bushwacked Posted July 19, 2011 Share Posted July 19, 2011 But he found cause for optimism in the announcement Tuesday by leaders of a bipartisan "Gang of Six" senators that they're nearing agreement on a major plan to cut the deficit by more than $4 trillion over the coming decade. "I think it's a very significant step," Obama said, calling it "broadly consistent with the approach I've urged." The Gang of Six plan calls for an immediate $500 billion "down payment" on cutting the deficit as the starting point toward cuts of more than $4 trillion that would be finalized in a second piece of legislation. It would raise revenues by about $1 trillion over 10 years and cut popular benefit programs like Medicare and Medicaid - dealing out political pain to Republicans and Democrats. That mixture of cuts and new revenue is the "balanced approach" Obama has urged, though it's rejected by many Republicans because it would require higher taxes for some. Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted July 19, 2011 Share Posted July 19, 2011 if tom coburn is on board then that is good enough for me. there's no one I trust on these issues more than him. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted July 19, 2011 Share Posted July 19, 2011 if tom coburn is on board then that is good enough for me. there's no one I trust on these issues more than him. Coburn yesterday proposed a $9 trillion package. Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted July 19, 2011 Share Posted July 19, 2011 (edited) Coburn yesterday proposed a $9 trillion package. from what I read earlier, he is one of the "gang of six" pushing this thing forward. edit to add link Edited July 19, 2011 by Azazello1313 Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted July 19, 2011 Share Posted July 19, 2011 from what I read earlier, he is one of the "gang of six" pushing this thing forward. edit to add link Didn't he supposedly bail a couple weeks back? I could have sworn he did, unless it was just a decoy move or something. Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted July 19, 2011 Share Posted July 19, 2011 Didn't he supposedly bail a couple weeks back? I could have sworn he did, unless it was just a decoy move or something. well, ok, since I guess you can't be bothered to click the link... The once moribund Senate “Gang of Six” gained new life Tuesday after Oklahoma Sen. Tom Coburn unexpectedly rejoined the group and President Barack Obama praised a new effort to cut the debt by as much as $3.7 trillion over the next decade..... Senators in the Gang of Six - Kent Conrad (D-N.D.), Dick Durbin (D-Ill.), Mark Warner (D-Va.), Mike Crapo (R-Idaho) and Coburn - discussed the proposal with 43 senators Tuesday morning on the first floor of the Senate, after more than six months of struggling to broker a deal. Coburn left the group in May but suddenly rejoined after the group added $115 billion in additional health care cuts and included the provision allowing senators to circumvent the stalled committees. “I’m back,” Coburn told the big group Tuesday, prompting a round of applause. Quote Link to comment Share on other sites More sharing options...
yo mama Posted July 19, 2011 Share Posted July 19, 2011 I'm not really in favor of denying interest deductions for homes over $500k when the affordability of buying such a home in the first place was predicated on the understanding that mortgage interest deduction was available. Though, I'd be fine with it for purchases *after* the effective date of the legislation, because then there's no bait-and-switch. Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted July 19, 2011 Share Posted July 19, 2011 I'm not really in favor of denying interest deductions for homes over $500k when the affordability of buying such a home in the first place was predicated on the understanding that mortgage interest deduction was available. Though, I'd be fine with it for purchases *after* the effective date of the legislation, because then there's no bait-and-switch. yeah, and it seems to me like that threshold ought to be indexed somehow based on the particular real estate market. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted July 19, 2011 Share Posted July 19, 2011 yeah, and it seems to me like that threshold ought to be indexed somehow based on the particular real estate market. I'd start by eliminating the deduction for second homes before tackling the first deduction. It does need to be done though - why does my son, who rents, subsidize my home? Quote Link to comment Share on other sites More sharing options...
Clubfoothead Posted July 20, 2011 Share Posted July 20, 2011 In high school, I volunteered for Kent Conrad. Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted July 20, 2011 Share Posted July 20, 2011 I'd start by eliminating the deduction for second homes before tackling the first deduction. It does need to be done though - why does my son, who rents, subsidize my home? It's the circle of life. Greedy old people force the younger people to pay for their stuff. Quote Link to comment Share on other sites More sharing options...
TimC Posted July 20, 2011 Share Posted July 20, 2011 You don't need to use the adjective "greedy" before "old"....has a baby boomer ever voted down free money while forcing their grandchildren to eventually pick up the tab after they are gone? Quote Link to comment Share on other sites More sharing options...
CaP'N GRuNGe Posted July 20, 2011 Share Posted July 20, 2011 You don't need to use the adjective "greedy" before "old"....has a baby boomer ever voted down free money while forcing their grandchildren to eventually pick up the tab after they are gone? Yep. At least you could say thanks Tim. Quote Link to comment Share on other sites More sharing options...
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