The Sequester and/or Government Shutdown Approacheth
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02-14-2013, 05:15 PM
Black for Palestine
Join Date: Oct 2006
Casino cash: $1208431
House Democrats have
got off the bench
and into the game:
The House Democratic plan: Fend off the sequester for one year by raising taxes and cutting farm subsidies.
By contrast, House Democrats have put forward a plan to fend off the $85 billion in sequester cuts for 2013. The spending cuts for subsequent years would be allowed to stand.
But the bill wouldn’t affect the deficit at all. Democrats would pay for that $85 billion through a mix of different cuts and taxes: Cut a farm-subsidy program that offers direct payments to farmers. Raise premiums on the National Flood Insurance Program. Implement a minimum tax for income over $1 million. And eliminate various tax deductions that benefit oil and gas companies.
Most of these taxes and spending cuts would be spread out over 10 years. So Van Hollen’s bill would essentially give the budget — and the U.S. economy — some breathing room in 2013 and postpone deficit reduction until later on.
The hitch? Republicans in the House aren’t fans of this idea. Just this week, Van Hollen’s bill was
by the House Rules Committee.
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