October 26th, 2011
12:50 PM ET
11 years ago
Debt committee's failure would trigger deep cuts
NEW YORK (CNNMoney) - The automatic cuts looming over the congressional debt committee would take a big bite out of discretionary spending, a top government budget expert said Wednesday.
And those reductions would be felt across the economy - potentially affecting infrastructure projects, higher education, basic research, and state and local governments, Congressional Budget Office Director Douglas Elmendorf explained to members of the so-called super committee.
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I think they should cut corporate welfare. That could amount to $100 billion per year by itself when you consider that nearly 100 of the largest corporations pay zero or very little taxes at all.
Congress needs a pay cut.....that'll help reduce the deficit !
Which is precisely what the Republicans want: a stealth method to cut Social Security, Medicare and Medicaid while preserving the Wealthy Welfare (via tax cuts) for the richest 1% of Americans, and not breaking their pledge to Grover Norquist and the "Club for Growth". The brilliant thing is that as Republicans don't actually have to do anything at all-something they are actually good at (they already acted by pledging to Norquist), the cuts to social programs become automatic.
This is what you get America when you vote for the GOP/TP!
It looks like the trigger will get pulled because the TEApublican senators on the panel are not reasonable people. They are stuck in their ideology and Mitch McConnell's ideology of making the economy plunge to make the President look like a failure. They put party ahead of country and should be tried for treason.
The “debt’ committee FAILURE”, there should be no debt committee; Congress needs to do its job (period). And for all of you bleeding heart liberals that see the list of Obama FAIULRES and lies and cherry picking, I understand that facts, the truth, you can’t deal with it; just keep drinking the cool aid; things will improve for the American public with the next/new GOP president and administration.
"those reductions would be felt across the economy – potentially affecting infrastructure projects, higher education, basic research, and state and local governments,"
And watch how fast the GOPers scuttle the Committee in the coming weeks. The cuts are our punishment for electing Obama and demanding that the US not be turned into a third-world labor supply for the giant corporate entities and their owners who think of themselves as the Masters of the Universe.
This was the Republicans idea. They rejected $1T cut proposed by President Obama and tentatively agreed to by Speaker Boehner until the extremist wing of the GOP scared him. If it fails they will be held accountable and responsible. They are already viewed as extremist and obstructionist to the country's recovery. It is a heck of a wakeup call when Pat Robertson warns that the GOP is becoming too extreme.
100 percent of corporations pay no taxes. They collect money and pass it on. It is part of their costs. If you can not understand that you should not be allowed to vote.
And now the Democrats on that committee want to add the jobs bill to it, can find cuts when you are trying to spend. What part of budget do democrats not get.
I just had an epiphany (taking a big bite out of discretionary spending, higher education, basic research, and state and local governments, (this should include the Federal government)) this sound exactly what I’ve been looking for, stop the government from spending.
MTATL67 wrote:
It is a heck of a wakeup call when Pat Robertson warns that the GOP is becoming too extreme.
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Amen to that. Pat Robertson doesn't even fear the Devil, but he's pretty scared of the Grand Old Tea Party.
( the GOP as you used to know it doesn't exist anymore, people. it is now the GOTP )
We can expect the deep automatic cuts. The Democrats will never move to the middle, in a concessionary manner.
I expect before any cuts take place they will just change the law!
Six Democrat minus Six Republicans = zero.....The chance of them getting anything done......ZERO
@ Lillie Congress needs a pay cut.....that'll help reduce the deficit !
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We the people need term limits on Congress.