George W. Bush unknowingly

Modus operandi.

If they were serious about the deficit they shouldn't do anything and let sequestration go into effect.

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What would happen, however, if Congress did not do any of those things? Deficits would be more than $7.1 trillion lower over the next 10 years, and the budget would be nearly balanced in 2021. The savings from such inaction would be:

$3.3 trillion from letting temporary income and estate tax cuts enacted in 2001, 2003, 2009, and 2010 expire on schedule at the end of 2012 (presuming Congress also lets relief from the Alternative Minimum Tax expire, as noted below);

$0.8 trillion from allowing other temporary tax cuts (the "extenders" that Congress has regularly extended on a "temporary" basis) expire on schedule;

$0.3 trillion from letting cuts in Medicare physician reimbursements scheduled under current law (required under the Medicare Sustainable Growth Rate formula enacted in 1997, but which have been postponed since 2003) take effect;

$0.7 trillion from letting the temporary increase in the exemption amount under the Alternative Minimum Tax expire, thereby returning the exemption to the level in effect in 2001;

$1.2 trillion from letting the sequestration of spending required if the Joint Committee does not produce $1.2 trillion in deficit reduction take effect; and

$0.9 trillion in lower interest payments on the debt as a result of the deficit reduction achieved from not extending these current policies.




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What an asinine article. "George W. Bush left Democrats such an enormous present in the form of a required sunset provision on a budget-busting tax cut, engineered to ensure that any Congress that let it expire would look like they were massively raising taxes--a result which has already occurred once to the letter!"

Republicans: You had better agree to our deficit reduction plan or else!
Democrats: If we do nothing, we'll save $4 trillion, which is far more than your plan saves.
Republicans: Ok, we'll give you $250 billion. Take it or leave it.
Democrats: Um, leave it?
Republicans: ...
Democrats: ...
Republicans: wat

Mentat: Republicans: You had better agree to our deficit reduction plan or else!
Democrats: If we do nothing, we'll save $4 trillion, which is far more than your plan saves.
Republicans: Ok, we'll give you $250 billion. Take it or leave it.
Democrats: Um, leave it?
Republicans: ...
Democrats: ...
Republicans: wat

This!

"I have $4,000 car"
"I'll offer you $250 for it but I also have to kick you in the nuts"
"....let me think about it...."

I'm just glad to see those hints of a Democratic cave on the taxes seem to have either gone away or they were reminded that we don't need more tax cuts.

The cuts to defense spending will be the most interesting part of this whole charade. You'll see some major hyperventilating if they kick in.

Marcus Aurelius: The cuts to defense spending will be the most interesting part of this whole charade. You'll see some major hyperventilating if they kick in.

Perhaps Boner didn't get 98% of what he wanted after-all.

I will be pleasantly surprised if the Democrats don't cave again. We need some serious progressive policy changes in this country, but I'm too cynical to believe that it will actually happen.

I'm too much of a pessimist to be even cautiously optimistic about the end of the Bush Tax Cuts instead of "the next Dem cave-in". For the love of whatever you hold dear, Durbin + company, prove me/us wrong and hold firm. For fark's sake.

In other words, the democrats agreed to a law (the placement of the stupor committee) knowing that they would NEVER comply with it. Sounds like business as usual for the left.

Fark Me Runnin: taxes != revenues

Que?