For some reason, liberals are agonized by the fact that a Presidential press conference about gun safety legislation devolved into questions about the fiscal slope. As if this has never happened before, or that reporters are Constitutionally obligated to stay on topic. Or that the fisal policy of the world’s largest economy shouldn’t stay in [...]
|By: David Dayen Wednesday December 19, 2012 10:50 am|
|By: David Dayen Wednesday December 19, 2012 7:45 am|
The White House announced they would veto “Plan B,” John Boehner’s gambit to pass a bill extending the Bush-era tax rtes for all earners on the first $1 million of income. And Nancy Pelosi said that Boehner had better have 218 votes for such a bill, since House Democrats won’t provide any. Of course, Boehner [...]
|By: David Dayen Tuesday December 18, 2012 6:00 am|
The headlines here is that the Obama Administration narrowed the demand they maintained for four years, for tax rates to increase above $250,000, and they would agree to a benefit cut for Social Security and $400 billion in unspecified Medicare cuts, and in exchange they would mostly extend current law on a few fronts (but not all) and get an unspecified amount, no more than $50 billion, in infrastructure spending.
|By: David Dayen Monday December 17, 2012 1:47 pm|
John Boehner’s willingness to see tax rates rise at some level has kick-started negotiations over a deal to avert the fiscal slope. The President and the Speaker met today for 45 minutes, and the staffs for both sides are working on a deal. In a sign of how ridiculous our fiscal conversation has gotten, the [...]
|By: David Dayen Monday December 17, 2012 6:19 am|
The offer apparently paired $1 trillion in tax increases with major social insurance cuts. Assuming that the spending cuts match the tax hikes dollar-for-dollar, all Boehner is saying is that his rule, where every dollar of debt limit increase must be matched by a dollar of spending cuts, remains in effect. So he’ll honor that with a $1 trillion increase in the debt limit. Tax increases do not count as deficit reduction in Boehner’s equation; only spending cuts will register for increasing the debt limit.
|By: David Dayen Sunday December 16, 2012 9:31 am|
House Speaker John Boehner’s latest offer sheet to the President in the fiscal slope negotiations includes an increase in tax rates on people earning $1 million a year, the first time that the Republican leader has proposed any tax rate hike. The White House, seeking rises on tax rates above $250,000, rejected the offer. Boehner [...]
|By: David Dayen Friday December 14, 2012 7:45 am|
The President and Speaker Boehner met last night about the fiscal slope, but only for less than an hour. Meanwhile, White House Press Secretary Jay Carney blasted Boehner for what he described as “fantasy economics” right before the meeting. The talks are going nowhere because all the players know what will happen. The White House [...]
|By: David Dayen Thursday December 13, 2012 6:58 am|
Fiscal slope talks have basically stalled out, but leader in the conservative movement Jim DeMint cried uncle this morning, affirming that the President will get higher taxes, though he exaggerated it to mean higher taxes on everyone, not just on those earning over $250,000. “He’s going to get his wish,” DeMint said. “I believe we’re [...]
|By: David Dayen Wednesday December 12, 2012 9:15 am|
The Treasury has begun its “extraordinary measures”to fend off the reaching of the nation’s debt limit.
|By: David Dayen Tuesday December 11, 2012 1:07 pm|
Ezra Klein adds some meat to my point about the way Democrats can work their way out of the box they’ve assembled for themselves. Basically, Republicans have convinced themselves that they will have additional leverage if they look completely past the fiscal slope and the tax rate situation and move directly to taking the debt [...]
|By: David Dayen Monday December 10, 2012 12:59 pm|
I think Brian Beutler has a pretty good summation of why we’re talking about social insurance cuts when the White House appears to have leverage: …in three weeks, tax rates will go up for everybody with or without any concessions from the White House [...] That’s the single most important fact to know about the [...]