Tuesday, July 26, 2011

WH Blog: Deficit Crises

With eight days until our nation faces an unprecedented financial crisis, the President addressed the nation on the consequences the stalemate in Congress could have on the stability of our economy.   
 Here are some key passages from his remarks
The debate right now isn’t about whether we need to make tough choices.  Democrats and Republicans agree on the amount of deficit reduction we need. The debate is about how it should be done.  Most Americans, regardless of political party, don’t understand how we can ask a senior citizen to pay more for her Medicare before we ask a corporate jet owner or the oil companies to give up tax breaks that other companies don’t get.  How can we ask a student to pay more for college before we ask hedge fund managers to stop paying taxes at a lower rate than their secretaries?  How can we slash funding for education and clean energy before we ask people like me to give up tax breaks we don’t need and didn’t ask for?  
Speaker John Boehner says his house plan has bi-partisan support but the vote on it was on party lines. Although Rightardia is sympathetic to the presidne'ts dilemma, Obama should have rescinded the Bush tax cuts when the Democrats controlled the House to fund the recovery. 

Instead the Democrats squandered a year on a half-baked medical reform. Obama is right that the Bush presidents and Reagan had no difficulties getting the debt ceiling raised. That's because the Democrats are team players and  were unwilling to play hardball with GW Bush. 

The Republicans are, indeed, less timid. 

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