1. Welcome to CowboysZone!  Join us!  Come on!  You know you want to!

Republicans seek to undo much of stimulus spending

Discussion in 'Political Zone' started by WoodysGirl, Apr 1, 2009.

  1. WoodysGirl

    WoodysGirl Shut up and play! Staff Member

    67,140 Messages
    6,922 Likes Received
    By Andrew Taylor, Associated Press Writer – 1 hr 1 min ago

    WASHINGTON – Republicans in the House Wednesday pressed a budget plan that would cut taxes and radically overhaul Medicare, offering a stark alternative to blueprints offered by President Barack Obama and his Democratic allies.

    The plan, drafted by Wisconsin Rep. Paul Ryan, the top Republican on the Budget Committee, also freezes overall spending on domestic programs passed by Congress each year and repeals most of the spending in Obama's recently passed economic stimulus bill.

    Despite spending reductions, the plan projects permanent deficits exceeding $500 billion into the future, fueled largely by big tax cuts.

    The GOP plan would offer a dramatically simplified tax code in which couples would have the option of a 10 percent rate on the first $100,000 of income, with a 25 percent rate thereafter, with the first $25,000 of income exempt from taxation. Single could get a $12,500 exemption and a 10 percent rate on income up to $50,000.

    Taxpayers could also opt to remain in the current system.

    On Medicare, workers under the age of 55 would enroll in private plans and receive premium subsidies equal to the average Medicare benefit when they retire. Benefits would not be changed for people in the program or people 55 or older.

    Democrats warned that the GOP plan would force draconian cuts to the program.

    The plan has no chance of becoming law, but offers voters a contrast between the rival parties. Republicans have been on the attack, saying Obama's $3.6 trillion budget for next year taxes, borrows and spends way too much. And Republicans have seemed sensitive to criticisms by Obama and Democrats that they are the "party of 'no,' " rushing out a detail-free version of the plan last week.

    Ryan said Obama's budget "is little more than a thinly veiled attempt by Washington to spend its way into prosperity, tax its way into tax relief, and borrow its way into debt reduction."

    The GOP alternative emerged as the House began debate on a Democratic budget measure that largely tracks Obama's plans, though not exact assumptions, like limiting wealthier taxpayers' ability to deduct mortgage interest, charitable contributions and other deductions.

    Meanwhile, debate continued in the Senate.

    Under Congress' arcane budget process, the first step in enacting major legislation such as Obama's plans to dramatically overhaul the U.S. health care system is to pass a nonbinding blueprint called a budget resolution.

    Given the recession and the financial crisis, the budget outlook has become truly bleak, with the deficit for the current budget year expected in the $1.7 trillion range and the deficit for 2010 seen at between $1.2 trillion to $1.4 trillion, depending on whether additional financial bailout funds are approved.

    Obama's budget, according to the Congressional Budget Office, would produce unsustainable deficits that never go below 4 percent of the size of the economy. The alternatives offered by House and Senate Democrats would do somewhat better.


    http://news.yahoo.com/s/ap/congress_budget

    This will probably be updated as more details come out.
  2. BrAinPaiNt

    BrAinPaiNt Bad Santa Staff Member

    61,243 Messages
    4,572 Likes Received
    :laugh1: Like they have a chance of getting that passed.

    Funny how politics work.
  3. WoodysGirl

    WoodysGirl Shut up and play! Staff Member

    67,140 Messages
    6,922 Likes Received
    article updated...
  4. ajk23az

    ajk23az Through Pain Comes Clarity

    7,670 Messages
    53 Likes Received
    They probably know they won't get it passed, as the article states, it is to show a contrast between repubs. and dems.....

    "The plan has no chance of becoming law, but offers voters a contrast between the rival parties. Republicans have been on the attack, saying Obama's $3.6 trillion budget for next year taxes, borrows and spends way too much. And Republicans have seemed sensitive to criticisms by Obama and Democrats that they are the "party of 'no,' " rushing out a detail-free version of the plan last week."
  5. WoodysGirl

    WoodysGirl Shut up and play! Staff Member

    67,140 Messages
    6,922 Likes Received
    To be fair, Brain hasn't read the updated article.

    That sentence wasn't there in the original version.
  6. BrAinPaiNt

    BrAinPaiNt Bad Santa Staff Member

    61,243 Messages
    4,572 Likes Received
    I knew they knew it had no chance of getting it passed.

    It is just funny how both parties do this. They do not do this stuff in an effort to try and do what they think is right for the country...they do it to try and make themselves and their party look better.
  7. ABQCOWBOY

    ABQCOWBOY Moderator Staff Member

    35,186 Messages
    2,028 Likes Received
    On the contrary Brain. I believe that the GOP believes what they are doing is best for the country. It's much easier to play ball and enjoy the rewards then it is to swim up stream.

    I understand those who don't believe it is in the best interests but I do believe the GOP is doing what it thinks is best.
  8. BrAinPaiNt

    BrAinPaiNt Bad Santa Staff Member

    61,243 Messages
    4,572 Likes Received
    I guess they got one person to believe their BS. :laugh1:
  9. ABQCOWBOY

    ABQCOWBOY Moderator Staff Member

    35,186 Messages
    2,028 Likes Received

    True. On the other hand, look how many believed Obama.

    You gotta start somewhere.
  10. BrAinPaiNt

    BrAinPaiNt Bad Santa Staff Member

    61,243 Messages
    4,572 Likes Received
    No...we need less people to believe the bs just because it comes from one party or the other.

    THAT has to start somewhere.:cool:
  11. SuspectCorner

    SuspectCorner Bromo

    7,730 Messages
    108 Likes Received
    Hmmm... let's see.

    Roll back the stimulus except for unemployment spending - place a freeze on discretionary spending - increased military spending - huge tax cuts for the gentry (zero capital gains tax and 25% tax rate for wealthy and corporations) - lame bandaid on healthcare... and it still projects out to about a $500B deficit. Did I leave anything out?

    Most of this crap sounds painfully familiar. Painfully. I'd way rather roll the dice with Obama 'cuz these guys... just don't get it.

    I just hope the Blue Dog Dems don't **** it up.
  12. Jordan55

    Jordan55 Active Member

    1,176 Messages
    0 Likes Received
  13. ScipioCowboy

    ScipioCowboy More than meets the eye. Zone Supporter

    15,256 Messages
    2,453 Likes Received

Share This Page