July 16, 2012


Top Democrat: We won't budge on Bush-era tax cuts (Lucy Madison, 7/16/12, CBS News)

Sen. Patty Murray (Credit: Elaine Thompson) (CBS News) With Congress preparing to tackle a series of controversial tax and budget issues this fall, Democrat Sen. Patty Murray is warning Republicans that Democrats are not planning to stand down in the ongoing battle over extending Bush-era tax cuts for the wealthy.
Murray, speaking to the Brookings Institute Monday, warned Republicans that she and others in her party are prepared to let tax cuts for all Americans expire if Republicans don't work with them on a deal to end Bush-era tax cuts for wealthy Americans. [...]

In addition to the expiration of the Bush-era tax cuts, January 1, 2013 marks the day when $1.2 trillion worth of budget cuts spread across domestic and defense programs begin to go into effect unless Congress can reach a deal to offset them. Those automatic "sequester" cuts, spread over 10 years, are the result of the failure of the congressional "super committee" to reach an agreement to reduce the deficit as mandated by the deal last August to raise the debt ceiling. Also set to expire January 1 are some unemployment benefits and a deferment of payment cuts to Medicare physicians.

So in exchange for setting taxes where the Gingrich Congress had them--during the late 90s boom--we get over a trillion dollars in spending cuts?  There is no downside.

Posted by at July 16, 2012 5:50 PM

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