I'm with Erskin Bowles. I am worried they will fail. I think the congress is like Greece. I have already heard Toomey who doesn't want any revenue increase. Same stuff we heard with the debt cieling debate and it will have the same result. We will be screwed.


WASHINGTON -- Their deadline less than four weeks off, members of Congress' super committee heard Tuesday from those who have studied the federal budget problem in the recent past, with one -- former White House Chief of Staff Erskine Bowles -- saying, "I'm worried you're going to fail, fail the country."

Bowles and former U.S. Sen. Alan Simpson of Wyoming chaired a commission that proposed recommendations for reducing the federal deficit by $4 trillion over 10 years through a simplification of the tax code, spending cuts, elimination of some tax breaks and other proposals.

But, underscoring how politically thorny this problem is, even the commission could not get enough support among its members for a formal endorsement of its recommendations.

The 12-member super committee -- the Joint Select Committee on Deficit Reduction -- has until Nov. 23 to reach recommendations to reduce the 10-year federal deficit by at least $1.2 trillion, either by cutting spending, raising tax revenue or a combination of both. But there has been little indication that the committee, evenly split between Republicans and Democrats, will be able to find a majority for any set of proposals.

If the committee does, its recommendations would be subject to an up or down vote by year's end in the Republican-led House and the Democrat-led Senate. If it doesn't, across-the-board budget cuts would be implemented by January 2013.

According to news reports last week, the super committee is split between a $3-billion plan put forward by Democrats that raises some revenues and a less ambitious one put forth by Republicans that includes no revenue increases.

Two Michigan Republicans -- Reps. Dave Camp of Midland and Fred Upton of St. Joseph -- serve on the committee. Last week, Camp, chairman of the House Ways and Means Committee, proposed legislation that would reduce corporate taxes and allow overseas earnings to be taxed at a lower level, a move some see as a way to bring that cash back into the U.S. where it can help create jobs.

Testifying to the committee Tuesday were Bowles, Simpson, former Office of Management and Budget Director Alice Rivlin and former Sen. Pete Domenici of New Mexico. Rivlin and Domenici chaired another bipartisan commission that looked into recommendations for reducing the deficit.

Domenici said both sides will be complicit if either is unwilling to compromise
All four agreed that there is no way that simply raising taxes or cutting spending will be enough to solve the federal government's systemic problem in which future entitlements such as Medicaid, Medicare and Social Security will cost more than the money being taken in to pay for them.

"I think we face the most predictable economic crisis in history," Bowles said. "I know the fiscal path we are on here in Washington is not sustainable."

Simpson put it more bluntly.

"If you spend a buck and borrow 42 cents of it, you're stupid," he said
Federal deficit super committee told 'I'm worried you're going to fail' | Detroit Free Press | freep.com

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Truth, Justice and the American way

Of course they're going to fail, the failure was written into the mission from the f*cking start.

Shaving 1.2 Trillion off the debt over ten years is failure. Cutiing the spending by 2 Trillion today is the only successful option.

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"I swear- by my life and my love of it- that I will never live for the sake of another man, nor ask another man to live for mine"- Ayn Rand, Atlas Shrugged

Republicans believe every day is the Fourth of July, but the democrats believe every day is April 15. ~ Ronald Reagan

Did you forget revenue? It ain't gonna happen without both.

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Truth, Justice and the American way

Oh that's right, we're going to tax this mythical group of "rich people" and that's going to kick the economy into a boom and pay off the debt.

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"I swear- by my life and my love of it- that I will never live for the sake of another man, nor ask another man to live for mine"- Ayn Rand, Atlas Shrugged

Republicans believe every day is the Fourth of July, but the democrats believe every day is April 15. ~ Ronald Reagan

Sure it will. If I'm overspending, I can either make more money or cut spending. I don't need to do both. One will suffice.

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To tax the larger incomes at a higher percentage than the smaller, is to lay a tax on industry and economy; to impose a penalty on people for having worked harder and saved more than their neighbors. ~ John Stuart Mill

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Success Freaks

This "mythical" group of "rich people" has had the lowest tax rates in years and have YET to create those "mythical jobs" - so stop screwing around pandering to them and effing the rest of us

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Up to a point.

There is only so far you can cut spending - and still meet basic needs and responsibilities.

There is only so much you can earn without spending to increase your skills.

Sometimes the best answer is both.

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DISCLAIMER: Extreme amounts of sarcasm can possibly result in inflammatory situations. Not responsible for keyboard violence, spittle on the monitor, irrational responses mistaken for momentary brilliance, one-sided rages against hypocrisy or individual members or unintended consequences such as poor personal hygiene and bad spelling. Please fasten your seatbelts and put your trays in an upright position.

All depends on what you define your "basic needs and responsibilities" as. I don't need to earn more, I just need to spend less. UNLESS, I want something that is NOT a basic need, then I may need to earn more.

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To tax the larger incomes at a higher percentage than the smaller, is to lay a tax on industry and economy; to impose a penalty on people for having worked harder and saved more than their neighbors. ~ John Stuart Mill

Gypsy Soul Memories
Scuba Diver Life
Success Freaks

You're fortunate to be in that position then

Things such as having kids, medical costs, or loss of an income from a family member can produce needs (not "wants") that can only or best be met by increasing income.

Both options - cutting and increasing should be on the table regarding the budget.

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DISCLAIMER: Extreme amounts of sarcasm can possibly result in inflammatory situations. Not responsible for keyboard violence, spittle on the monitor, irrational responses mistaken for momentary brilliance, one-sided rages against hypocrisy or individual members or unintended consequences such as poor personal hygiene and bad spelling. Please fasten your seatbelts and put your trays in an upright position.

The government doesn't have unplanned children and medical costs.

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To tax the larger incomes at a higher percentage than the smaller, is to lay a tax on industry and economy; to impose a penalty on people for having worked harder and saved more than their neighbors. ~ John Stuart Mill

Gypsy Soul Memories
Scuba Diver Life
Success Freaks