Tag Archives: bush tax cuts

Obama Calls For Tax Cut Extension On Middle Class; Romney Does Or Does Not Agree

(Read the full article here: Obama Calls For Tax Cut Extension On Middle Class; Romney Does Or Does Not Agree)

Just days after the third woeful jobs report in a row, Barack Obama will call on Congress Monday to extend the Bush-era tax cuts for one year on individuals making less than $250,000.

Obama extended the Bush tax cuts almost two years ago, striking a lame-duck session deal that exchanged tax cuts for the wealthy for middle-class tax cuts and stimulus measures. The compromise proved a winning one for Obama, who came out of the lame duck session with the wind at his back, but was deeply unpopular with liberals. More damaging, the extension of the tax cuts on the wealthy exacerbated the deficit, for which the Republicans have hammered him ever since. Not surprisingly, Obama has been adamant that the compromise will not happen again, and today’s announcement is a confirmation of that determination….Read More

 

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How Obama Can Turn The Tables On The GOP

(Read the full article here: How Obama Can Turn The Tables On The GOP)

“In an economic speech on Thursday that could set the tone for months of campaigning, Obama is not likely to unveil new ideas to boost the economy and create new jobs,” is one of the more curiously existential news ledes in memory. Presumably Obama will not drive a race car or fistfight a lemur on Thursday either, or do any of those things on Friday or Saturday. News!

Can Obama use Bush as a contextualization of the economy so thoroughly as to avoid responsibility for it?… Read More

 

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Are The Democrats Folding On The Bush Tax Cuts?

 

 

Earlier this week, Bill Clinton suggested that the Bush-era tax should be extended in order to avoid the fiscal cliff. He warned that we should try “to avoid doing anything that would contract the economy now.”

But, that’s not what he meant to say. He meant to say, “I support [Obama’s] position, and I think on the merits, upper-income people will have to contribute to long-term debt reduction.” Clinton needed to recant/clarify his statements in order to confirm his support of Obama’s reelection. But his misstep illuminates the growing indecision among Senate Democratic leaders who can’t come to a consensus about the threshold for extending theBush tax cuts… Read More

 

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Bill Clinton Undermines Obama On Bush Tax Cuts

 

Bill Clinton is on a roll.

First he criticizes Barack Obama for attacking Mitt Romney’s “sterling” record at Bain Capital. Now he suggests that Congress needs to extend the Bush-era tax cuts, “to avoid doing anything that would contract the economy now.” While Clinton might be offering sound, practical advice for Congress and the President, he is doing little to help Obama’s reelection chances… Read More.

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Who Wants To Fight Over Bush Tax Cuts

While Congress ordinarily boots every piece of difficult legislation to the last possible moment, the November election is speeding up one extremely issue: the expiration of the Bush tax cuts.

The New York Times reports that both sides are eager, even “giddy,” to have this debate before the election, as both see it playing well for their side: Republicans crave a debate about what they call the “biggest tax increase in history” in the midst of a sluggish economy, while Democrats would love to make every GOP legislator defend massive tax breaks for the wealthy at the cost of the lower and middle classes… Read More.

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Holy Crap, We Might Actually Cut Defense Spending

Remember those old bumper stickers about how it would be a great day when the Pentagon had to hold a bake sale to pay for a fighter jet

Well, get ready to eat some Department of Defense muffins.

The Pentagon is getting jittery over the perfect storm of tax hikes and spending cuts set to collide during the lame duck session of Congress at the end of 2012. The DoD fears that Congress will look for spending cuts rather than suffer political fallout from the billions in tax hikes if the Bush tax cuts expire, and the defense budget would be a prime place to start.. Read More

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John Boehner is talking big Wednesday morning, saying he wants to start a fight over the debt ceiling, oh, about now-ish.

The debt ceiling is currently set to reach its limit in the lame duck portion of Congressional session, after the November elections. A whole host of other legislation comes due then, too, including the Bush tax cuts, meaning the lame duck session could be more action packed than the actual session of the legislature—if Congress can manage to get any of it done…. Read More

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 John Boehner …

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