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Old 12-11-2013, 10:36 AM  
Taco John Taco John is offline
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Undoing the Sequester Is a Step Backward

I'm hoping this thing gets voted down. It's a terrible deal that gives away the only real conservative accomplishment of the last 6 years. Why is Paul Ryan and Boehner willing to cut it open when Obama's not willing to gut the ACA?

It's a terrible deal, and it shows why the Republican leadership needs to be primaried and replaced - Paul Ryan included. I don't care how conservative he makes himself out to be when he so willingly guts our accomplishments, he's acting for the left.


TODAY’S BUDGET AGREEMENT: GOOD POLITICS, MAYBE, BUT NOT GOOD POLICY

The current continuing resolution on federal spending expires in January, and Paul Ryan (on behalf of the Republican House) has been negotiating with Patty Murray (on behalf of the Democratic Senate) for an agreement to set spending levels for the remainder of FY 2014. It is not hard to understand the political considerations that drive House Republicans: the Democrats have been threatening to shut down the government again, as a means of diverting attention from the Obamacare fiasco. Republican understandably don’t want that to happen. But in policy terms, today’s agreement, while not terrible, represents a step backward.

Spending levels under current law were set by the Budget Control Act of 2011, which was the resolution of that year’s epic budget battle. Republicans agreed to increase the debt limit by $2.1 trillion, in exchange for which they supposedly got $2.1 trillion in spending cuts over the following ten years. Because the parties were unable to agree on a different set of cuts (i.e., slower increases), those specified in the sequester portion of the Act kicked in. The sequester had its faults, but it was the Republicans’ biggest domestic policy achievement of recent years. Unless I am mistaken, it represented the most significant restraint on federal spending of the post-World War II era. Under the sequester/BCA, discretionary spending for 2014 was set at $967 billion.

The Democrats hated the sequester, and have been trying to bust it ever since it went into effect. Today, they succeeded. The Ryan/Murray deal pegs FY 2014 spending at $1.012 trillion, which Ryan’s press release described as “about halfway between the Senate budget level of $1.058 trillion and the House budget level of $967 billion.” What Ryan didn’t say is that $967 billion isn’t just the House proposal, it is the discretionary spending limit under current law. The sequester is now out the window.

Republicans did get something in exchange for increasing spending: notably, federal employees will have to increase their pension contributions. But we can say goodbye to the $2.1 trillion in spending cuts that the GOP trumpeted following the 2011 Budget Control Act. That is the real moral of the story–long-term budget agreements are meaningless. Typically, minuscule spending cuts up front are augmented by major cuts in the out-years. But the reality is that the out-years never come. No Congress can bind a future Congress, and political will to reduce spending is always in short supply. Consequently, any spending deal is meaningless, except insofar as it applies to the current year or next year’s spending. Beyond that, all claims to have cut government spending are fatuous.

We will probably have more to say about today’s agreement–which, of course, needs to clear the House to become effective–as more details become available.

UPDATE: A number of observers are praising today’s deal as a “compromise.” Patty Murray set the tone: “‘Compromise has been a dirty word” in Washington, D.C., Murray complained in an evening news conference, but “we have broken through the partisanship and the gridlock.” But wait! The 2011 Budget Control Act was itself a compromise. The $967 billion discretionary spending limit was a compromise, just two years ago. So why should a higher spending number now be lauded as a “compromise”? How about if we reduce spending by another $50 billion, to $917 billion? That would be a compromise too, wouldn’t it? But somehow that isn’t the sort of compromise that is ever entertained in Washington.

http://www.powerlineblog.com/archive...ood-policy.php
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Old 12-12-2013, 04:14 PM   #31
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This is NOT about compromises or some future cuts or anything remotely of the sort. This is simply about what is the LEAST BAD deal that can be struck to avoid a shutdown battle. Period.

The GOP is afraid that a shutdown battle will distract from the Obamacare disaster and give the Dems a chance to spin themselves out of their current mess. The ENTIRE focus is on winning in 2014.

If it pays off then the gamble may be worth it for them. Massive failure if they manage to screw up and not get huge election gains in 2014.
This. Not to mention what a ****ing joke the GOP would look like if they try to stall this one more time. As if their reputation weren't bad enough. The idealistic view that the GOP is somehow going to win 100% of their plan for spending reductions is a pipe dream.
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Old 12-12-2013, 05:53 PM   #32
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So teej, You ever going to answer this...
I've answered this question for you a hundred times on this forum. It's not really hard to figure. The status quo was bailed out. Then the status quo has been flooded with more dollars. Why should it come as a surprise that the status quo would hoover up a disproportionate amount of those dollars? And given the uncertain political and economic picture, why should it be a surprise that they're not reinvesting those dollars? Everyone knows that there are huge amounts of money sitting on the sidelines, requiring more QE. Where does that money go? Duh. This isn't rocket science. In fact, it's not science at all.
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Old 12-12-2013, 05:53 PM   #33
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Passed the House and now on to the Senate where most GOP members should vote against it knowing it will pass regardless. Cruz SHOULD get up and do a little song and dance about how it gives up too much, etc etc but then let it slide and get back to bashing Obamacare. You have 2 short weeks until Obamacare is in SERIOUS trouble and the website STILL doesn't work. Now is not the time to change focus.
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Old 12-12-2013, 06:45 PM   #34
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Originally Posted by AustinChief View Post
Passed the House and now on to the Senate where most GOP members should vote against it knowing it will pass regardless. Cruz SHOULD get up and do a little song and dance about how it gives up too much, etc etc but then let it slide and get back to bashing Obamacare. You have 2 short weeks until Obamacare is in SERIOUS trouble and the website STILL doesn't work. Now is not the time to change focus.
Passed overwhelmingly, 332-94.

Hopefully the tea party won't punish Ryan over this he should get alot of credit.
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Old 12-12-2013, 06:50 PM   #35
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Originally Posted by dirk digler View Post
Passed overwhelmingly, 332-94.

Hopefully the tea party won't punish Ryan over this he should get alot of credit.
Really? $2.3 bil in cuts per year for 10 years and we are supposed to reward that? JFC any one of us could have cut that without even trying.
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Old 12-12-2013, 06:54 PM   #36
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Really? $2.3 bil in cuts per year for 10 years and we are supposed to reward that? JFC any one of us could have cut that without even trying.
Meh. It's a forgettable budget.. and that was entirely on purpose. Nothing newsworthy about it. Sure it doesn't cut shit but that's not the point. I seriously doubt Ryan see any repercussions from this. Just like he won't get much positive credit either. Don't expect this to remain a news item for more than a day after the Senate passes it.
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Old 12-12-2013, 06:56 PM   #37
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Really? $2.3 bil in cuts per year for 10 years and we are supposed to reward that? JFC any one of us could have cut that without even trying.
Yes. One they finally came together and got something done. Second there will be no shutdown and third the economy is looking like it is picking up and no reason to put any headwinds to that.
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Old 12-12-2013, 06:59 PM   #38
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Yes. One they finally came together and got something done. Second there will be no shutdown and third the economy is looking like it is picking up and no reason to put any headwinds to that.
The economy is a LONG way from anything close to resembling healthy. Just saying.
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Old 12-12-2013, 07:01 PM   #39
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I've answered this question for you a hundred times on this forum. It's not really hard to figure. The status quo was bailed out. Then the status quo has been flooded with more dollars. Why should it come as a surprise that the status quo would hoover up a disproportionate amount of those dollars? And given the uncertain political and economic picture, why should it be a surprise that they're not reinvesting those dollars? Everyone knows that there are huge amounts of money sitting on the sidelines, requiring more QE. Where does that money go? Duh. This isn't rocket science. In fact, it's not science at all.
That's not a real answer teej.
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Old 12-12-2013, 07:05 PM   #40
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The economy is a LONG way from anything close to resembling healthy. Just saying.
I guess you missed that Q3 GDP revision to 3.6%.
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Old 12-12-2013, 07:06 PM   #41
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The economy is a LONG way from anything close to resembling healthy. Just saying.
There is some encouraging signs though and less uncertainty is a good thing. Hopefully they will continue to get that message and not default.
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Old 12-12-2013, 07:08 PM   #42
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I guess you missed that Q3 GDP revision to 3.6%.
No I didn't. Less cancerous doesn't = healthy.
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Old 12-12-2013, 07:10 PM   #43
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There is some encouraging signs though and less uncertainty is a good thing. Hopefully they will continue to get that message and not default.
The problem is that most CEO's are STILL citing uncertainty as a major concern and MOST have cited Obamacare as one of the major factors involved. NEXT YEAR at this time that should all be settled out to a degree and I fully expect we'll see more genuine gains at that point. 2014 and 2015 are the years to look at for serious gains.
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Old 12-12-2013, 07:12 PM   #44
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No I didn't. Less cancerous doesn't = healthy.
A 3.5% or higher growth rate is healthy for a developed economy such as ours.
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Old 12-12-2013, 10:33 PM   #45
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A 3.5% or higher growth rate is healthy for a developed economy such as ours.
Too bad we will end up at 2% this quarter and 2% for the year
http://www.tradingeconomics.com/united-states/gdp


Oh wait lemme guess: those numbers are "racist!"
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