and to generate some crazy "oversight" schema for implementing it....when in reality, all that is needed is an announcement that on such-and-such date, everyone can "ask all you want and tell all you want...and if any of you decides this is an excuse for misbehaving or mistreating each other, you get court martialed because we're not here to cater to your silly hang-ups. Get over it if you have to and DO YOUR GODD-MN JOB LIKE A PROFESSIONAL." There. Simple. I hereby give the military permission to borrow my announcement and get on with business.

    The tragedy is that the survey, the Joint Chiefs and the Sec. of Defense have all given the green light, offered reasoned, rational, cogent, fact and evidence based statements about repealing DADT...the American public has all but told the Dems to just freekin do it...and yet, what will happen? The GOP will throw a procedural temper tantrum and obstruct it and the spineless, capitulating, pantywaisted Dems will probably cave....despite all the political cover they have for forcing this right down the GOP's collective throat. Sad.

    November 30, 2010 04:31 pm at 4:31 pm |
  7. Lynda/Minnesota

    We certainly shouldn't over burden the 3 million people who own 21.4T of our country's wealth with undo tax increases, should we GOPers? After all, it is these same folks who have the super duper job of helping keep unemployment numbers low by maintaining all the necessary jobs the rest of us 300+ million Americans depend upon, isn't it?

    "When nearly HALF the people don't pay taxes and many get more back than they pay then the whole system is doomed to fail. Endless government entitlements paid for by fewer and fewer people is insanity and is unsustainable."

    Nearly HALF the people who don't pay taxes are trying to survive, through no fault of their own, at dead end minimum wage jobs. There isn't much else in the job market left in America any more, thanks to job out sourcing. Hard to tax what isn't being offered in employment wages.

    November 30, 2010 04:44 pm at 4:44 pm |
  8. Randolph Carter, I'm no expert, but...

    "I do understand your emotional reaction to all these billionaires walking around making too much money, but the reality is, the people who create jobs generally make more than $250k a year. They actually do prefer to grow their businesses, but if they are taxed higher they really don't have a choice with that money. Taxes have to be paid regardless. Hiring more people is a choice they can delay in order to pay taxes."

    Yes, but without a healthy middle class to create demand, where is the incentive for these "job creators" to invest in anything besides imaginary, derivative financial products? Have a nice day!

    November 30, 2010 04:46 pm at 4:46 pm |
  9. D-Nice

    We need a debt panel because the US economy is a little more complex than a houshold budget. Hopefully most Americans realize this.

    November 30, 2010 05:05 pm at 5:05 pm |
  10. Sniffit

    "...and why is it so easy for Democrats to lose focus on job creation?!?! Are you okay with 9.6% in perpetuity...with stagnant growth of the economy and ever increasing government debt because of that? "

    TAX CUTS DO NOT CREATE JOBS. THIS IS A FACT AND CONSERVATIVES ARE IN DENIAL. These same tax cuts we are arguing over right this very second have been in effect for a decade and (a) Bush did not create jobs during his presidency WHILE THESE TAX CUTS WERE IN EFFECT and (b) the unemployment rate, because of numbuts playing gambling games with teh economy crashed it, went up to 9.6% WHILE THESE TAX CUTS WERE IN EFFECT. There is NO EVEIDENCE WHATSOEVER, not from recent empirical experience nor from historical record, that tax cuts are a source of job creation. The connection is PURELY IDEOLOGICAL, i.e., ALL IN YOUR HEAD, and not founded upon any factual reality. Clinton created massive numbers of jobs and the tax rates during his presidency are what we are talking about returning to. Moreover, the 1950's saw upper tier tax rates close to and above 90%...NINETY PERCENT...and the 1950's is widely considered one of the more prosperous decades of the 1900's, just like Clinton's presidency. What you need to do is stop smoking the ideological bong and start doing some reading and fact gathering.

    November 30, 2010 05:33 pm at 5:33 pm |
  11. Sniffit

    " It's about time the "haves" start paying their fair share. Stop believeing the corporate brainwashing. "

    Indeed Randolph. In fact, here is a fun proposal: Since 5% fo the populus owns about 95% of the country's wealth and assets, they should pay 95% of the taxes. As it is, the SCOTUS and the GOP have already decided that 5% should control the country...so, if they want to control it, they can freekin pay for it. Put that in your ideological bong and suck it, conservatives.

    November 30, 2010 05:38 pm at 5:38 pm |
  12. Me

    Please read the headline carefully
    THE OBAMA DEBT PANEL
    this bipartisan panel was brought to you by the guy who you think is a socialist and doesn't care about the debt or the deficit...yeah, Obama came up with this...nobody in the GOP did, as a matter of fact, the GOP fought this tooth and nail.
    But America was STUPID enough, INSANE enough to give Republicans control of The House!

    November 30, 2010 05:39 pm at 5:39 pm |