CBPP Destroys Catfood Commission Dems’ Plan for Deficit Reduction

By: Friday October 28, 2011 10:55 am

Robert Greenstein of the Center on Budget and Policy Priorities has not been traditionally opposed to a deficit reduction plan. The CBPP supports chained CPI, for example. So it’s quite something to see Greenstein, along with Paul van de Water and Richard Kogan, savage the Democratic opening bid in the Catfood Commission II, describing it [...]

Gang of Six Poised to Screw Up Negotiations Again

By: Thursday July 28, 2011 12:21 pm

I think people are getting a little theatrical about this Boehner showdown, with their focused whip counts and the like. The Washington Post says Boehner is still looking for votes, but I’m really not sweating this. It turns out that Boehner actually needs 216 votes, not 217, because Maurice Hinchey (D-NY) is out of the [...]

Default? Blame the Gang of Six

By: Monday July 25, 2011 7:30 am

I have a piece for The American Prospect today about the Gang of Six proposal, and how it increased the possibility of default: Gang of Six fever has overtaken the Senate, and everyone has an opinion on how to incorporate the proposal into the debt-ceiling deal. Senator Richard Burr, a Republican from North Carolina, wants [...]

Debt Deal: Both Sides Included Late-Stage Changes

By: Saturday July 23, 2011 8:16 am

Reading the tick-tocks on how the debt limit deal imploded, it appears both sides fashioned some last-minute changes that the other side could not accept. First, on the Democratic side, my instinct that the Gang of Six proposal heightened the probabilities of default turned out to be correct. In this case, because the Gang of [...]

The Democratic Credibility Gap

By: Friday July 22, 2011 2:25 pm

In the aftermath of whatever becomes of the debt limit deal, you’re going to see a lot of apologies for the dim result that Democrats will see. Jonathan Bernstein takes a stab at it today. This is the general theme: the surrender on deficits was prefigured by the result of the 2010 elections, and Democrats [...]

Report: Obama and Boehner Nearing Framework for Grand Bargain

By: Thursday July 21, 2011 10:16 am

The New York Times is reporting that Congressional leaders have been informed about a “major deal” that would increase the debt limit, cut spending massively and garner future revenue from taxes after an overhaul of the system. This is being worked out between House Speaker John Boehner and President Obama. With the government staring at [...]

The Byzantine, Impossible Tax Reform in the Gang of Six Plan

By: Wednesday July 20, 2011 12:33 pm

There’s a lot of confusion over the tax reform piece of the Gang of Six proposal, which relies on a different baseline than the Obama “grand bargain” plan. In Obama’s plan, the Bush tax cuts were assumed to all be extended, and the $1 trillion in revenue gained came in part from eliminating those “high-end” [...]

Gang of Six Attempts to Strangle CLASS Act

By: Wednesday July 20, 2011 9:30 am

The CLASS Act, created by Ted Kennedy and included in the Affordable Care Act, establishes a voluntary federal long-term care insurance program. Currently, people requiring long-term care need either private insurance or to qualify for Medicaid. Right now, around 40% of all long-term care is funded through Medicaid, and given that Medicaid faces budget cuts [...]

Gang of Six Boosted By Moody’s

By: Wednesday July 20, 2011 6:50 am

As near as I can tell, the only thing the Gang of Six has made more likely is default. It’s essentially the same deal that Eric Cantor and John Boehner rejected because it included tax increases. Maybe the increases are so vague and the abolition of the alternative minimum tax so attractive that this changes [...]

Gang of Six Proposal Includes Chained CPI

By: Tuesday July 19, 2011 3:31 pm

Here’s a fuller documentation of the Gang of Six plan, with the $500 billion in up-front cuts. Most of it kicks the can down the road by simply putting in place “statutory discretionary spending caps” (without saying where the cuts will come from) and “numerous budget process reforms” (without saying what they are). But they [...]

Senate Leader: We Can’t Pass a Two-Page Outline in 13 Days

By: Tuesday July 19, 2011 1:33 pm

Harry Reid, in a press conference, warned that the ballyhooed Gang of Six proposal, which popped up today with a two-page outline, was too unformed to become a solution to the debt limit increase in the short time left to avoid a default. Reid said that Doug Elmendorf, the director of the Congressional Budget Office, [...]

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