Deficit panel rejects sweeping reform plan

[Peter Pan]

Wow the POTUS own commision can not work together to pass a defict reduction plan, not good for all Americans, we do need to reduce spending, we can start with the 2011 budget that has yet to be passed, no time like today to start to cut spending and yes we as a country have hard choices to make, first we got to spend what we tax not one red cent more.

Yes I am taxed enough already


By Ronald D. Orol and Robert Schroeder, MarketWatch
WASHINGTON (MarketWatch) — A sweeping plan to cut federal spending and remake the U.S. tax code failed to win enough votes Friday from an 18-member presidential panel to send the proposal to Congress.

Eleven members supported the plan, according to Becky Bernhardt, spokeswoman for Sen. Tom Coburn (R., Okla.), a member of the panel. That number fell short of the 14-vote supermajority called for by President Barack Obama and lawmakers for the plan to be sent to Congress for a possible vote.


Headwinds hamper job recoveryFaced with higher payroll taxes and health-care costs, employers are waiting to see a stronger economic recovery before adding new workers, according to Tig Gilliam, CEO of Adecco Group North America. He talks with Kelsey Hubbard about the health of the labor market and where we'll add jobs in 2011.
Even without the backing of a supermajority of panelists, the plan did receive the support of 60% of participants. Because of the strong support, some argued that the package or many of the proposals within it are likely to come to a vote on Capitol Hill.

The plan, released Wednesday by the National Commission on Fiscal Responsibility and Reform, aims to cut the deficit by about $4 trillion by 2020 through slashing U.S. government spending, lowering corporate taxes and raising the retirement age, among many other measures. Read the commission's report.

The budget deficit hit $1.3 trillion in fiscal 2010, the second-highest level on record. The plan seeks to cut the deficit in half by 2015.

The commission is headed by Alan Simpson, a former Republican senator, and Erskine Bowles, former Clinton White House chief of staff.

“I am truly thrilled that a strong bipartisan majority voted for this report. This report is really the first step — it’s not the end, it’s not the beginning of the end. It’s now up to Congress and the administration to work together and work in a nonpartisan manner like you all have done here,” Bowles said. “All believe we have a fragile economy we have to protect, but we have to bring down this deficit in the near future.”

Getting 14 votes for the plan was expected to be difficult. But Obama said in a statement that the White House will examine a number of specific proposals in the report in the coming weeks as the administration develops its budget priorities for the coming year.

“I want to thank the members of the National Commission on Fiscal Responsibility and Reform for their important work in highlighting the magnitude of the challenge before us, and outlining an array of options to confront it,” Obama said. “Jobs and growth are our most urgent need. But if we want an America that can compete for the jobs of tomorrow, we simply cannot allow our nation to be dragged down by our debt. We must correct our fiscal course.”

Republicans including Sen. Judd Gregg of New Hampshire said the proposal was an urgent step forward for reducing the nation’s debt.



TRADING STRATEGIES: DECEMBER
Holiday window dressing
As a wild year comes to a close, it’s time to spruce up your portfolio with 2010's finishing touches.
• Rex Crum on window dressing
• Santa Claus is coming — but when?

THIS MONTH'S HIGHLIGHTS
• Exploit the tax-loss-selling effect
• A bet on retailers this holiday season
• Something to cheer in retail
• Take advantage of December’s volatility
• Investment detours, not shortcuts
• How to harvest gains before year-end
• A major signal lurks
• Do what feels wrong
• Three ways to cheer your portfolio
• Fresh investment picks for December
• Look to commodities in turbulent times
• Market needs a deal on Bush-era tax cuts
• Roth IRAs: Will Congress kill tax break? /conga/story/2010/12/trading-strategies.html 114448 The U.S. government is now authorized to borrow $14.3 trillion, and a debate over raising that limit will be one of the first orders of business for the next Congress.

Rep. Jan Schakowsky (D., Ill.) voted against the plan, arguing its proposed cuts to social programs were too high. However, she supported provisions that would cut the defense budget, noting that panel members generally agreed on that measure.

“I appreciate that there has been a consensus that the defense budget must be subject to trimming in ways that have not been considered before,” Schakowsky said. “We will see in some legislative measures a reflection of our efforts.”

Andrew Stern, president of the Service Employees International Union and a member of the panel, said that even though he voted against the plan, he believed the commission forever changed the dialogue on the issue. He argued that it and other proposals developed by panel members deserve a vote on Capitol Hill.

“We have changed the issue from whether there even should be a fiscal plan for this country, to what is the best fiscal plan for this country, and that is an enormous tectonic paradigm shift that you have made happen,” Stern said.

Ronald D. Orol is a MarketWatch reporter, based in Washington.

Robert Schroeder is a reporter for MarketWatch in Washington.



Deficit commission rejects sweeping reform plan - MarketWatch

[ChasC5]

Don’t extend the Un-Paid for 10 Year Long Tax-Cuts and Don’t Extend Unemployment.

If yea going to be Physically Responsible, then start being Physically Responsible.

2 Million Unemployed People can still Vote!

[Peter Pan]

Originally Posted by ChasC5

Don’t extend the Un-Paid for 10 Year Long Tax-Cuts and Don’t Extend Unemployment.

If yea going to be Physically Responsible, then start being Physically Responsible.

2 Million Unemployed People can still Vote!

The current tax law is still taxing Americans to much (that is the 53% paying federal taxes), we need another cut and make the other 47% to pay some federal taxes. What this amounts to is Govt on both sides are spending to much and this has to stop as the credit card is going to bounce soon.

The unemployed did vote, they vote lib as they like free $$.

I am taxed enough already

[Exotix]

Guess which one is former Wyoming Sen. Alan Simpson ... (Obama's Debt Commission co-chairman)


HINT: He's the one who compared Social Security to *a milk cow with 310 million tits.*

[ChasC5]

Originally Posted by Exotix

Guess which one is former Wyoming Sen. Alan Simpson ... (Obama's Debt Commission co-chairman)


HINT: He's the one who compared Social Security to *a milk cow with 310 million tits.*

I don’t see anything wrong with 310 Million ( . )( . )

[Z06PDQ]

"Taxed Enough Already"