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Thread: Rep Hoyer on NO 2010 budget, plus coming US income tax / Social Security legislation

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    Default Rep Hoyer on NO 2010 budget, plus coming US income tax / Social Security legislation

    (snip)"Dems won’t pass budget in 2010

    House Democrats will not pass a budget blueprint in 2010, Majority Leader Steny Hoyer (D-Md.) will confirm in a speech on Tuesday

    “It isn’t possible to debate and pass a realistic, long-term budget until we’ve considered the bipartisan commission’s deficit-reduction plan, which is expected in December,” according to Hoyer’s prepared remarks that were provided to The Hill.

    The House has never failed to pass an annual budget resolution since the current budget rules were put into place in 1974."(snip)

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    (snip)"Tax cuts enacted under former President George W. Bush are scheduled to expire at the end of the year, affecting taxpayers at every income level. President Barack Obama proposes to permanently extend them for individuals making less than $200,000 a year and families making less than $250,000—at a cost of about $2.5 trillion over the next decade.

    "As the House and Senate debate what to do with the expiring Bush tax cuts in the coming weeks, we need to have a serious discussion about their implications for our fiscal outlook, including whether we can afford to permanently extend them before we have a real plan for long-term deficit reduction," said Hoyer, a Maryland Democrat."(snip)

    (snip)"In the short term, government spending has been necessary to stimulate the economy, Hoyer said. But in the longer term, Congress will have to rein in spending and raise taxes to tackle the debt, he added.

    "Raising revenue is part of the deficit solution, too," Hoyer said.

    Senate Republican Leader Mitch McConnell said, "It's now official. Top Democrats on Capitol Hill are starting to signal their intention to raise taxes on the middle class."

    On the spending side, Hoyer said Congress should consider raising the retirement age for full Social Security and Medicare benefits, and making those benefits progressive so that wealthier recipients get less than the needy."(snip)

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    Default Re: Rep Hoyer on NO 2010 budget, plus coming US income tax / Social Security legislat

    with this 'kicker' published in non-US media ...

    (snip)"As we speculated previously, the sudden and unprecedented departure of Peter Orszag, the day prior to the US Budget's formalization (which incidentally never happened as now the US will likely not have a 2010 budget at all, for fear of disclosing to most Americans just how broke the country is ahead of mid-terms) was due to Orszag's disagreement with the administration's, and particularly Larry Summer's, inability to fathom that reckless spending is a recipe for bankruptcy. As the FT reports: "Peter Orszag, Barack Obama’s budget director, resigned this week partly in frustration over his lack of success in persuading the Obama administration to tackle the fiscal deficit more aggressively, according to sources inside and outside the White House." And so, as any remaining voices of reason realize they are dealing with a group of deranged Keynesians, soon there will be nobody left in the administration who dares to oppose the destructive course upon which this country has so resolutely embarked, which ends in one of two ways: debt repudiation, or war. And with the only remaining economic "advisers" being the trio of Summers, Romer and Geithner, you know America will somehow hit both of these mutually exclusive targets.

    More from FT:

    Mr Orszag, whose publicly stated reasons for leaving were that he was exhausted after years in high pressure jobs and also that he wanted to plan for his wedding in September, is seen as the guardian of fiscal conservatism within the White House.

    Other members of Mr Obama’s economic team, notably Lawrence Summers, the head of the National Economic Council, have placed more emphasis on the need for continued short-term spending increases to counteract what increasingly looks like an anaemic economic recovery in the US.

    Although Mr Orszag agrees with the need to push short-term spending, particularly in the Senate, which again this week failed to pass a measure extending insurance to the unemployed, the budget director has become increasingly frustrated with the administration’s caution on longer-term fiscal restraint.

    Mr Orszag, whom Mr Obama has dubbed a “propeller-head” because of his brilliant facility with projections and spreadsheets, has tried but failed to convince his colleagues to “step up the action”, according to one insider.

    In particular, he has collided with the political team, led by Rahm Emanuel, Mr Obama’s chief of staff, over Mr Obama’s 2008 election pledge not to raise taxes on any households earning less than $250,000 a year – a category that covers more than 98 per cent of Americans.

    Economists say that would put all the fiscal emphasis on draconian – and highly unrealistic – spending cuts, or else pushing the marginal tax rates on the very rich to confiscatory levels. “Peter feels strongly that this is a pledge that has to be broken
    if the President is to take a lead on America’s fiscal crisis,” says an administration official not authorised to speak on the matter.

    And after Barney Franks's disastrous appearance earlier on, where the market did a shot and an uptick for every lie uttered, we can safely say that this bankrupt country truly deserves all of its elected individuals."(snip)

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    Default Re: Rep Hoyer on NO 2010 budget, plus coming US income tax / Social Security legislat

    A theory from 1936 being put face to face with globalism. So far, Globalism 4, Keynes 0.

    (Textiles, Electronics, Autos, IT)

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    Default Re: Rep Hoyer on NO 2010 budget, plus coming US income tax / Social Security legislat

    ^^^ and after this week's G20 meeting, it's more like 'Austrians' 19 versus 'Keynesians' 1 - after President Obama's call to the G20 nations to resume deficit spending growth for economic stimulus was met with responses of ... nein, nyet, nao, negativa etc.

    Arguably, this is also the reason that major bank / financial stock prices are down by some 5% today ... and sucking down the indexes accordingly. And I'm sure that it's pure coincidence that the US dollar denominated prices of oil, gold etc. took a simultaneous upward spurt.

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