Saxby Chambliss and restored Gang of Six join debt-ceiling debate
Something worth interrupting a vacation for: U.S. Sen. Saxby Chambliss and a restored Gang of Six this morning presented a $3.7 trillion deficit-cutting plan in a bid to couple the mix of cuts and revenue increases to a Senate solution to the debt-ceiling argument.
“Some of the people who don’t want to solve the problem will be critical of it,” said Chambliss, who called only a few minutes ago. The senator said the plan had yet to be presented to House Republicans, where the proposal – based on a bipartisan commission’s recommendations last year – is expected to come in for some rough sledding.
Chambliss reported 50 senators in attendance at the morning session. Among them was Tom Coburn, R-Okla., who months ago had left the bipartisan negotiations led by Chambliss and Mark Warner, D-Va. Coburn endorsed the results, and Chambliss said the presentation won a warm, bipartisan reception.
The plan, said Chambliss, is to couple the deficit-reduction outline to the proposal by Senate Republican Leader Mitch McConnell, R-Ky, that allows President Barack Obama to raise the debt ceiling without congressional approval — averting future deadlines like the one faced by the federal government on Aug. 2, when it will lose its authority to borrow more money, and add to a $14 trillion deficit.
Chambliss said $2.7 trillion in cuts would be accomplished through adjustments to Medicaid and Social Security. Details would be worked out through a bipartisan arrangement later, but Chambliss said an increase in the retirement age and means testing were likely to be adopted for Social Security.
Federal revenue would be increased $1.1 trillion over 10 years through changes to tax deductions currently granted for home mortgage interest, charitable giving, and health care insurance.
But overall, Chambliss said, the package would result in a lowering of personal and corporate income taxes. “We reduce spending, reform entitlements, and reform the tax code,” he said.
Increased economic growth would add another $1 trillion for an overall savings of $3.7 trillion.
The tea-party faction of the House Republican caucus has said it would not support any kind of revenue increases. But Chambliss thinks enough House Republicans might join with Democrats in the chamber to push the idea through.
“I’m at least cautiously optimistic that we’ve got another idea on the table,” he said.
- By Jim Galloway, Political Insider
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134 comments Add your comment
C. Tampa Ironworse
July 19th, 2011
12:28 pm
I’m no longer voting…it only encourages them.
gsueagle
July 19th, 2011
12:42 pm
Saxby is a first class RINO . he looks after those farm subsidies.
grizzybear
July 19th, 2011
12:48 pm
both parties brought on this mess by themselves,so the average voter gets shafted for their ineptness! you can rearrange the furniture on the deck of the titanic,but the results are still the same!
Jack P
July 19th, 2011
12:49 pm
Oh those “increased economic growth” predictions are among the biggest political scams around. Only the dumb masses fall for that con job.
kc
July 19th, 2011
12:53 pm
can reasonable people support budget cuts of 2-3trillion and some revenue increases that are economically (costvsbenefit) justified, not rank and file business deducts, especially small business….like hedge fund managers getting 15% tax rate or companies getting tax credits for foreign investment or offshoring jobs? it may take some time to hash out cuts and revenue increases, but could we settle on that goal?
td
July 19th, 2011
1:20 pm
kc
July 19th, 2011
12:53 pm
“like hedge fund managers getting 15% tax rate”
You forget that those 15% rates also relate to the 401k and retirement accounts of most of the middle class people of our country. You start messing with those rates then you start effecting the money the middle class has to retire on.
James
July 19th, 2011
1:25 pm
Saxby refuses to cut agriculture subsidies which include the huge food stamp SNAP program being heavily advertised to get more moochers to sign up. Watch him sell out conservatives on this budget deal. Ask him about the $150 million in loan guarantees and taxpayer money thrown away on the two bankrupt ethanol facilities in Georgia. Goode ole Saxby.
td
July 19th, 2011
1:34 pm
“tax deductions currently granted for home mortgage interest, charitable giving, and health care insurance.”
So lets see if we can talk about the consequences on the middle class for these decisions:
Mortgage interest: The single biggest wealth producer for the middle class. Now lets not give incentives for the middle class to save and build wealth since the poor has shown they can not pay their bills.
Charitable giving: If we do not give to charities then the government will have to find a way to replace all this money. Can we say more growing government more.
Health Care insurance: Companies are going to be forced to provide health insurance to its employees and they are no longer going to be given a tax deduction. Is this an incentive for them to hire more people or to outsource more jobs overseas?
These are three of the biggest tax breaks for the middle class. Now we want to get rid of them and will eventually lead to more government programs to take care of more people. God what a great socialist country we live in.
YeahRight
July 19th, 2011
1:35 pm
Any politician that signs a ‘no tax’ or any other oath that supersedes their constitutional responsibility will NEVER get my vote. Our nation was founded on serious compromise – not hard core ‘dig in your heels’ dogma.
All spending, tax rates, subsidies and exemptions should be on the table for all parties involved in solving this mess. Failure to do so is a failure of leadership, and a failure to our nation.
Southside GOP
July 19th, 2011
1:35 pm
If revenue enhancements is what it takes to reform social security, then so be it. I have long argued that we should eliminate itemized deductions that have nothing to do with the production of income, i.e. health insurance, vacation home interest deduction etc.
I do think that the charitable deduction should remain as charitable donations at least in part reduce the need for government services.
Gang of 6 deficit effort gains momentum – USA Today | News Wrap Up
July 19th, 2011
1:37 pm
[...] JournalGang of Six Back Together – Trying to Score Debt Reduction DealFox News (blog)Atlanta Journal Constitution (blog) -Forbes (blog)all 577 news [...]
Lapsang Sochang
July 19th, 2011
1:46 pm
Saxby is one of those Washington guys who has so much”gravitas” that he serves as an anchor. Why is it that Georgia, a state with one of the more conservative voting blocks in the country, produces such weak kneed senators? Saxby needs to host a dinner party with Susan Collins, and Olympia Snow and Scott Brown so they all sit around and talk about stupid and short sighted we tea party people are.
No Longer Republican
July 19th, 2011
1:47 pm
Nice try Saxby but you are still getting this done on the backs of the middle class. Mortgage interest, charitable giving, and healthcare insurance are vital options middle class taxpayers have. Take those away and you ARE increasing taxes, again on the middle class. Let the WEALTHY help. End the Bush tax cuts for those who make over $250K.
And why cut SS? SS has never added one penny to the deficit. If Congress would not use SS money for other projects there would be no problem with SS. Do what it right for once Saxby!
kc
July 19th, 2011
1:51 pm
td, on hedge fund issue: http://www.epi.org/publications/entry/pm120/
it addresses the compensation of hedge fund managers
Gang of 6 deficit effort gains momentum – USA Today | News Feed Today
July 19th, 2011
1:51 pm
[...] OlympianDOCUMENT: Gang of Six Deficit Plan Executive SummaryNational JournalFox News (blog) -Atlanta Journal Constitution (blog)all 588 news [...]
george
July 19th, 2011
1:53 pm
republican (lame)— democrat (evil) doesn’t matter. Can’t trust lame or evil.
rino
July 19th, 2011
1:54 pm
td, you took the words right out of my mouth
dixiesdemons
July 19th, 2011
1:56 pm
Damn !!! Saxby got off of the golf course long enough to present a plan .. You normally only hear from him at re-election time.
kc
July 19th, 2011
2:01 pm
maybe this quote helps on hedge fund…taken from wsj article
But Victor Fleischer, the University of Colorado professor whose paper on the subject helped prompt Congress to act, said that carried interest should not qualify as capital gains because fund managers risk mostly other people’s money rather than their own. “They’re being paid a fee for a service, so it’s fair that they would pay the same rates as others who perform services,” Mr. Fleischer said.
poopsie
July 19th, 2011
2:02 pm
All okay, but I am more and more in favor of the wealthy suffering a tax increase. Eevery other facet of the citzenship is giving up something.The wealthy are more able to pay this than anyone. Now, I have been a Republican since 1964, but if you say this will hurt the economic recovery, I say ‘what recovery’.Their tax status has been here for years, and we still have unemployment close to 10%.i probably have voted Republican for the last time.
Gang of Six, back from the brink? - Politico | Breaking News
July 19th, 2011
2:04 pm
[...] Gang of Six Deficit Plan Executive SummaryNational JournalFox News (blog) -Forbes (blog) -Atlanta Journal Constitution (blog)all 594 news [...]
bill
July 19th, 2011
2:07 pm
If you increase revenue you increase spending. Politicians cannot control spending. If spending was held to revenues collected we would have a balanced budget. Sorry, I don’t want to give them another nickel. I am 72 years old and paid SS taxes all my life and owned a business that paid as an employer so I paid both sides and now y’all want to means test! Really?
td
July 19th, 2011
2:16 pm
kc
July 19th, 2011
1:51 pm
First my friend thank you for the article link, it was an interesting read. The article has some flaws. The 2% off the top is commission and as such is taxed at 35%. The 20% they can make if the fund improves is based on if stocks go up and down and as such is a capitol gain and should be taxed at the 15% price. If you are a day trader you are taxed the same way because you are being taxed if you make a gain or not.
What will be the unintended consequence if you tax these managers at a higher rate. My prediction is that either these managers would all move overseas so then we would not get the 35% on the 2% or that they would charge more commission to handle these accounts and thus the amount of money in our 401K accounts would go down.
John Galt
July 19th, 2011
2:28 pm
There is no plan that will be universally accepted. At first glance this seems like a step in the right direction.
I am a “no taxer” but this deficit is beginning to threaten our entire economy. I think an extra $1 of tax for every $3-$4 of spending cuts is about right.
Good lord, we need some grown-ups on the Hill and ESPECIALLY in the White House.
td
July 19th, 2011
2:37 pm
John Galt
July 19th, 2011
2:28 pm
Let’s see the spending cuts first for at least two years and then we can consider the revenue increases.
GO Pee
July 19th, 2011
2:38 pm
I hope you tea bagging morons are happy.
RGB
July 19th, 2011
2:39 pm
td’s comments are on target regarding:
“Federal revenue would be increased $1.1 trillion over 10 years through changes to tax deductions currently granted for home mortgage interest, charitable giving, and health care insurance.”
So Chambliss must believe we have too many homeowners, too much charitable giving, and that too many people have health insurance. Because if we’re raising taxes on these items we’ll get less of them.
Does anybody really believe that we’ll get spending cuts in exchange for raising taxes? Anybody at all? See: Reagan, Ronald; Bush, George H.W., et. al.
>>”poopsie”, thanks for self-identifying. It’s a real time-saver.
chance
July 19th, 2011
2:41 pm
If the house republicans vote for any riase in the debt or increase in taxes for anyone they will be gone in 2012. The democrats know they are toast in the next election. Obama will never win and he knows that. So he simply reduced his timeline to end the country he hates. The republicans better not waiver on this!
yuzeyurbrane
July 19th, 2011
2:49 pm
Let’s see. $2.7 trillion in “adjustments” to Medicare and SS out of the $3.7 trillion in total. A trillion here, a trillion there. . . pretty soon you’re talking real money. Saxby is a Senior and so is his 90 something momma who seems pretty sharp on tv. I think his momma ought to take Saxby over her knee and spank him for calling a cut an “adjustment”. That’s like a “modification” instead of a change. Enough spin-speak. Anything of this magnitude would destroy SS and Medicare. Saxby knows it and wants it. He has deep pockets and takes good care of his momma who is living out her life in dignity. What about the rest of us who aren’t so fortunate? I am a Senior and I approve this message.
KCast
July 19th, 2011
2:53 pm
Trying to be open minded here….hopefully the mortgage interest deduction change will affect those with homes in the $750,000 and above range.
DannyX
July 19th, 2011
3:05 pm
“Let’s see the spending cuts first”
Spending cuts first? How about instead we are shown how the Bush tax cuts benefited the economy like we were told they would. Explicitly. “Cut taxes and watch an economic miracle take place,” we were told.
In fact Republicans believed so much in their fantasy they went ahead and spent the anticipated windfall on things like the socialist Medicare Part D, and the big government No Child Left Behind.
When are the tax cuts going to start paying for all this stuff the Republicans bought?
No Longer Republican
July 19th, 2011
3:16 pm
Well said DannyX!
Joe Kelly
July 19th, 2011
3:16 pm
Hey td…that cap gains tax rate of 15% is NOT what people pay when they withdraw 401K money in retirement. Those withdrawals are taxed as ordinary income, just like the income tax you pay from your regular pay check when you are working.
G. Ft. Lauderdale Tungstenmediocre
July 19th, 2011
3:22 pm
Why is it that your average American has to live within their means, but people act like you’re stupid if you want government to live within their means? The federal government is actually quite limited in its power, if you hold to a strict interpretation of the Constitution. So it’s no wonder that liberals needed a “progressive” reading of the Constitution that allows government to do most anything in this country (paraphrasing Pete Stark). One of the things government is supposed to do is provide for the national defense. Yet whenever liberals start talking about spending cuts, the first place they look is defense spending. No where in the Constitution does it say the government is supposed to take care of you in retirement, and yet both parties want to hold on to those items. It’s all about taking money from one person and giving to someone who is more likely to vote for you…err, I mean, someone who is more in need.
td
July 19th, 2011
3:22 pm
DannyX
July 19th, 2011
3:05 pm
I agree that NCLB and Medicare part D were huge waste of money. We should eliminate both programs immediately. Matter of fact lets just eliminate the entire Federal DOE. Education is a state issue and not a Federal matter.
SODDI
July 19th, 2011
3:23 pm
Chambliss is easily one of the most corrupt politicians in the Senate. Why ANYONE, right or left, would think that any deal he helped broker would benefit anyone except who he really represents – hint: not Georgians – it’s a wonder.
Chambliss’ son represents the Chicago Mercantile Exchange and Commodities Exchange as a lobbyist. He had to get a special waiver to lobby Daddy’s Senate committee. But now Daddy Saxby speaks the Commodities Exchange party line – AS IF BY MAGIC.
Go ahead, write to Saxby Chambliss. Tell him gas prices are too high. Tell him food prices are too high. Tell him that you believe that commodities speculators are driving up the costs of staple goods like wheat and rice and corn.
You will get a response that might as well have been crafted by a Commodities Exchange public relations person.And if you read beneath the shiny veneer, you will discover that Saxby Chambliss intends to do nothing at all to help his constituents who might be suffering.
Because Saxby Chambliss is a wholly owned and operated subsidiary of the Commodities Exchange.
td
July 19th, 2011
3:25 pm
Joe Kelly
July 19th, 2011
3:16 pm
Yes Joe it is because it was deferred income when you put it in (and you are paying a lesser tax rate now because you are in a lower tax bracket). Now any gains you made and was rolled over into your account during your work years was a capitol gain and as such you paid capitol gains taxes.
Ouch.
July 19th, 2011
3:36 pm
@TD – “Matter of fact lets just eliminate the entire Federal DOE. Education is a state issue and not a Federal matter.”
Unintended consequences – no more billions of fed money coming to the states for education. The states have to cough up the whole shebang. Can Georgia truly afford to do that? Can any state? Are we prepared for the rise in the rate of our state taxes to fund our schools by ourselves? If we are, then go for it.
Treeofwoe
July 19th, 2011
3:38 pm
Mortgage interest deduction changes: If they are talking about doing away with the mortgage deduction on 2nd or vacation homes then I have no problem with it. IF they are considering lowering the interest deduction based on mean’s testing or size of house / mortgage then it’s worth considering. If it’s any other consideration beyond those two then it’ll be dead on arrival in the house.
Charitable contributions: opposed to changes to charitable contribution deduction as it will hurt charities plain and simple. Who I might add are able to do the much more good for the same amount of money.
Health care insurance deduction: unless they are talking about mean’s testing or a graduated scale based on income then don’t do it.
Agreeing to the amount to cap each department’s spending to without getting that set in stone BEFORE the limit is raised is wishful thinking. As always the Democrats will pull the wool over your eyes saying yes we “promise” to work with you to cut the fat in these departments. Then, after the leverage is gone, they do nothing but continue spending. Please don’t fall for that same B.S.
RetiredSoldier
July 19th, 2011
3:45 pm
I believe you mean the Obama tax cuts. You know the tax cuts he was opposed to (while running for office)before he suppoerted them (last Dec.)before he opposed them (now). Is anyone confused yet?
Road Scholar
July 19th, 2011
3:49 pm
Bill: “If you increase revenue you increase spending. Politicians cannot control spending.”
Did you read the article? The increase in revenue based on reducing tax loopholes and deductions will….are you ready this time?…to be offset by lower tax brackets. Also th budget amounts to the Fed GovernmentsDepartments would be frozen, thus freezing the budget.
Road Scholar
July 19th, 2011
3:51 pm
Retired: who demanded that the tax cuts be extended? Yes Pres Obama signbed the bill; now again, who insisted the tax cuts be extended?
RetiredSoldier
July 19th, 2011
4:01 pm
Road-
Let’s see, you had a majority democratic senate, a majority democratic house and a democrat in the White House. Does that answer your question?
So now we defend presidents that sign bills they don’t support because the “bogeyman” made me do it? Please Road, give everyone more credit than that.
RGB
July 19th, 2011
4:13 pm
Road kill?
Buckhead
July 19th, 2011
4:14 pm
Interesting . . . saw this on the Beacon this morning: http://www.beaconcastmedia.com/cover-/Chambliss-May-Be-Key-To-Budget-Deal–2989
Take a look for more
duke
July 19th, 2011
4:16 pm
As soon as I saw Chambliss’s name on this thing, I figured it was another sell-out. But I couldn’t find the hook. Now I see it. The whole thing is tied to McConnell’s plan to let Obama raise the debt ceiling without Congressional approval. So the rest of the deal is meaningless.
As Sarah Palin says, this President will never make spending cuts. Even if he intends to, which in my opinion he does not, he does not know how to do it. He has never had to exercise that kind of executine authority; and after two years on the job, we can safely say he has no intention of learning.
kc
July 19th, 2011
4:18 pm
td, i am willing to bet most americans could care less if these “patriotic” american hedge fund managers move elsewhere. these folks after providing a service and earning money are then free to invest those funds and get the 15% capital gain treatment…maybe you’ll change your opinion when you learn cheleas clinton works at hedge fund…not sure if that qualifies her for 15% marginal tax rate
td
July 19th, 2011
4:18 pm
Road Scholar
July 19th, 2011
3:51 pm
I thought the President had the power of the veto? If he did not want to sign the bill then he would have vetoed it. He wanted the spending that went with the bill and now immediately started to attack the tax cuts (political reasons) but has not mentioned the spending increases.
DannyX
July 19th, 2011
4:21 pm
Call it what ever you want, Bush Obama tax cuts? Obama Bush tax cuts? Whatever.
The tax cut deal pushed by Republicans and signed by Obama increased the deficit by billions of dollars. Again we have Republicans causing direct damage to the deficit with tax cuts and increased spending.
Probably why Congressional Republicans now only have a 28% approval rating according to today’s Gallup.. Down 5 points since November.
G. Mortensen
July 19th, 2011
4:26 pm
We’ve been down this road before. Tax cuts first and maybe down the road a few cuts. This is a horrible plan and Saxby should have a challenger in his next election. He is the type of politician who speaks conservative at home and votes like a Democrat in Washington. This venal man needs to go.
td
July 19th, 2011
4:27 pm
kc
July 19th, 2011
4:18 pm
I am willing to bet that most Americans do not know what a headge fund manager is and really do not care what they are paying in taxes as long as they are getting what they want from the government.
Ghost Rider
July 19th, 2011
4:30 pm
“allows President Barack Obama to raise the debt ceiling without congressional approval”
That is one dumb-ass idea which (I guarantee) will lead to even more economic terrorism!
“Federal revenue would be increased $1.1 trillion over 10 years through changes to tax deductions currently granted for home mortgage interest, charitable giving, and health care insurance.”
Yeah, this is great! People are having a hard enough time avoiding foreclosure now, so we will do away or greatly reduce their mortgage interest deduction. That should create even more foreclosures and devaluation of the property values. It’s always great to change the rules as the game is being played.
“But overall, Chambliss said, the package would result in a lowering of personal and corporate income taxes.”
Would everyone who recalls a tax being lowered once it is imposed, please raise your hand?
“I’m at least cautiously optimistic that we’ve got another idea on the table,” he said.
Saxbo, I’ll give you this much. You and the Republicans have at least put something on the table for discussion, whereas President Obama and the Democrats have put nothing forward except more debt and more deficit spending.
td
July 19th, 2011
4:30 pm
DannyX
July 19th, 2011
4:21 pm
Would you please let us all know how much the Dems increased spending from 2008 to 2010? I bet it is more then the tax cuts.
kc
July 19th, 2011
4:31 pm
found this interesting:Question: Who Invests in Hedge Funds and Why?
Answer: The primary investors are wealthy individuals and institutions. They typically have a great deal of funds to invest, and can weather significant downturns in their portfolio in their quest for higher returns. Many of these investors are trying to outperform the market to recover losses incurred during the stock market crash of 2000. In addition, many pension funds are realizing they may not have the capital needed to cover the mass of retiring baby boomers, and are trying to outperform the market to cover these obligations. Unfortunately, the risky nature of hedge funds, and their lack of regulation, means these pension funds are less likely to cover their commitments.
here’s a primer on hedge funds: http://www.hedgeworld.com/education/index.cgi?page=hedge_fund_basics
note one characteristic is lack of transparency…
Frederick Douglass
July 19th, 2011
4:31 pm
The republicans have crapped in their mess kits with this debt ceiling debacle.Before this thing’s over, they’re going to rue the day that they chose to hand over the reins of their buggy to the Tea Party. F~#&ing idiots!
John Smith
July 19th, 2011
4:36 pm
If the congress had not spent money we did not have to spend in the first place we would not have this problem. Stimulus package of almost $1 trillion dollars which was a total waste as it has not put any dent in helping the economy based on the recent unemployment stats. It is interesting to note that FDR did exactly the same thing which lengthened the great depression by about 8 years. It was only after we produced arms for WWII that the country started to grow its economy. Also I want to note that a economy based on total debt cannot sustain itself. Yes the 14.5 trillion debt is small the experts claim compared America’s economic potential. But look at this in real numbers.
It is like a person earning $50,000 in salary and has $200,000 in credit card debt. Not mortgage or car debt. And to think that this person will start to earn $100,000 a year just like that is not realistic yet this is what the experts are considering that will happen to the US economy. Furthermore the banks have still not learned their lessons on financial prudence. They are still ripping off consumers with high credit card rates, foreclosing on people’s homes when they themselves got bailed out, and are not being responsible with the funds they are investing in. The government both the president and the congress have not been responsible at all with managing the country’s budget. All they care about is getting re-elected and not serving the people with integrity and financial responsibility.
amazing
July 19th, 2011
4:41 pm
I am no fan of Sen. Chambliss. However, I will give him credit for working on a bi-partsian soultion. He has earned it and deserves it. The Gang of 6 were the only ones behaving like adults on the hill. Despite their disagreements, they were able to pull together a plan than can work. I believe these guys showed some leadership versus the political postruing that Cantor and McDonnell have being displaying.
kc
July 19th, 2011
4:41 pm
FD, i doubt it….these folks became zealots only after w pushed us to the brink, but think Obama is the main villain….with major demographic shifts a clear second….it’s human nature
FSG
July 19th, 2011
4:45 pm
It’s not enough, but at least it starts touching social security.
kc
July 19th, 2011
4:47 pm
don’t you just love folks like john smith critizing the stimulus package that included a bunch of tax cuts and unemployment….http://useconomy.about.com/od/usfederalbudget/a/Economomic_Stimulus_Package_in_Detail.htm
so i guess all these folks raling against the stimulus as waste of money want their taxes raised?
EW
July 19th, 2011
4:55 pm
This is how America lost its power. We have a bunch of whimps who live off charity of the tax payer and don’t give a rats aX$ about our American heritage. Saxby Chambliss will go down as the worst senator in Georgia History. Bring on the Tea Party because that is where I am going now! We need term limits and Balanced budget – do you think these idiots could vote for the one thing that would restore our honor in this world, no its all about power – I want to throw up as I know I will see Saxby being swooned all over TV. You sold America out Mr. Chambliss that I know! You guys had the Dems right where you needed them with this vote you will probably give them the White House next year!
kc
July 19th, 2011
5:01 pm
we need to get rid of trade agreements, a study has been done that shows it cost americans $7000 each in thru job losses, promises not kept…job losses to canada and mexico is nearly 1 million jobs
the korean trade agreement will likely lose 159000 jobs over next decade one study predicts
can someone please explain how we can keep importing more goods/services than we produce?
findog
July 19th, 2011
5:01 pm
Mortgage interest was the only thing left for individuals in President Reagan’s grand bargain that was to reset the tax code. Lobbyist then chipped away at neutrality getting special interest tax breaks back into the tax code. If you are going to take that last individual interest deduction then take every corporate welfare payment.
Actually the problem is that W was counting Clinton’s chickens before they hatched: one third for tax cuts, one third for Medicare Rx, one third to pay off the debt. Let the entirety of W’s tax cuts lapse. Remove every corporate giveaway. Have the GOP either come up with the taxes to pay for W’s prescription drug giveaway or do away with it.
Centrist
July 19th, 2011
5:03 pm
This plan is Dead on Arrival in the House – as details emerge, it is a $3 trillion cut in spending (on paper loaded with gimmicks), and a real $1 trillion tax increase.
No wonder Obama and the media are peddling it so hard.
Sam I Am
July 19th, 2011
5:04 pm
“Gang of six” who dreams up this crap? Do they have club jackets and a secret handshake?
Pompano
July 19th, 2011
5:04 pm
“It would reduce but not eliminate tax breaks on mortgage interest, higher-cost health plans, charitable deductions, retirement savings like individual retirement accounts and tax-free savings accounts known as 401(k)s, and tax credits for families with children.”
So basically they are are selling out the middle-class. No defined cuts for the moocher class presented – just take more from those of us that have to work for a living.
Chambliss is pathetic! I don’t care if a monkey runs against him next time, he’ll never get my vote again!
findog
July 19th, 2011
5:09 pm
td, for us mere mortals we have to hold a stock for something like 18 months to call it a capital gain; with proprietary trading they hold it for only nano-seconds, nice try…
Brad_GA
July 19th, 2011
5:10 pm
I am ashamed that MY Senator would support such a proposal, let alone be one of the key drivers of it! Mortgage interest, charitable giving, insurance deductions gone? Translation= Tax increase for the middle class! Just for him signing on to this I will NOT be voting for Chambliss again in 2012. He is a complete idiot for giving an incompetent president total power over raising the debt limit.
WAKE UP EVERYONE! Its the same story! The tax increase becomes effective immediately, and the spending cuts come later—same old story….we get taxed, and the cuts NEVER materalize.
Call or email Senator Chambliss and tell him that the people of Georgia are ashamed to have him as our Senator, and he needs to reverse support immediately if he really cares about this country, or in the least, cares about his job. Either way, I plan on voting for his competitor in 2012…heck, I’d even consider a Democrat contender!
WAKE UP AMERICA—-WE ARE BROKE! Cut, Cap, and Balance NOW!
RetiredSoldier
July 19th, 2011
5:38 pm
Brad-
I’m afraid you are correct. I forsee a stiff challenge in the primary if Saxby decides to run again.
Laurie
July 19th, 2011
5:42 pm
So they are giving the most wealthy people in our country a 6% tax cut, while they reduce spending on Social Security, Medicare, and Medicaid, and take away tax breaks used by the majority of middle class tax payors. Those guys in DC need to be shot.
RetiredSoldier
July 19th, 2011
5:48 pm
Laurie-
Please start with Dick Durbin. This plan won’t go anywhere either so it is most likely a moot point.
Centrist
July 19th, 2011
6:03 pm
Remember, all 100 Senators are multi-millionaires and most make over a million a year. They tax the middle class because THAT is where most of tax revenues come from. They give capital gains tax breaks, trust tax breaks to themselves, wealthy friends, family, and campaign contributors while PRETENDING the truly wealthy pay a greater share of taxes.
Not as true in the House. Democrats there, of course, are for ANY tax increase. The majority of Republicans are not going to go along with the Senate, Obama, or the leftist media. This is just campaign cover.
Lt. Dangle
July 19th, 2011
6:06 pm
Laurie
July 19th, 2011
5:42 pm
“So they are giving the most wealthy people in our country a 6% tax cut, while they reduce spending on Social Security, Medicare, and Medicaid,…”
Whatever taxes the “wealthy” wind up paying will still be way more than you’re paying, so please stifle your socialist urges and just enjoy the wealth transfer that our government has provided for you.
The Centrist
July 19th, 2011
6:19 pm
It tickles me that when a Republican enters a reasonable debate, they are called RINO’s. For the past decade plus one year, the GOP has either been in control being “Rubber Stamps” or being masterful obstructionist as the “Party of No.” Then say the spineless liberals, who have buckled at every turn, have an equal or higher share in the sorry condition of the country. By the way, can anyone tell me the last time a full budget was passed?
The Centrist
July 19th, 2011
6:25 pm
Lt. Dangle. Everytime I go to fill up, I see a wealth transfer.
kc
July 19th, 2011
6:34 pm
lt dangle you want to live in world where top 1% own 43% of financial assets….sorry for your ptsd
http://sociology.ucsc.edu/whorulesamerica/power/wealth.html
kc
July 19th, 2011
6:40 pm
From Bruce Bartlett, former economic advisor to Presidents Reagan and George H.W. Bush:
“This is quite possibly the stupidest constitutional amendment I think I have ever seen. It looks like it was drafted by a couple of interns on the back of a napkin … [It was] designed solely for the purpose of appealing to ignorant Tea Party types.”
sho'nuff
July 19th, 2011
7:27 pm
Boy, are we really Impressed!! We knew you were going to pull this crap a couple of weeks before the deadline.l Coburn pretended to walk out. Then he “suprisingly” returns. And a deal is in the making. This is nonsense Congress the new one, spent all their time on Vacations. Pretending they were meeting with us. Ha!! Westmoreland want come to Harris County/North Columbus, and nor will Saxby!! Government of the Rich, for the Rich and by the Rich. All of us “Little” people don’t matter. They just hum a few lines at election to get us to vote!!
The Snark
July 19th, 2011
7:30 pm
What a shame … an elected official sticks his neck out to try to solve a problem, and what does he get? Thanks? Or even a polite “I disagree”? No, he gets vitriol like the above posts, from people who know less about government than I know about quantum physics. It’s no wonder that so people in Washington prefer to engage in publicity stunts rather than serious governance.
I don’t especially like Chambliss, but he deserves more respect than this.
J reaves
July 19th, 2011
7:48 pm
We are at the point that this is becoming discusting. Everyone knows where the expenses are. Lets address illegal immigration, Welfare (limited assistance like Unemployment), Payments to other countries, grants, taxes (flat/fair tax so everyone pays taxes, not just 48% of us), obama care,……etc…….All could be addressed and fixed in months. Let’s get back to serving your community as a government worker instead of becoming rich, unions should be responsible for their own retirement, why should I pay for yours, mine is expensive enough. Let’s stop the insanity.
RGB
July 19th, 2011
7:50 pm
Saxby Chambliss is what Mark Levin would term a “corporatist”.
So we’re supposed to be enthused that America will go over the cliff to its death at 55 m.p.h. rather than 120 m.p.h. which is its current pace. Chambliss, you should be ashamed at yourself.
Just recently we heard about a profile in courage when Sgt. 1st Class Leroy Petry was awarded the Medal of Honor. Sgt. Petry picked up an enemy grenade and attempted to throw it away from himself and two colleagues and lost his hand in the process.
It’s too bad that Chambliss doesn’t display 1/14,000,000,000,000th of Sgt. Petry’s courage.
Next time I’ll vote for Chambliss’s Republican challenger and if Chambliss beats him I’ll vote for his Democrat opponent. The more liberal the better. And then we can have a REAL conservative senator from Georgia. Ditto Johnny boy.
Big Hat
July 19th, 2011
8:08 pm
The rich should have to pay taxes; God made them special.
Al
July 19th, 2011
8:13 pm
When did Saxby become a Democrat?
Fedup
July 19th, 2011
8:18 pm
Big Hat, I agree that everyone should pay taxes………What are you referring too? I know many well off individuals that pay more than double in taxes than most people make in a year
The Centrist
July 19th, 2011
8:21 pm
21% approve of the job the GOP controlled House is doing. It does not matter because the only poll that matters took place in November.
The Centrist
July 19th, 2011
8:28 pm
Clarence Chambliss has always been a conservative southern politician. Republican, RINO, or Democrat labels do not matter, but at least he never switched parties.
Fedup
July 19th, 2011
8:29 pm
Repubs or Dems, it just doesn”t matter. We need to start the commen sense party.
Fedup
July 19th, 2011
8:30 pm
Sorry, I meant COMMON SENSE, not Commen. I know some would let me know of my error!
The Centrist
July 19th, 2011
8:31 pm
Just think, if SFC Leroy Petry ran against Clarence, Petry would be labeled a coward. However, we can look forward to the backlash since Clarence decided, for the first time in history, not to be a total puppet.
The Centrist
July 19th, 2011
8:33 pm
Fedup. I’m going to let you in on a secret. There is only one “sense” in the south. Conservative.
WAW
July 19th, 2011
8:52 pm
The Gang of 6 have done what none in the House of Representatives have done – they sat down and talked. When the majority of the House of Representatives have signed a binding pledge, not to serve the United States of America but to follow the dictates of special interest (selling your soul to the Devil) – the Senate is the only hope for the continuation of our country. I will never vote for anyone who has taken a pledge against the interest of every citizen – “one nation under God”.
double
July 19th, 2011
9:05 pm
Fedup-dem and pugs all same.Earlier post called them evil,and lame.Don’t mean much what you call them, they are same.Ain’t no secret. Sense is common to both labels.Since they are same.If you own two horses in a two horse race. One wins one loses.You still got a winner.Suspect why called common horse sense.
wait a minute......
July 19th, 2011
9:10 pm
Is Saxby trying to tell me I can deduct mortgage interest from my lake house?
….. damn….
nomovote
July 19th, 2011
9:13 pm
The average commuter is spending $1,500 more a year on gas than just a few years back, and nothing is said. You dopes! You are so complacent to that, yet hear the word “tax” and you spaz.
I would rather shoulder a tax increase than allow big oil to arbitrarily gouge us year after year, reap billions in profits, and and remain untouchable.
Centrist
July 19th, 2011
9:15 pm
The Democratic party controlled Senate negotiating with Obama and the leftist media at this late date is pure posturing. Until/unless they negotiate a deal with the Republican House, there is not going to be a deal. Maybe we need the crisis like they had in Minnesota where the government shut down for 13 days before a deal was struck.
Crisis management and past the deadline deals is they way of life in the U.S. anymore.
smart dawg
July 19th, 2011
9:35 pm
Allowing Obama to raise the debt ceiling without congressional approval is pure stupidity. A raise in the debt ceiling will result in increased spending. It’s past time the imbeciles in DC need to listen to the public. WE’RE BROKE. WE CAN’T KEEP SPENDING.
What’s so hard about that?
Adjustments to social security…Hmmmm…those who have been forced to pay into it for years (decades) will likely be the same ones who are told that they don’t deserve to draw due to means testing. Penalize the hard working public, in favor of the ever growing moocher class. When you strangle the last dime out of the working producers (who finally throw up their hands in disgust as they join the moocher lines) then who is going to fund the moochers who have been brainwashed into believing “I deserve…” ???
brad
July 19th, 2011
9:36 pm
Let OBAMA raise the debt ceiling at HIS discretion? Not only is Saxby spineless he is a complete idiot or he thinks we are.
Cutty
July 19th, 2011
9:53 pm
Fiscal conservatives not wanting to pay their debts. 2001-2006 all over again.
smart dawg
July 19th, 2011
10:00 pm
Here’s another way to explain it, in the words of legendary blues guitarist Albert Collins: What you gon’ do when the welfare turn its’ back on you?
Songbird
July 19th, 2011
10:21 pm
Td, do some research on 401k and IRA withdrawals. They are taxed as ordinary income unless they were after tax contributions.
double
July 19th, 2011
10:23 pm
I don’t know what a hedge fund manager is guess like most americans. Headge may be like capital/capitol then would not know difference than. to default would be disgrace.pay just debts.
td
July 19th, 2011
10:27 pm
Songbird
July 19th, 2011
10:21 pm
You are correct but any money that is invested and turned around prior to getting the money out is considered a capital gain and is taxed at 15% if long term and 30% if it is a short term investment.
td
July 19th, 2011
10:31 pm
double
July 19th, 2011
10:23 pm
We are in agreement the debts of this country should be paid. The difference between us is you want to tax our way out of debt and I want to cut spending. Name a government program that once started has been ever been cut?
Rural Education
July 19th, 2011
10:46 pm
You “tea party” members just hold on. This trickle down theory is going to work one day.
td
July 19th, 2011
11:10 pm
Rural Education
July 19th, 2011
10:46 pm
And where is the proof that tax and spend works? We have never really attempted the model of cut taxes and cut spending. The libs always find ways to block the theory.
Dave
July 19th, 2011
11:12 pm
This “Gang of Six” plan “tax reform” reduces income taxes for the rich by 6% and puts it all on my back. Flattening and broadening the tax rates (both federal and state) is a big joke. Your elected official (Deal and or Chambliss) has someone’s back but it is not ours. The middle class is about to take it again.
yuzeyurbrane
July 19th, 2011
11:38 pm
These Teapeople are so ignorant. I can’t believe some of their rants against Saxby. I don’t like Saxby’s policies or 99% of his votes but it is at least based on reason. He is not a friend of the middle class of which I am still a member and supports policies that favor the “haves and the have-mores” otherwise known as his base as W once put it. But to rant against him because he even had the audacity to talk with Democrats about possible compromise?? I’m sorry but I am just shaking my head in disbelief.
double
July 19th, 2011
11:47 pm
TD how about the civilian conservation corps,could be a good time to have something similar rebuild infrastructure.Who says I want more taxes?You should stop making up things you don’t know.
smart dawg
July 19th, 2011
11:56 pm
Do you want economic recovery? Stability? Growth?
You’re not going to have any of the above as long as small business is strangled/frightened/threatened. Government jobs are NOT the answer.
Create an economic environment where small businesses can thrive. Replace the “For sale/ for rent/foreclosure signs with “Help wanted” signs.
Furthermore, get the federal government off of the backs (and out of the wallets) of small business.
I am a small busines person, not a tea partier. In business for 30 years and barely holing on.
smart dawg
July 19th, 2011
11:57 pm
Sorry for the typos, it’s late.
LizBeth
July 20th, 2011
12:28 am
Well, there go the only tax breaks we get.
Sunraynews | Top US news
July 20th, 2011
2:55 am
[...] constructs potential escape from defaultFinancial TimesGlimmer of life in US debt debateTVNZSaxby Chambliss and restored Gang of Six join debt-ceiling debateAtlanta Journal Constitution (blog)all 806 news [...]
The Centrist
July 20th, 2011
5:32 am
I know we have a lot of smart folks, so can someone tell me some of the trillions of specific dollars Obama has added to the annual deficit and debt? We know the stimulus package concept was approved under Bush, and Congress voted to allow Obama to spend the send half. How much of the war costs can be really attributed to Obama? Most of the costs for Obamacare have not kicked in, nor have the anticipated savings. The budget has been on cruise control for the past two years, and spending cuts have been the norm.
tail wind
July 20th, 2011
6:17 am
If Saxby has anything to do with it I would not trust it, because his mouth was moving, so sure he was not telling truth. Saxby needs to get with his Mexican friends and pick onions in Vidilia for a while and leave Washington.
legionaire
July 20th, 2011
6:38 am
Chambliss lost my upcoming vote when I saw him al buddy buddy with old serial woman abuser Kennedy during the secret “comprehnsive immigration ‘ bs meetings. He is selling out the middle class taxpayers with this agreement with Obama. Never ever believe a liberal of a RINO.
rickphillips77
July 20th, 2011
7:13 am
Over the life of a 30 year loan, a $300 per month decrease would equal over $100K in savings. Search the web for “123 Refinance” website they helped me find 3.118% rate easily. Strongly recommend them for anyone. Good luck.
E. Ruffin
July 20th, 2011
7:19 am
Typical Chambliss……………..I think I have voted for this RINO for the last time.
House just increased military spending
July 20th, 2011
8:17 am
Notice how one of the biggest expenditures by our government gets almost no mention by Chamlibss. We could cut military spending by 80% and we would still be spending more than the next biggest spender. But the House just increased spending on the military and Chambliss is talking about a minute reduction in spending.
This entire exercise is a fraud.
TSA on the way to second base
July 20th, 2011
8:30 am
seems Saxby has provided Obama a way out; cut a little spending; but any further cuts will be selected by some panel sometime in the furture
jconservative
July 20th, 2011
8:47 am
As always the devil is in the details, but I support a reduction of $3.7 trillion over a reduction of $1.95 trillion. My money says the House Tea Party bloc will only support the $1.95 trillion cuts.
td
July 20th, 2011
9:36 am
I still have not seen anything about what cuts are going to be made. Are they just going to cut the military?
findog
July 20th, 2011
9:45 am
td @ 11:10pm
“And where is the proof that tax and spend works? We have never really attempted the model of cut taxes and cut spending. The libs always find ways to block the theory.”
I thought you were an informed citizen. The GOP ran all three branches of government from 2001 to 2007; except for 18 months when one senator jumped ship to the democrats after the first W tax cut, so please explain how the dem’s blocked spending cuts. We expanded military spending for star wars and expensive hardware while not providing what the troops needed to fight two wars. Big farm bills, big transportation bills, big water bills, big everything: written, passed, and signed by republicans. I guess big bad Ted made them spend all that money, right?
Dick
July 20th, 2011
10:16 am
When the “Gang of Six” are done, the federal government will have so much of what I make, I will never be able to retire. I will lose the bulk of my 401K deduction, the mortgage interest and taxes on our retirement home, which is our current “second home”, and the charitable deductions we personally sacrifice to make. But, hey, at least, the top 1% of income earners will have their taxes “flattened” by six percent. So glad I could help!
Kyle
July 20th, 2011
10:25 am
I never thought he would turn out to be a RINO but he is. To pull something like that from this state isn’t that smart. I take it he will not be able to run again or will choose not to because I know I wouldn’t vote for him again and can’t imagine any real American that would.
double
July 20th, 2011
10:29 am
td was only an informed citizen when he had LMS to lead him.Anyone either branch,never 100% correct.Only an idiot thinks so.(not name calling)stating truth.Td thinks libs are causing the hot weather,knowing he has more hot air than,than, than,any lib.For td then,then,then.
td
July 20th, 2011
11:15 am
findog
July 20th, 2011
9:45 am
“so please explain how the dem’s blocked spending cuts”
As Sean and Rush has said many time during this period of time. “Republicans were nothing more then Democrat lite”. I am not defending their actions (especially spending on things like No child left behind and Medicare part D). These are the reasons for the rise of the tea party and the gains of the Dems from 2004 to their take over in 2008. Although I do remember a few things Bush wanted to do that was filibustered in the Senate by the Dems (Social Security reform).
Lets go back to the Clinton administration for a minute. I think Newt sent bills to the Senate to totally do away with the DOE and what happened?
political guru
July 20th, 2011
1:49 pm
zax, get out of bed with the idiot in the white house!!!!!!!!!!!!!!!
Kay Corly
July 20th, 2011
3:08 pm
Please cut the spending, cap the spending and balance, do what is right for our children, grand children and great grand children,KC
Kay Corly
July 20th, 2011
3:09 pm
Enter your comments here
The Centrist
July 20th, 2011
7:51 pm
Still haven’t heard what massive spending items can be directly attributed to Obama. David is like the rest of us. You have already lost way more of your 401K to corporate fraud and stock manipulations than you will ever lose from any tax deduction elimination. Americans shouldn’t us pay for our retirement living, just like some don’t want to help pay for public education? Part of the reason that Bush gave us the tax cuts was for us to give more to our favorite charities like Families First rather than letting the government decide for you and give to Planned Parenthood. But, hey, at least, the top 1% of income earners will have their taxes “flattened” by six percent. So, like you, I’m glad I could help!
Gang of Six: Can They Prevent Economic Chaos? » 99dzh
July 21st, 2011
12:04 pm
[...] Will House Republicans buy it? “I’m at least cautiously optimistic that we’ve got another idea on the table,” he told the Atlanta Journal Constitution. [...]
Poll Position: Does ‘Gang’ plan help or hurt Saxby? | Kyle Wingfield
July 22nd, 2011
5:05 am
[...] Georgia’s senior senator was front and center explaining the “Gang of Six” fiscal plan that was endorsed by President Obama and hailed by much of the press, even as it drew mixed reviews [...]
Commish
July 22nd, 2011
10:28 pm
Instead of the “Gang of Six”, why not the Three Stooges of the Republican party and the Three Stooges of the Democratic party.
Check out Shameless Chambliss’ website. Folks this clown is talking out of both sides of his mouth. He is not a conservative but a big spender.
Don’t forget about his idea to give ammnesty to illegal aliens.
Also, don’t forget he voted for the stimulus under Bush.
Georgia deserves more from its Senators than a circus clown with egg on his face.
The housing market helps drive the economy and he wants to reduce/eliminate tax cuts that help the middle class.
What about a pay cut Saxby?
Dave5
July 22nd, 2011
11:36 pm
There is an old expression Saxby…
Keep your mouth shout and be thought a fool….
Open your mouth and remove all doubt.
I’ll be at the front of the line supporting your competitor. You were right yesterday when you said you didn’t know how you stayed in Washington so long.
I am in Georgia and I so embarrassed for our state and what a waste of our potential.