December 13, 2010

Senate Tax Vote Underway
Cloture Reached

— DrewM

Above The Post Update:
The vote is still going on (and will for another hour) but the bill already has 60 votes, so the rest is just bookkeeping at this point. Once they finish up this cloture vote, they can move on to final passage, which is just a formality.

Original Post:
Harry Reid is giving the Senate a break from important stuff like DADT and the DREAM Act to give the Senate a chance to prevent a massive tax hike. Sporting of him, isn't it? The vote just started but it will last for over two and a half hours to give Senators a chance to get back into town.

House Democrats, for all their bitching and moaning have been exposed as empty suits as their leader on the Budget Committee over the weekend announced they'd reluctantly pass the package.

Opinion has been divided on the conservative side over whether or not to support the deal. Most famously, Charles Krauthammer came out swinging against it. I think he's wrong simply for the fact that adopting the left's arguments that tax cuts or in this case, not raising taxes, "costs" the federal government is ceding way too much ground.

Keith Hennessey, Director of the National Economic Council under George W. Bush gives the deal a qualified thumbs up.

LetÂ’s look at where the deficit increases in this bill come from.

All figures are from CBO and JCT, are relative to current law and are 10-year totals:

* Prevent income tax rate increases ($408 B)
* Prevent AMT increase next year ($137 B)
* Prevent estate tax from returning to $1M exemption and 55% rate in 2011 ($68 B)
* 2% payroll tax holiday ($226 B)
* Temporarily extend business expensing provisions ($22 B)
* Extend unemployment insurance ($57 B) and
* Grab bag of tax “extenders” ($55 B).

I think I just have different policy preferences than Mr. Limbaugh on this one.

I strongly support $613 B of the above policies – the first three.

While the bill would be better without these (or with the unemployment benefits offset), IÂ’m happy to accept the following policies in a package:

* the half of the 2% payroll tax holiday thatÂ’s actually a tax cut, which increases the deficit by $112 B;
* extending unemployment insurance, for $57 B;
* extending the business expensing provisions for $22 B.

I’d prefer to drop the business expensing provisions ($22 B), and the other half (the “refundable” part that is just an entitlement payment in disguise) of the payroll tax provision ($114 B), and I could easily cut the tax extenders at least in half if you let me ($28 B).

If I tally “things I really like” and “things I can accept” and compare them to “things I don’t like,” the numbers look good to me. Not great, mind you, but good. And for a divided government this looks to me like a great deal.

There's a more point by point rebuttal to the conservative critique of the deal at the link.

One part of the equation I think Hennessey leaves out is a lot of the stuff he (and most conservatives don't like) were going to pass anyway. The Republicans have caved several times in the last two years on deficit spending for unemployment insurance, there's no reason to think they wouldn't have again, especially less than two weeks before Christmas.

Also, if Conservatives don't like that it's a temporary cut and not a permanent one, I really need it explained to me how Republicans were supposed to get a better deal out of Democratic Congress and President than they were able to get 10 years ago with a Republican Congress and President. The math there is a bit fuzzy to me.

On the politics of it, I have to say this is a big loss for Obama. He can go on all he wants about having a discussion and fight over these cuts for the next two years but that's pretty hollow. He's spent the last 4 years (2 campaigning, 2 as POTUS) saying the upper end cuts have to go. Remember the whole "if you make less than 200K you won't pay a dime more in taxes" and if you make more than that the rates will only go back to the Clinton Era rates? Well, he lost that fight. Even Clinton himself supports staying at current rates (at least for low and mid level earners) rather than go back to the levels they were under him.

If Obama wants to run for reelection on raising taxes, a position that has already been rejected, he's welcome to it.


Stray thought:
If you went to Vegas this time last year and bet that the two biggest legislative 'achievements' of Congressional Democrats and Obama would be the combination passing "health care reform" and extending the "Bush tax cuts", you would have won a ton of money.

That was not a combination I think a lot of people expected.

Another thought: How stimulative is this plan going to be? Will it ensure Obama's reelection because it will save the economy? I doubt it will have much impact on either the economy or Obama's reelection prospects. Most of this deal involves doing exactly what we've been doing all along. We aren't cutting taxes here, just defensively not raising them. At best, it means things might not get worse.

Posted by: DrewM at 12:49 PM | Comments (104)
Post contains 915 words, total size 6 kb.

1 Obama wins.  Unemployment may go down with this, so he gets re-elected.

Posted by: Cherry π at December 13, 2010 11:11 AM (+sBB4)

2 Let the games begin!

Posted by: Robin at December 13, 2010 11:12 AM (VY112)

3 Wow, Obama's presidency is pretty much the George W. Bush Vindication Tour.

Posted by: joeindc44 at December 13, 2010 11:13 AM (QxSug)

4 Wow, Obama's presidency is pretty much the George W. Bush Vindication Tour.

When will Obambi try to fix Social Security?

Posted by: CUS at December 13, 2010 11:14 AM (wOGfT)

5 The Hammer is rarely wrong, but when he's wrong he's Big Time Wrong

here, he's wrong.  There was one other issue he was wrong on, years ago, but I forget what it was.  ( Big Time Wrong on that one too, whatever it was )

Posted by: SantaRosaStan at December 13, 2010 11:15 AM (UqKQV)

6 here, he's wrong.  There was one other issue he was wrong on, years ago, but I forget what it was.  ( Big Time Wrong on that one too, whatever it was )
Posted by: SantaRosaStan at December 13, 2010 03:15 PM

He predicted that the Tea Parties of 2009 would produce nothing but backlash. When he saw what happened he admitted he missed that one.

Posted by: arhooley, conflicted Californian at December 13, 2010 11:18 AM (XgQaM)

7 Well, as I stated in a previous thread, Obama (and Bubba) are now center-right corporatist wingnuts to a signifigant number of the mooonbats. Maybe, just maybe, they will try to primary him with a fellow nutcase.

Posted by: Luca Brasi at December 13, 2010 11:18 AM (YmPwQ)

8
Well if it's got the approval of a former economic adviser from the Bush admin...

Posted by: Soothsayer at December 13, 2010 11:18 AM (uFokq)

9 Wow, Obama's presidency is pretty much the George W. Bush Vindication Tour.

Mission accomplished. Heh.

Posted by: W at December 13, 2010 11:18 AM (XgQaM)

10 House Democrats, for all their bitching and moaning have been exposed as empty suits as their leader on the Budget Committee over the weekend announced they'd reluctantly pass the package.

They never intended to not pass it. All that noise was PR to get the press to support them in all the add-ons the Senate is about to vote on, and to give an excuse for making the Senate go first.

They were not going to get left holding the bag again like crap and tax.

Posted by: Vic at December 13, 2010 11:19 AM (e4sSD)

11 Obama wins.  Unemployment may go down with this, so he gets re-elected.

Not gonna happen. There are too many overvalued assets out there still. Credit won't ease until those are absorbed. We might get unemployment down to 8% or so, but since BO said that his stimulus plan would keep unemployment below 8%, that's a losing deal for him (the ads write themselves).

Posted by: Farmer Joe at December 13, 2010 11:19 AM (z4es9)

12

If you went to Vegas this time last year...

I Said, "Don't Go To Vegas"!

Posted by: Barack Hussein Obama at December 13, 2010 11:19 AM (sk8k3)

13 soon, very soon, all your base belong to us.

Posted by: George "Palpatine" Soros at December 13, 2010 11:20 AM (LdYLm)

14 1 Obama wins.  Unemployment may go down with this, so he gets re-elected.

Posted by: Cherry ð at December 13, 2010 03:11 PM (+sBB4)

I actually don't think unemployment will go down with this... or at least not much.

The real job killers are the Healthcare bill, the Fed Govs Explosion of regulation... which this does NOTHING about.

I mean, they did not even use this to take care of the $600 1099 requirment inside of Obamacare.... somthing BOTH parties say should go...

Annndddd... they have not done anything fundamental to fix the economy... just slapped big dollar bandaids on it... Bankers are still the only ones making money...

 

Posted by: Chk Chk, the Squirrel God at December 13, 2010 11:20 AM (AdK6a)

15
I'm baaaaaaaaack...

and bigger than ever!

Posted by: Death Tax at December 13, 2010 11:21 AM (uFokq)

16 That was not a combination I think a lot of people expected.

That Daily Double would have been huge!

Posted by: dfbaskwill at December 13, 2010 11:21 AM (71LDo)

17 13 soon, very soon, all your base belong to us.

Posted by: George "Palpatine" Soros at December 13, 2010 03:20 PM (LdYLm)

Too late, we already own them.

Posted by: Federal Reserve Bank OWNERS at December 13, 2010 11:21 AM (AdK6a)

18
I think he's wrong simply for the fact that adopting the left's arguments that tax cuts or in this case, not raising taxes, "costs" the federal government is ceding way too much ground.

There goes one of those cob loggers making sense again.

Posted by: Ed Anger at December 13, 2010 11:23 AM (7+pP9)

19 This not adding anything, it's just not taking away that money. That is a good thing. But, it won't have a major effect. The only difference will be those people would have taken capital gains this year.

Admiral Akbar mode /ON

Posted by: Radioactive Satellite Of LOVE at December 13, 2010 11:23 AM (LdYLm)

20 **Obama wins. Unemployment may go down with this, so he gets re-elected.** um, no. Unless he also gets Perot to run as a third party candidate. Obama's star is tarnished...he'd need am economic surge the size of the combined tech and real estate bubbles to brew between now and 2012. Not going to happen.

Posted by: joeindc44 at December 13, 2010 11:23 AM (QxSug)

21

GODDAMN IT!!!!!! WHY ARE WE GIVING THESE ASSHOLES THIS MONEY?????

*spits*

Posted by: KayInMay or an MSNBC shill - take your pick at December 13, 2010 11:23 AM (pLTLS)

22 I'm baaaaaaaaack...

and bigger than ever!
Posted by: Death Tax

In which universe is 35% bigger than 55%?

Posted by: goldbricker esq at December 13, 2010 11:23 AM (GkMfH)

23

"Stray thought: If you went to Vegas this time last year and bet that the two biggest legislative 'achievements' of Congressional Democrats and Obama would be the combination passing "health care reform" and extending the "Bush tax cuts"... "

Toss in that Bill Clinton would be appointed for a third term and you'd be filthy rich.

Posted by: Burn the Witch at December 13, 2010 11:23 AM (fLHQe)

24
Sarah Palin has her hair fancily done by stylist while in Haiti!


Posted by: Soothsayer for RNC Chair at December 13, 2010 11:24 AM (uFokq)

25

"The Republicans have caved several times in the last two years on deficit spending for unemployment insurance, there's no reason to think they wouldn't have again, especially less than two weeks before Christmas."

 

and that is exactly the problem... 

Posted by: Shoey at December 13, 2010 11:25 AM (ehKDD)

26 I was on the borderline with this bill on just the deal made with Obama. A deal that fell through about as soon as the door closed to the office they made the deal in.

They started piling on everything but the kitchen sink after the Dems in the House started bitching, which was the plan from the start.

I say hold firm for the original deal made with Obama or tell them to stick it up their commie asses.

Posted by: Vic at December 13, 2010 11:26 AM (e4sSD)

27 1 Obama wins.  Unemployment may go down with this, so he gets re-elected.

Unemployment won't go down significantly for some time for several reasons.  A)  There is no overall stimulative effect from keeping the tax rates the same for only 2 more years.  B) This only addresses tax rates.  Remember that the Obama Administration put out a vast variety of new job-killing regulations on businesses via Obamacare and other assorted items over the last two years.  And Lord only knows what he'll do via Executive Fiat over the next 2 years (especially concerning "greenhouse" gases).    C) To get unemployment back where it was during the mean ol' Bush years is a decade-long project at least, even under favorable conditions. 

Posted by: Kratos (Ghost of Sparta) at December 13, 2010 11:27 AM (9hSKh)

28
Estate Tax is going from 0 to 35%, no?


Posted by: Soothsayer for RNC Chair at December 13, 2010 11:27 AM (uFokq)

29 Posted by: arhooley, conflicted Californian at December 13, 2010 03:18 PM (XgQaM)

Yeah, that's the ticket.  Seems like a long time ago.

Busy year, this one........

Posted by: SantaRosaStan at December 13, 2010 11:28 AM (UqKQV)

30 Harry Reid is giving the Senate a break from important stuff like DADT and the DREAM Act to give the Senate a chance to prevent a massive tax hike. Sporting of him, isn't it?

That's mighty White of him.

Posted by: Harry Callahan at December 13, 2010 11:28 AM (5qJM5)

31 yeah, the economy is also suffering from overregulation. So, the tax uncertainty is one thing...the overregulation and the democrats incipient corporatism that favors large companies will prevent small biz from doing much with it.

Posted by: joeindc44 at December 13, 2010 11:30 AM (QxSug)

32 Sarah Palin has her hair fancily done by stylist while in Haiti!

Posted by: Soothsayer for RNC Chair at December 13, 2010 03:24 PM (uFokq)


How dare she!!

Posted by: CUS at December 13, 2010 11:30 AM (wOGfT)

33 As I said in another thread...Constitutional Amendment to seat new congress immediately.  NO MORE FUCKING LAME DUCK SESSIONS!!

Posted by: Hedgehog at December 13, 2010 11:31 AM (Rn2kl)

34 28
Estate Tax is going from 0 to 35%, no?

Posted by: Soothsayer for RNC Chair at December 13, 2010 03:27 PM (uFokq)

MUST...HAVE...MORE...MONEY...MORE-MONEY!!!

Posted by: Bloated Federal Gubmint System at December 13, 2010 11:31 AM (5qJM5)

35 28
Estate Tax is going from 0 to 35%, no?

Posted by: Soothsayer for RNC Chair at December 13, 2010 03:27 PM (uFokq)

No, no, no. It was going to go to 55%, they cut that to 35%. So, it's like you thought you were going to put on 55 lbs but only put on 35 lbs, you lost 20 lbs! (nod to Glen Beck)

Posted by: Radioactive Satellite Of LOVE at December 13, 2010 11:31 AM (LdYLm)

36

"I say hold firm for the original deal made with Obama or tell them to stick it up their commie asses."

You are dead right, sir! Fuck 'em. Let the incoming congress pass the tax rate extensions after New Year's, without the pork and without the UI extensions.

Posted by: Log Cabin at December 13, 2010 11:32 AM (/EcIK)

37 32 Sarah Palin has her hair fancily done by stylist while in Haiti!
Posted by: Soothsayer for RNC Chair at December 13, 2010 03:24 PM (uFokq)

Only problem is...it was Bristol Palin; least that's what I read (Drudge?) somewhere.

Posted by: billygoat at December 13, 2010 11:32 AM (5qJM5)

38

Am I the only one concerned that this is a necessary step if you want to get a VAT tax through?

You could never hope to pass a VAT on the heels of a tax rate increase.

Posted by: garrett at December 13, 2010 11:33 AM (SAeJo)

39 I doubt it will have much impact on either the economy or Obama's reelection prospects.

I think Rush is right here, in that this won't have any impact on the economy so Obama can then say, "Hey, I tried it the way the Republicans wanted, and it didn't work, so I'm raising taxes/nationalizing all industries/making myself King/whatever"

Posted by: BeckoningChasm at December 13, 2010 11:33 AM (bvfVF)

40 Also, if Conservatives don't like that it's a temporary cut and not a permanent one, I really need it explained to me how Republicans were supposed to get a better deal out of Democratic Congress and President than they were able to get 10 years ago with a Republican Congress and President. The math there is a bit fuzzy to me.

Perhaps math isn't your bag. The deficits are a wee bit higher now and the economic conditions are slightly different Archimedes, err, Adam Smith...

Posted by: Marcus at December 13, 2010 11:33 AM (CHrmZ)

41 Well, as I stated in a previous thread, Obama (and Bubba) are now center-right corporatist wingnuts to a signifigant number of the mooonbats. Maybe, just maybe, they will try to primary him with a fellow nutcase.

Posted by: Luca Brasi

 

This may be the opportunity he needs. Perhaps the only way he can appear sane is using them as a backdrop.

Posted by: The once and future Pres Clinton at December 13, 2010 11:33 AM (R2fpr)

42

there's always a reason to spend more money, but somehow there is never reason enough to stop spending money.

it goes for both parties.

when this is all over there won't be anything left but picked clean bones and Global Socialist Elites with bloody snouts.

 

Posted by: Shoey at December 13, 2010 11:34 AM (ehKDD)

43

How stimulative is this plan going to be?

IT'S EFFECTIVELY THE STATUS QUO.  How in the hell is that supposed to be stimulating?

Posted by: Circa (Insert Year Here) at December 13, 2010 11:34 AM (B+qrE)

44

IT'S EFFECTIVELY THE STATUS QUO.  How in the hell is that supposed to be stimulating?

Don't say this to your wife.

Posted by: garrett at December 13, 2010 11:35 AM (SAeJo)

45 1 Obama wins.  Unemployment may go down with this, so he gets re-elected.

Unemployment won't be going down until this turd is out of office.  What a renewal of the Bush cuts will hopefully do is prevent unemployment from spiking up even higher next year.

But there will be no significant decrease in unemployment until Obama is history, for the very simple reason that Obama is Uncertainty personified.  Companies know enough to know that there is nothing this administration won't try to do, and no means it won't employ to do it, that continues to change the rules under which business has to operate.  With that kind of chaos at the top, employers will keep their heads down and the hatches battened.  Obama will have 10% unemployment staring him in the face right into 2012.

Posted by: The War Between the Undead States at December 13, 2010 11:35 AM (1IoUm)

46 44

How stimulative is this plan going to be?

IT'S EFFECTIVELY THE STATUS QUO.  How in the hell is that supposed to be stimulating?

Posted by: Circa (Insert Year Here) at December 13, 2010 03:34 PM (B+qrE)

Well, I got a woody!

Posted by: Buzz Lightyear at December 13, 2010 11:35 AM (LdYLm)

47
It was going to go to 55%, they cut that to 35%.

What a fanfuckingtastic deal!

I love compromising.

Posted by: Soothsayer for RNC Chair at December 13, 2010 11:36 AM (uFokq)

48 Unemployment won't go down significantly for some time for several reasons.  A)  There is no overall stimulative effect from keeping the tax rates the same for only 2 more years.  B) This only addresses tax rates.  Remember that the Obama Administration put out a vast variety of new job-killing regulations on businesses via Obamacare and other assorted items over the last two years.  And Lord only knows what he'll do via Executive Fiat over the next 2 years (especially concerning "greenhouse" gases).    C) To get unemployment back where it was during the mean ol' Bush years is a decade-long project at least, even under favorable conditions. 

Posted by: Kratos (Ghost of Sparta) at December 13, 2010 03:27 PM (9hSKh)

Point B is what I was going to make if you hadn't already done it.  This could almost be construed to be a Trojan Horse to argue against the current rates in 2 years:  "We kept the rates in place and look, only the fat cats got rich just as we warned you".  The House Repubs will have to be relentless in pointing out every fucking economy killing step that the purple lipped fuck takes and use every tool at their disposal to countermand them.

Posted by: Captain Hate at December 13, 2010 11:38 AM (kOMUP)

49
Al Qaeda: We want to wipe Israel off the map!

Republicans: No!

Al Qaeda: Will you allow us to wipe *half* of Israel off the map, then?

Republicans: Deal!

Al Qaeda: Wow, you  stupid infidel pig Republicans sure do drive a hard bargain.

Republicans:  *smile*

Posted by: Soothsayer for RNC Chair at December 13, 2010 11:38 AM (uFokq)

50 Kill it for the ethanol subsidies alone.

It's bad enough they are even doing this in a lame duck session. The pork just adds insult to injury.

Posted by: Rocks at December 13, 2010 11:38 AM (D5Tn1)

51 How does keeping the tax cuts the same 'spend money'?  I mean, I thought it was all the bloated and worthless spending that cost money...not the 'tax cuts'......

Posted by: Sponge © at December 13, 2010 11:39 AM (UK9cE)

52
Only problem is...it was Bristol Palin; least that's what I read (Drudge?) somewhere.

Yes, exactly. But that didn't stop the AP and Huffpo from lying about it and attacking her.

Posted by: Soothsayer for RNC Chair at December 13, 2010 11:40 AM (uFokq)

53 This could almost be construed to be a Trojan Horse to argue against the current rates in 2 years:  "We kept the rates in place and look, only the fat cats got rich just as we warned you".

That's exactly what I think this deal is:  a trap.  Which is why I hope it collapses and a much-more GOP Congress puts together real tax cuts next year.

Posted by: The War Between the Undead States at December 13, 2010 11:40 AM (1IoUm)

54 That Daily Double...

...or Trebek, what is me and Wesley Snipes on your mother.

Ha Ha HAAAAA!!!

Posted by: Sean Connery at December 13, 2010 11:40 AM (9Vw1I)

55 48
It was going to go to 55%, they cut that to 35%.

What a fanfuckingtastic deal! I love compromising. Posted by: Soothsayer for RNC Chair at December 13, 2010 03:36 PM (uFokq)

When you have idiots like this on your side (and saying things like below's pull-quote), bad things are bound to happen. 

http://tinyurl.com/2boulu5      (Columbus Dispatch, 12.12.10)

"Somehow, we have got to get people to understand that you've got to work together," Voinovich said. "Right now, the country is as fragile as I've ever seen it. I could cry right now, that's how worried I am about our future."

He makes me want to puke.

Posted by: billygoat at December 13, 2010 11:41 AM (5qJM5)

56

Only problem is...it was Bristol Palin; least that's what I read (Drudge?) somewhere.

Bristol got Christmas Cruise Corn-Rows?

Posted by: garrett at December 13, 2010 11:41 AM (SAeJo)

57 "adopting the left's arguments that tax cuts or in this case, not raising taxes, "costs" the federal government is ceding way too much ground."

I agree that Krauthammer and others should frame their attack more carefully, but here's the thing: every figure for future debt and deficits anyone has been quoting in any argument - and we've been having a lot of them - has been using numbers taking for granted the notional increase in taxes next year and beyond, which means that EVERYONE'S figures for debt/deficits need to be adjusted upward.

Even a Laffer-curve type revenue-enhancing effect from the tax "cuts"/maintained lower rates, if we do get such an effect, might then be outweighed by all the spending/tax credits in the bill.

If you cut taxes/don't carry out an increase which has been budgeted in, without cutting spending now or reducing future spending, when you've already got a massive budget deficit, you're piling on more DEBT.  That's the real problem.  It's not about "cost to the government," it's about DEBT that we all are taking on.  That's what bothers me about the plan, and about any spending increases, OR tax cuts that are not paired with spending cuts. 

(I agree that static analysis can't give you the whole picture and that marginal rate cuts have a revenue-generating effect.  I do think we're far enough to the left end of the Laffer Curve now that this effect is in a less- than-1 ratio with the loss from lower rates.  I think the Laffer Curve sweet spot is probably right around Clinton's rates.  Blind acorn/nut.)

Posted by: Knemon at December 13, 2010 11:41 AM (bWEOW)

58 53
Only problem is...it was Bristol Palin; least that's what I read (Drudge?) somewhere.

Yes, exactly. But that didn't stop the AP and Huffpo from lying about it and attacking her.

Posted by: Soothsayer for RNC Chair at December 13, 2010 03:40 PM (uFokq)

Predictable...MadKow will probably report on it later tonight.

Posted by: billygoat at December 13, 2010 11:42 AM (5qJM5)

59

He makes me want to make him cry.  A lot.

Posted by: iknowtheleft at December 13, 2010 03:42 PM (G/MYk)

HEH!

Posted by: billygoat at December 13, 2010 11:43 AM (5qJM5)

60

"Right now, the country is as fragile as I've ever seen it. I could cry right now, that's how worried I am about our future."

And that's why I'm retiring and calling Republicans a bunch of Boss-Hogg-sounding Nazis.

Thanks, George.  Don't let the door hit you in your disingenuous butt.

Posted by: Circa (Insert Year Here) at December 13, 2010 11:43 AM (B+qrE)

61

O/T: Anyone have a subscription to Stratfor?  I no longer have one but still get the mailers.  The latest one mentions the possibilities of Mexico being a failed state and I wanted to know more about it because I'm poor these days and can't buy the book.

So I figured this being a Smart Military Blog and all........

Posted by: Burn the Witch at December 13, 2010 11:44 AM (fLHQe)

62

People are worried about blowback from sustaining the current tax rates? Try this:

Only an idiot would raise taxes in the middle of a recession or whatever it is we're having. We're setting new records for low growth and job losses.

Only an idiot or a liar would raise taxes when we supposedly have a pay-go piece of legislation in force. That fact alone should negate the sound and fury to which we've been exposed.

Posted by: The once and future Pres Clinton at December 13, 2010 11:46 AM (R2fpr)

63 Another bill no one read, about all kinds of crap no one wants, just run up the debt.

Posted by: tarpon at December 13, 2010 11:47 AM (g0QB8)

64

stop the unemployment checks!

we can't afford to pay people not to work, it's criminal and immoral.

Posted by: Shoey at December 13, 2010 11:48 AM (ehKDD)

65

53
Only problem is...it was Bristol Palin; least that's what I read (Drudge?) somewhere.

Yes, exactly. But that didn't stop the AP and Huffpo from lying about it and attacking her.

Which only makes them look useless and stupid (again).

Posted by: ¤§EZB§¤ at December 13, 2010 11:50 AM (Ty06w)

66
You guys know this also includes $75B in spending, right?

Posted by: Soothsayerwing Plover at December 13, 2010 11:52 AM (uFokq)

67 And another thing these spineless jackasses of the Republican party, and govt in general, piss me off with.  "We need to extend the Bush Tax Cuts!!!!"  Ok....as long as you add this bunch of meaningless shit to drive the cost of life up......'DEAL!!!'

Fucking dickheads will NEVER understand what we want.  STOP THE SPENDING!!!!  NO NEW SPENDING!!!!!  Extend the tax cuts.

I want you fuckbags to submit a bill to the floor with these words and these words ONLY!!!!  Extend the Bush Tax Cuts.  THAT'S IT.  NOTHING ELSE.  Take the rest of your bullshit and submit it elsewhere.  You want to extend unemployment benefits?  SUBMIT ANOTHER BILL!!!!  I get why GWB wanted Line Item Veto power now more than ever.........

Posted by: Sponge © at December 13, 2010 11:53 AM (UK9cE)

68 IT'S EFFECTIVELY THE STATUS QUO.  How in the hell is that supposed to be stimulating?

Simple.  If you believe that much of the economic slowdown is based in the phrase, "what the hell are these socialist bastards going to do next?" then anything that signals that the tax cuts are lasting until at least the 2012 election will be welcome news to firms holding back on spending and hiring.

It's like I say, economists think they are mathematicians but are better employed as psychologists.

Posted by: AmishDude at December 13, 2010 11:56 AM (T0NGe)

69

stop the unemployment checks!

we can't afford to pay people not to work, it's criminal and immoral.


Just look at how fucked up that mentality is.  Well, we have a 10% unemployment rate currently, so we're not bringing in as much money.  We need to pay those people who are out of work so they can live, but we'll tax that so we can get some money back on the back end, so it won't cost as much.  BUT, we need to raise taxes to make up for the fact that we have less money coming in which in turn will keep those people out of work longer because employers won't hire because the tax rates are higher, so we'll need to pay the people without jobs to be jobless and raise taxes some more to keep those people out of work, paid.

Someone please stop the world, I want to get off.

Posted by: Sponge © at December 13, 2010 11:57 AM (UK9cE)

70 And when this doesn't work, who will get blamed?  More importantly, when things go to shit, we'll hear forever hence that we cannot have "low" tax rates (of merely 18% of GDP), and there goes all hope of EVER doing it right.  Do it right, or don't do it.  For the last 10 years, they've been saying how terrible the "Bush tax cuts" were.  So let's call their bluff and let them have the Great Clinton Tax Rates again.

As for as helping the country, yadda yadda.  Fuck em.  They voted for this shit-head.  They voted against Bush and his tax cuts in 2006 and 2008.  And things will go to shit in any event.  This whole deal advertises to all investors and producers, yet again, that every day is a new day with the government.  The government will change rules whenever it wants, and add all the ornaments and class warfare it likes.

Posted by: Randall Hoven at December 13, 2010 12:01 PM (CBpBx)

71 OT:  STEELE WILL RUN!  HE WAS SANDBAGGING.  WILL ANNOUNCE TONIGHT.

Posted by: Miss Marple at December 13, 2010 12:01 PM (Fo83G)

72 My fervent prayer for all that bitch about UI is you don't lose the job you have now, no matter how crappy it is. This recession is worse than you realize, and if you don't want the sight of machine guns aimed at women and children and cavalry ordered to charge American citizens again, see bonus army, we better start focusing on jobs and quit equating UI to Welfare. Not passing UI will cause the 9.8% rate to go down, but not because "slackers" get jobs. That rate is only people who are currently receiving benefits, not the ones not eligible any longer. We can find other cuts in spending to help. How about 150  million so the Palestinians can avoid bargaining with Israel in good faith, $8 mil. to Acorn. Teaching African men to wash their junk. I'm sure you can come up with more.

Posted by: bigred at December 13, 2010 12:04 PM (cX9pO)

73

74#

Mr. Hoven good to see you!

(i wish more AT'ers would hang out here)

Posted by: Shoey at December 13, 2010 12:04 PM (ehKDD)

74 this is just more keynsian bs.  employers get little help.  dems gets some more redistribution in exchange for keeping tax rates essentially the same.  one year holiday, although welcome to tax payers, is hardly stimulative.

Posted by: Guy Fawkes at December 13, 2010 12:08 PM (b75eT)

75 74 And when this doesn't work, who will get blamed?

Obama.  He doesn't win by saying, "I decided to try the Republicans' ideas which I knew wouldn't work, just to prove a point."

Posted by: AmishDude at December 13, 2010 12:08 PM (T0NGe)

76 iknow, and that's why they can keep up this song and dance, there's no reason to change. Let them bargain in good faith, or starve.

Posted by: bigred at December 13, 2010 12:10 PM (cX9pO)

77 I do think we're far enough to the left end of the Laffer Curve now that this effect is in a less- than-1 ratio with the loss from lower rates.  I think the Laffer Curve sweet spot is probably right around Clinton's rates.  Blind acorn/nut.) Posted by: Knemon

I'm doubtful about that. It seems the big picture is being ignored; the combined tax rate for Fed, state, and local have marched upwards despite the Bush Fed reductions. Increasing rates back to Clintoon's would have a much more pernicious effect now.

Again, spending is the problem, not taxation. Given the necessary cuts to the size and scope of the Federal government, lower tax rates are more than justified.

The conservative ideal in regards to spending and taxes is not to maximize Federal revenue but to provide for only the necessary levels of government and no more.

Posted by: goldbricker esq at December 13, 2010 12:12 PM (GkMfH)

Posted by: Moron who can't type because his face is buried in his plams after hearing Steele's running again at December 13, 2010 12:34 PM (2qK+m)

79
Compromise.

Because it's better than nothing.©

Posted by: Soothsayer for RNC Chair at December 13, 2010 12:55 PM (uFokq)

80
Ted Nugent for RNC chair.

Posted by: Soothsayer for RNC Chair at December 13, 2010 12:56 PM (uFokq)

81
Is the Causer of the Recessiontm still not onboard with this shit sandwich?

Posted by: Soothsayer for RNC Chair at December 13, 2010 12:59 PM (uFokq)

82 Eva Mendez for RNC Chair.

Posted by: RNC Chair's Bike Seat at December 13, 2010 01:01 PM (SAeJo)

83 If you went to Vegas this time last year and bet that the two biggest legislative 'achievements' of Congressional Democrats and Obama would be the combination passing "health care reform" and extending the "Bush tax cuts", you would have won a ton of money.

You forgot a "surge" in Afghanistan and keeping Guantanamo Bay open.

Posted by: 18-1 at December 13, 2010 01:03 PM (bgcml)

84 Will it ensure Obama's reelection because it will save the economy?

On that "stability" rationale, there'd have been no needy excuse for TARP or any other bail-out.

Perpetuating current circumstances with additional burdensome straws will amount to breaking more small business camels' backs. Give it that.

Posted by: maverick muse at December 13, 2010 01:05 PM (H+LJc)

85 Compromise.

Because it's better than nothing.©


Common Ground, because it's better than losses accompanying compromise sold as gains.




Posted by: maverick muse at December 13, 2010 01:07 PM (H+LJc)

86 You forgot a "surge" in Afghanistan and keeping Guantanamo Bay open.
Posted by: 18-1

And the rebirth of Republican conservatism aka the Tea Party movement.

Posted by: maverick muse at December 13, 2010 01:09 PM (H+LJc)

87 Goldbricker: "Again, spending is the problem, not taxation."

Agreed, but assuming new debt is the functional equivalent of spending.

Posted by: Knemon at December 13, 2010 01:10 PM (bWEOW)

88 If it works at reducing unemployment, Obama takes credit.  If it doesn't, he says "See, I told you so."  And the media will provide cover.

Posted by: Nemo from Erewhon at December 13, 2010 01:23 PM (61kCi)

89 My problem with this is that it's business as usual: Congress is still spending money we don't have. When will they get around to saying, "OK, if we spend dollars for this, we have to cut spending for that. If we forgo revenue for this, we have to cut spending for that." They don't like it, but it's their friggin' JOB. The particular mix of spending and tax cut extensions don't amount to shit if there's still no fiscal discipline in Congress.

Posted by: Bugler at December 13, 2010 01:29 PM (VXBR1)

90

@39

Garrett,

"Am I the only one concerned that this is a necessary step if you want to get a VAT tax through? You could never hope to pass a VAT on the heels of a tax rate increase."

You are probably correct....many believe that this is the ultimate goal......but you can't being saying this stuff out load....your gonna scare the childern!

Posted by: Jimi at December 13, 2010 01:29 PM (fqxV7)

91 We need to primary some more Republicans.

Posted by: Vic at December 13, 2010 02:05 PM (e4sSD)

92 98 We need to primary some more Republicans. Are you looking at me? HUH? Well, you must be looking at me 'cause I'm the only fatass porker standing here.

Posted by: Chuck Grassley at December 13, 2010 02:34 PM (VXBR1)

93 We are spending a lot more than we were before.  It can and will get worse.

If you go out and get a cash advance on the credit card, you too can have cash to spend this month.  You've only deferred the problem.  This isn't rocket science.

Posted by: MarkD at December 13, 2010 02:36 PM (0Jy1K)

94 Wait until Gullible Gabe and Dopey Drew figure out that START and DADT are part of the deal. Merry Christmas Suckas! AH, hahahahaha!! Oh and, Mitch--get yer fuckin shine box.

Posted by: Harry Reid at December 13, 2010 02:55 PM (BZEkR)

95 IF I WANT TO BLOW FIVE BILLION DOLLARS UP A WILD HOG'S ASS, THAT'S MY BUSINESS, YA' BITCHES! YOU KNOW WHY? 'CAUSE I'M A REPUBLICAN AND YOU CAN KISS MY FUCKIN' ASS, THAT'S WHY.

Posted by: Chuck Grassley at December 13, 2010 03:00 PM (VXBR1)

96 Well, you must be looking at me 'cause I'm the only fatass porker standing here. Posted by: Chuck Grassley at December 13, 2010 06:34 PM

Y'all are only the one dumb enough to make it obvious yet. There are plenty more. The floodgates are only beginning to swing open!

Posted by: MrScribbler© at December 13, 2010 03:00 PM (Ulu3i)

97 73 You guys know this also includes $75B in spending, right? Posted by: Soothsayerwing Plover at December 13, 2010 03:52 PM (uFokq) I would vote for this package, for various reasons, but, I think the GOP needs to find $75 billion in cuts and bring such to as quick a vote as possible in both houses, when they get in, as a good faith gesture to US. AH, HAHAHAHAHAHAHAHA!

Posted by: McConnell Thune Murcokesky & Noem at December 13, 2010 03:13 PM (BZEkR)

98 It's like fillet mignon, smothered in swamp mud and garnished with bugs and worms. Would you still eat it?

Posted by: Socratease at December 13, 2010 03:15 PM (Cw79V)

99 #78  It's nice to be able to say "shit" and "fuck" every so often.  Gotta be nice at the Thinker.  Lucianne kicked me the fuck off, and I never even said shit or fuck.  FreeRepublic never works for me; can't post there.  Ace, god love him, let's me air out my balls over here.  Refreshing.

#81  See #95.

Posted by: Randall Hoven at December 13, 2010 03:19 PM (CBpBx)

100 "I really need it explained to me how Republicans were supposed to get a better deal out of Democratic Congress and President than they were able to get 10 years ago with a Republican Congress and President." OK, I'll give it a shot. First, ten years ago (actually, 2001, so 9 years) the Senate was not Republican. It was 50-50+Cheney, until Jumpin' Jim Jeffords jumped -- and put Tom Daschle in charge of the Senate calendar. (Thanks to McCain's grandstanding on Campaign Finance Reform, Bush's Tax Cuts had to wait until after CFR was debated -- pushing the tax cut debate from the Spring, when Trent Lott (R) was majority leader, into the Summer and Daschle's control). There were other minutia, like the Dems' insistence on hamstringing the "selected not elected" president's agenda, but the upshot was: Bush + House-R + Senate-D. So, next term we'll see Obama + House-R + Senate-D: the main difference between 2011 and 2001 will be the president -- a big difference, to be sure, but not AS big a difference from 2001 as you inplied. Second, if this deal fails, the Dems will be guilty of porking up the simple tax cut extension, which is a simple enough message for the Tea Partiers to get out to the public. The R's will be the brave fighters obeying the anti-spending will of the voters...and the Dems will be desperate to erase their mistake -- making the prospects of passing a clean bill, originating in next year's House, less dubious than you might think.

Posted by: BobinFL at December 13, 2010 03:55 PM (VSiQo)

101 Health care 'reform' has immediately cost most insurance payees about 15% more in premiums....and not  a single new job has been created.  All that money has been diverted out of the rest of the collapsed economy. Things will necessarly get worse.

Posted by: torabora at December 13, 2010 03:58 PM (QOBv6)

102 Well Moody's is talking about dropping the treasury bond rating from Aaa downward if this pork fest passes.  That will just do wonders for the economy.  This is just another legislative rape of the taxpayer.

Posted by: OldNuc at December 13, 2010 05:47 PM (KKliV)

103 You have to be careful about how you word the unemployment benefits issue. They make it sound as though it "extends benefits" for individuals but in reality it does not. It only extends the amount of time that the Federal unemployment benefits program is alive. If you currently receiving these benefits and are at the end of your eligibility, you are done. It does not provide you another 13 months of benefits.

Posted by: sticknmove at December 13, 2010 06:28 PM (2PrkV)

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