It includes more than $1 trillion in additional
spending cuts, on top of the $1.9 trillion that the president has already
accepted and signed into law. It includes significant changes to entitlement
programs, as well as further cuts to a portion of the budget that was already
cut down to historic lows. And it includes far less new revenue than the
president has called for in the past. All told, President Obama’s compromise
budget would raise less revenue and set government spending at approximately
the same levels as the much-ballyhooed bipartisan plan proposed by former
Republican Sen. Alan Simpson and former White House Chief of Staff Erskine
Bowles in 2010. By that standard, the president’s compromise budget is to the
right of Simpson-Bowles.
Showing posts with label deficit. Show all posts
Showing posts with label deficit. Show all posts
Wednesday, April 10, 2013
Michael Linden: The President’s budget is another attempt to reach a fiscal deal
President Barack Obama’s fiscal year 2014 budget is
unlike any previous presidential budget request in recent history. It is not a
statement of the president’s vision for the federal budget. It does not
represent what he thinks is the best course of action for spending, taxation,
and broader federal fiscal policy. It is not, in short, his preferred budget
plan. Rather, for the first time ever, it is a preemptive compromise budget.
Wednesday, March 13, 2013
Michael Linden: Rep. Paul Ryan’s fantasy budget
The newly released House Republican budget plan,
authored by Rep. Paul Ryan (R-WI), claims to achieve balance by 2023, but
that’s only true if you ignore the $7 trillion tax hole, and the utterly
unrealistic cuts to a category of federal spending that’s already set to
decline to historic lows. Without these egregious gimmicks and magic asterisks,
Rep. Ryan’s plan not only fails to balance the budget but would actually
dramatically increase the deficit and debt.
Monday, December 10, 2012
Ian M. MacIsaac: Freeze, this is a stickup: hostage negotiations in the fiscal cliff crisis
"We're nowhere."
That was House Speaker John Boehner's summation of
the fiscal cliff negotiations as of this time last week, in an interview on Fox
News Sunday.
Boehner said that plan proposed by President Obama
and Treasury Secretary Tim Geithner to avoid the fiscal cliff, which included
an end to Congress's control of the debt ceiling limit along with $1.6 trillion
in new revenue, was "a non-serious proposal;" particularly because,
as Boehner portrayed it, the proposal contained federal spending that
outweighed its proposed budget cuts.
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