Bipartisan fetishists everywhere poured a little out, after Sen. Tom Coburn quit the Gang of Six deficit reduction talks. The impasse, according to Coburn, came over entitlement cuts.
This is the second “Gang of Six” since the beginning of the Obama Administration to waste months of time without accomplishing anything. At the beginning of the health care debate, Max Baucus spent months trying to get three Republicans to agree to a compromise position before finally abandoning the negotiations. Now, the Gang of Six, which included four members of the cat food commission (Crapo, Coburn, Conrad and Durbin), Mark Warner and Saxby Chambliss, has basically broken up after months of discussion about reducing budget deficits. Kent Conrad is putting forward his own budget in the Senate, and instead of reaching out to Republicans, he’s trying to get Democrats on the Budget Committee like Bernie Sanders to agree to it so he can pass it. The proposal apparently includes a millionaire’s surtax, for that very purpose.
Tom Coburn was simply never going to agree to a global deal on the budget. I don’t see how Chambliss and Crapo will either. There is a fundamental difference in philosophy. Coburn was at least willing to talk about spending in the tax code, but if he backed off, then there’s almost nobody left on the Republican side willing to see an increase in revenue as part of an overall deal.
With the demise of the Gang of Six, I’d say it’s time to shift into Plan B. It’s time to do nothing, let gridlock take its course, and allow the Bush tax cuts to expire. This would raise just as much money in the first decade as any of the deficit reduction plans out there. There’s a legitimate argument that we just shouldn’t be doing anything to reduce overall demand right now, but the tax cuts won’t expire until 2013. And it’s a far preferable outcome to cutting Medicare, Medicaid, Social Security, food stamps, or whatever other horrible idea is out there. If the incessant cries about the deficit must continue, fine. Sign me up for the “Do Nothing” deficit reduction plan.
UPDATE: Coburn reportedly wanted to put a global Medicare spending cap that would have immediately cut $150 billion from current retirees. Keep that in mind next time you see Republicans talk about “protecting Medicare.”





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O/T, w/apologies
New York Investigates Banks’ Role in Financial Crisis
“The New York attorney general has requested information and documents in recent weeks from three major Wall Street banks about their mortgage securities operations during the credit boom, indicating the existence of a new investigation into practices that contributed to billions in mortgage losses.”
LINK.
See the first post of the day. :)
But David –
Obama wants to gut SS and Medicare.
He wants to shred the social safety net.
He wants to enrich his savvy friends and puppetmasters.
HuffPo has a story up saying that a rough deal to cut $150 bil has been reached.
More fuckery by O and the DINO’s.
Oh, you already covered it! A body has to get up awfully early to keep up with you. Many thnx — and apologies.
Sorry to interrupt with a little whoring. I’ve written a very short post thanking FDL and all of it’s people for helping me through a very rough patch in my life.
Thank you. Carry on.
Let the Bush tax cuts expire. I always argued this. That Obama pushed ‘em through, made my dislike for him even more, if that’s even possible. (He is a rat.) The best thing now is to do nothing. Cogitate on that.
an uncharacteristically blunt display of irritation and frustration from Dave.
nice to see.
P.S. Margaret,
I am not goddy and all that, but I lit a candle for you. Very happy for you!
This fetish over “deficits” and “costs to the government” entirely distracts from two things: Taxing the wealthiest at anything close to the traditional rates they have been subject to since the income tax first came into existence. And medical pricing and costs drivers, about which a purportedly “free” market government could still do a lot to bromg down.
Instead, this and the prior administration have gone out of their way to protect those price drivers and the private corporate profits they generate. Never mind that we pay half to a third more for medical services and half to several times more for the cost of drugs compared to anywhere else on the planet.
Not only is this de facto non-government, it protects profits at the expense of government and at greater expense to a public dependent on it to counter the considerable power of the large modern corporation. The void in the conversation is as stark as the one in the often-asked question, “Other than that, Mrs. Lincoln, how did you like the play?”
You are most sincerely welcome.
I had to read that a couple of times. I’m not “goddy” either, and I don’t pray or light candles, but Peg has been in my thoughts almost continuously since Friday. I am a Unitarian Universalist and an atheist, and the UUs tend to “send thoughts of concern” instead of prayers.
Peggy can take pride in how many friends she has made at FDL from the outpouring of well wishes on her job.
When these people said they were going to drown government in a bath tub, they were not shitting us. (Alas, when Democrats said they had Something Else to offer, they were lying.)
earlofhuntingdon,
You should have your own blog, or whatevs. Props. Love your posts, and would enjoy the conversation, even a debate. You’re very good! So is FDL!
msmolly,
Indeed.
so glad you showed up….Im here looking for you. I hope all went well; we are so proud of you. good luck.
Ah…
I figured it was either Coburn quitting because the Ds wouldn’t do what he wanted, or that the Blue Dogs were getting cold feets about giving the shaft to 90 percent of the population.
Seems to me it’s time to eliminate medical and retirement benefits for Congresscritters, and let’s do away with that fully staffed Navy medical clinic in the Capitol’s basement. The vast majority are millionaires, multi-millionaires or hundred millionaires and can take the limo to GW or G’town. The other guys and gals will just have to sacrifice a teensy bit, eh.
The continuing inability of anyone to generate any outrage or pressure on Durbin is truly depressing. It is not, as David suggested yesterday, a messaging problem. He is actively working to push conservative frames and legitimate politicians who are obviously lying. His participation in this farce is just part of it.
Durbin has worked to cultivate an image as a liberal. He wants to take the leadership position. It sticks me he is very susceptible to pressure. Those who think that criticisms of Obama are illegitimate are not going to extend that to Durbin, despite his position and a chief Obama ally. And so far, he has paid no price for his actions. No one has.
I agree – indeed Durbin’s “help” in House races has always been pro-corporate against the liberal/progressive
he gets elected on the now standard – but the other guy would be worse – excuse
why he is not primaried is simple – money.
Corporate control is so locked in.
I do not see those cost control levers for health care existing in today’s world – so I guess you mean gov regulation of the industry in the future.
Indeed “a global Medicare spending cap” is needed – as is a national health care spending cap for basic services – but that implies the gov sets prices for those services. It is a binary decision as it either has to come eventually – or not – with the future for that latter path in the NYT story about Health ins co profits going up because folks can’t afford the deductibles so they do not get care – until really sick at great expense and then die, forcing the GOP at that point to work on making that final moment – death – less expensive by denying care – those death panels that the GOP want but only if run by the ins companies.
Spot on thought there
The dirty little secret of deficit reduction is the fact that the Clinton rates coming back end almost all of the problem (and we can replace the few Bush changes for the non-rich like the 10% bracket and the child’s credit increase and the drop to a 25% bracket and the marriage penalty fix with credits that disappear with increasing income, and then set the AMT deductions to rise with inflation from reset levels that along with updated rules eliminate those making less than $200,000, all without much cost).
The health care cost fix will still need to be done, and the SS wage cap will still need to be removed – but that can wait a few years.
I think we should make the National Naval Medical Center in Betheda, MD the people’s medical center while we are at.
beach p
good post!
no evidence, just idiotic hyperbole.
populist=?
what does that even mean?
i’m happy you can live on the beach, like all populists.