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12 Dec 2010 21:15

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Politics: Obama tax compromise: Democrats resigned to its eventual passing

  • We’re not going to hold this thing up at the end of the day.
  • Democratic Rep. Chris Van Hollen • Admitting what’s been obvious from the outset – the Obama tax compromise will eventually pass. The GOP knows this. Obama knows this, and House Democrats, who perhaps have been most dead-set against it (barring Bernie Sanders) are starting to turn around and begrudgingly accept it. By offering up the compromise he did when he did, Obama knew what he was doing. source
Posted by Ernie Smith • 0 Comments • Permalink

12 Dec 2010 10:24

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Politics: Here’s Obama’s tactical strategy for the tax compromise

  • So, how does Obama expect the tax compromise to pass? According to David Axelrod (who spoke on CNN’s “State of the Union” today), it’ll go a little like this: First, the Senate will take up the compromise Monday, written in such a way that it’ll probably pass there (barring more awesome Bernie Sanders filibusters). Then … well, we’ll let David finish this: “We believe that when it comes back to the House, that we will get a vote, and that we’ll prevail there.” So, long story short – the Obama administration expects one chamber to fall, and when that one does, so will the other one. source
Posted by Ernie Smith • 0 Comments • Permalink

10 Dec 2010 10:51

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Politics: Charles Krauthammer: Obama just pulled wool over both parties’ eyes

  • Know how we know the Obama compromise is smarter than it looks? Because you have guys like Charles Krauthammer basically calling him a genius. Krauthammer, a pretty solid conservative guy, suggests that Obama is smarter than his own party, because the tax-cut plan he just put in place is really a massive stimulus in everything but name; yet he’s also smarter than the GOP, because he got them to agree to a massive stimulus by making them think it was a tax cut. “Obama is no fool,” Krauthammer writes. “While getting Republicans to boost his own reelection chances, he gets them to make a mockery of their newfound, second-chance, post-Bush, Tea-Party, this-time-we’re-serious persona of debt-averse fiscal responsibility.” And that, friends, is a pretty entertaining take on the whole mess. But will it go through? source
Posted by Ernie Smith • 0 Comments • Permalink

10 Dec 2010 09:18

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Politics: Obama, in fact, playing his long-term tax change card

  • Look, the fact of the matter is that, for a decade now we have had the tendency to think that we can keep on having all the services we want and … can keep cutting taxes as much as we want and that somehow things are going to magically balance out.
  • Barack Obama • Discussing the country’s current tax situation – basically a suggestion that we’ve been living like we can have our cake and eat it too. Obama, on the other hand, doesn’t think that’s true; he suggests his compromise would play out as “a central battle as part of a larger discussion about how do we reform our tax code so that it’s fair” and a way to deal with the deficit in “an intelligent way.” Obama is playing for long-term gain, and if he’s successful, he’ll make a stronger long-term mark. Of course, that still means it needs to pass, which Obama’s confident will eventually happen (even if it didn’t yesterday). source
Posted by Ernie Smith • 0 Comments • Permalink

08 Dec 2010 21:00

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Politics: One well-known dude in Obama’s compromise corner: John Kerry

  • Obama can count on one influential Democrat in his corner. Problem is, it’s John Kerry, who’s as exciting as vat of ketchup. OK, now that we’ve gotten the veiled insult at his wife out of his way, let’s see what he has to say about the compromise: “The truth is, the President got a lot of things here we’ve been fighting for that we haven’t yet been able to win any other way.” It’s one of a number of messages that the White House has been distributing tonight. We have to emphasize, though, that we’re with Andrew Sullivan on this one: It’s frustrating to see Obama compromise, but he’s playing a pretty good game of handball with the GOP in making this compromise. source
Posted by Ernie Smith • 0 Comments • Permalink

07 Dec 2010 10:52

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Politics: Obama’s tax compromise: $600 billion to $800 billion total cost

  • So, fun fact on the Obama compromise: A lot of the stuff here could be considered short-term stimulus. While the Bush tax cut extension itself wouldn’t be, because it’s just extending a current tax rate, about half of the things in it (Social Security and business tax breaks, unemployment benefits, individual tax credits) could be. The overall result, which includes the Bush Tax Cuts would lead to a $600 billion to $800 billion total cost for the government. But hey, lower taxes for everybody! (And the Social Security tax break is, let’s face it, a not-terrible idea. As long as people notice that less money is getting taken out of their paychecks. Which they didn’t before.) source
Posted by Ernie Smith • 1 Comment • Permalink

06 Dec 2010 21:30

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Politics, U.S.: Ezra Klein: Tax cut deal a net positive, but not by much

  • This is not the government making a major new commitment to the recovery. It’s the government not getting in the way, and maybe doing a bit to help, the horribly slow recovery that’s happening anyway.
  • Policy wonk Ezra Klein • Regarding the tax cut deal struck today by The White House and the GOP. Klein likes the thirteen-month extension of unemployment benefits; on the bad side, he cites the effect the deal will have on the deficit. “It’s a lot better than I would’ve told you the White House was going to get if you’d asked me a week ago,” he admits, but still not quite enough to substantially stimulate the economy.  source
Posted by Seth Millstein • 0 Comments • Permalink
 

06 Dec 2010 20:20

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Politics: Three things Obama conceded to push through the Bush tax cuts

  • two number of years the Bush tax cuts were extended for everyone – not just the middle class
  • 4.2% the Social Security payroll tax next year – that’s down two full percentage points, BTW
  • 35% the maximum estate tax rate; there will also be an exemption of $5 million per person source
  • » Will Democrats go for it? Maybe not; it seems that many congressional Democrats are upset about the estate tax thing in particular, and the overall deal got a weak reception from Democrats in particular. But the GOP likes it. When was the last time Obama pleased the GOP?
Posted by Ernie Smith • 0 Comments • Permalink

05 Dec 2010 21:56

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Politics: Obama’s tax-cut compromise has Democrats in Congress very sad

  • causeObama was handed an obvious, but still painful defeat after the GOP declined his plan to extend the Bush tax cuts to only the middle class.
  • reaction Now Obama’s hoping for a compromise by midweek to ensure that the rest of his agenda for this year gets through the ever-shrinking pipeline quickly.
  • responseDemocrats in Congress look like they’re about to slit their wrists, which suggests that the compromise might not go through, either. source
Posted by Ernie Smith • 0 Comments • Permalink

04 Dec 2010 12:31

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Politics: Democrats fail to win hard-fought battle over Bush tax cuts

  • obvious Two procedural Democratic votes to extend the Bush tax cuts to only the non-super-wealthy failed to reach 60 votes in the Senate, to the shock of nobody.
  • sad The Democrats failed to even get everyone in their own party to go for them, only scoring 53 votes for the measure. Next up? Obama gives in to the GOP. source
Posted by Ernie Smith • 0 Comments • Permalink
 
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