From THE WALL STREET JOURNAL: Falling Deficit Alters Debate Improving Federal Finances Lessen Pressure on Democrats, Republicans to Negotiate By Damian Paletta Rising government revenue from tax collections and bailout paybacks are shrinking the federal deficit faster than expected, delaying the point when the government will reach the so-called debt ceiling and altering the budget [...]
Archive of posts filed under the Debt ceiling category.
Two competing budget proposals
From THE WALL STREET JOURNAL: Opening Budget Bids Set Parties’ Battle Lines By Janet Hook and Kristina Peterson Congress opens a new chapter in the budget debate this week with the introduction of dueling blueprints from two lawmakers who illustrate their parties’ vastly different approaches to the role of government. Sen. Patty Murray (D., Wash.) [...]
Now the Republicans have the upper hand
From Battle Lines Drawn on Budget Republicans Say Further Tax Increases Off the Table for Coming Debt Negotiations By Siobhan Gorman And Peter Nichols | January 6, 2013, 11:07 a.m. ET WASHINGTON—Republicans won’t accept further tax increases in coming budget and debt negotiations, the party’s Senate leader said Sunday, putting GOP lawmakers on a collision [...]
Kicking the can down the road
From Details of Tax Law Changes Spelled Out By Laura Saunders | Updated January 1, 2013, 12:17 a.m. ET The tax changes included in the bill hashed out between the White House and congressional Republicans Monday includes the first increases in top income-tax rates in nearly two decades. They also set new thresholds for determining [...]
Geronimo!
From Over the Cliff, Spending Cuts Loom Sunday, December 30, 2012 As of 10:39 AM EST By Damian Paletta WASHINGTON—During one of the presidential debates in October, President Barack Obama responded bluntly to a question about looming spending cuts by saying they “will not happen.” Now, with a deadline for action imminent, it appears the [...]
The Republicans prepare to cave
From The Republican Tax Panic The GOP should negotiate with Obama, not each other. If any Republicans thought that President Obama would respond with magnanimity in victory, they now know better. He is determined to rout them on taxes, give as a little as possible on spending, and blame them for any economic damage in [...]
Open thread: the Fiscal Cliff
Patterico told his readers that he was pretty much bored with the fiscal cliff arguments, saying that, ” in the end, we will arrive at a Solemn Agreement to Tackle This Problem Head-On . . . next year.” He continued: Meanwhile, our massive government debt bubble will continue to grow, and nobody will show the slightest bit [...]
