Is the Upside of This Debt Deal That Now Obama Can and Will Veto Another Extension of the Bush Tax Cuts?
Question by Doc Holliday Occupier: Is the upside of this debt deal that now Obama can and will veto another extension of the Bush Tax Cuts?
Obama can now veto another extension and we can begin a real deficit reduction program with the added money.
Best answer:
Answer by Gee Wally
Yes, the middle class will be stuck with paying the debt.
What do you think? Answer below!
Related posts:
- Why Did Democrats Whine About Bush’s Deficits When Obama Will Top Bush’s Deficits at the End of This Year?
- Why Is Obama More Serious About Federal Debt-Reduction Than George W Bush Ever Was?
- If not Having a Plan Is the Sign of Leadership, Is Obama the Greatest Leader Ever?
- Question: Do You Think It Would Be Reckless & Irresponsible to Raise the Debt Ceiling Without Committing to Budget Cuts?
- Why Is Obama Even Pretending He Cares About Reducing the National Debt?
Tagged with: another • Bush • credit card debt relief • Cuts • deal • Debt • extension • Obama • This • upside • veto
Filed under: Questions and Answers
Like this post? Subscribe to my RSS feed and get loads more!
He won’t do that because he will stifle an legislation that Harry Reid might try to get out of the Senate. (not like he lets much to the floor)
he wont. republicans will kick and scream and Obama will cave again
It would be stupid to do that. We have a SPENDING problem, not a revenue one! The Bush tax cuts (including the middle class cuts) were made 8+ years ago. Since then, they have become the new normal of the economic landscape. Not extending them would be equivalent to a huge tax increase. How does raising taxes help the economy? They were extended by the 111th Congress as so to provide confidence to business, just as they commit funds and resources to expansion, they won’t get stabbed in the back by a tax increase. Two-thirds of all small business and their owners are effected by the high-end taxes.
What does Obama do? He short-circuits this whole process by immediately and constantly declaring he will raise taxes on the rich, including eliminating the high-end tax cut, as soon as he can, creating a cloud of uncertainty that is a weight on job creation. To add insult to injury, the Administration, over the last few days, has use the term “uncertainty” in arguing for a long term solution (after his re-election run) as so not “to put uncertainty over business”.
When the problem is spending, the solution is to cut spending. Raising taxes only compensate for the spending. The Democratic solution to this is to simply go to what they think is their money tree (the wealth) for more money. The Obama Administration will fight tooth and nail against cuts to their Progressive agenda of spending. Their whole ideology centers around the need to spend so they can be at the center of a socioeconomic spider’s web.
Obama own debt commission said that it must have 4 trillion in cuts over the next 10 years. He ignored that. The ratings companies said anything less than 4 trillion in cuts would show that the US is not serious in dealing with it’s debt. Obama ignored that too. The only ones who didn’t have been Republican plans. Ryan’s budget proposal earlier this year had those kind of cuts. The first Cap, Cut and Balance bill, shot down in the Senate had those kind of cuts. Reid’s bill and this anemic, almost agreed on bill, doesn’t.
Not extending the Bush tax cuts would further dampen the economy, and would bring in little, if any, new revenue.
When they were passed over eight years ago, the economy grew, unemployment declined, and tax revenue increased.
Want more revenue?–pass another tax cut!