Obama Budget: Suprise! That Small Business Tax Cut on capital gains doesn’t kick in until …2014!!

Good Grief. This was the centerpiece of the last Presidential debate, a broken promise by Team Obama..

Ben Smith:

Obama’s budget plan closes the deficit in part by postponing a promised tax cut well into his second term. (MiM here: getting ahead of yourself there Ben!)

The focus on tax cuts was central to Obama’s campaign against John McCain, and his surprising strength in polls on the question of taxes.

One of those promised cuts — the second bullet point in his campaign economic planwas a pledge to “eliminate all capital gains taxes on startup and small businesses to encourage innovation and job creation.”

That cut has been deferred, a Republican source notes: The elimination only begins phasing in, according to the budget overview (page 122) in 2014, well into Obama’s second term.

February 26, 2009. Tags: , , , , , , , . Economy, Finance, Music, Obama Administration, Politics, Uncategorized. 1 comment.

Omnibus Budget Passes House, Earmarks Abound: the Roll Call

The House has passed the Omnibus Bill…

Has Obama told them about the CRISIS? Not a sign of being careful with our money anywhere in sight in this bill…I dread hearing about what is in here over the next few weeks…Sounds like Our Government wants to…..party all the time, party all the tiiime….

Who voted how?

Dems who voted no: 20, including the 2 from my neck of the woods, Moderate Dems..

Cardoza,Childers, Cooper,Costa,Donnelly (IN),Driehaus, Giffords, Hill, Kind,Kratovil, Marshall, Matheson, Minnick,Mitchell, Nye, Peterson, Speier, Tanner,Taylor,

GOP who voted yes: 16

Bono Mack, Brown-Waite, Ginny, Cao,Capito, Castle, Dent, Emerson, Gerlach, LoBiondo, McHugh, Miller (MI), Murphy, Tim, Reichert, Upton, Whitfield, Young (AK)

From Bloomberg

The U.S. House voted to boost spending on domestic programs by 8 percent, ease restrictions on travel to Cuba and kill a school voucher program in Washington, D.C., as part of a $410 billion spending bill.

The chamber voted 245 to 178 to approve an “omnibus” bill combining nine appropriations measures needed to fund the federal government through September, the end of its fiscal year.

Revenge of the Earmarks:

After persuading lawmakers to keep pet projects in their districts known as earmarks off the stimulus bill, Obama made no such attempt on the first non-emergency spending measure of his presidency. The result was that lawmakers claimed billions in federal funds for pet projects — a total of 8,570 earmarks at a cost of $7.7 billion, according to Taxpayers for Common Sense. Majority Democrats declined to provide a number of earmarks, but said the cost was far smaller, $3.8 billion, 5 percent less than a year ago.

ATTAAAAACK OF THE KILLER EARMARKS…..

Among the earmarks was one sponsored by Rep. Howard Berman, a California Democrat, who secured $200,000 for a “tattoo removal violence outreach program” in Los Angeles. Aides said the money would pay for a tattoo removal machine that could help gang members or others shed visible signs of their past, and anyone benefiting would be required to perform community service.

Under the bill, Mexican-licensed trucks are banned from operating outside commercial zones along the border with the United States. The Teamsters union, which supported Obama’s election last year, had sought the move. The Bush administration backed a pilot program to permit up to 500 trucks from 100 Mexican motor carriers access to U.S. roads.

Bush administration restrictions on travel to Cuba were loosened in the legislation, to permit more frequent visits and expand the list of family members permitted to make trips to see relatives on the Communist nation-island.

Do you get the sinking feeling that the Congress and the Administration are full throttle ahead on spending of any and all sorts?? It is almost as if…all they want to do is dance….they want to partay oooh they want to get down ooooh

WashingtonTimes:

The 1,000-plus-page spending bill provides a fat target for deficit hawks. It includes hundreds of pages of earmarks – pet spending projects inserted by lawmakers, ranging from $185,000 for coral reef research and preservation in Maui County, Hawaii, to $55,000 in meteorological equipment for Pierce College in Woodland Hills, Calif., to $9.9 million for science enhancement at historically black colleges in South Carolina.

Some lawmakers are SO excited they cannot contain themselves and are already reporting back home about all the pork they will be sending :

(more…)

February 25, 2009. Tags: , , , , , , , , , , , , , , , , , , , , , , . Economy, Film, Finance, Healthcare, Music, Obama Administration, Politics, Popular Culture, Sci Fi, Uncategorized. 3 comments.

Update: GOP Rep. turns down the WH….Monday: ‘Fiscal Responsibility’ Summit at WH…Social Security ‘reform’ and UHC on the menu….

The RSVPs aren’t all in the affirmative, not everyone wants their fingerprints on what Team Obama will no doubt later refer to as bipartisan work on the budget…
From Glen Thrush:

New York Republican Rep. John McHugh, the ranking member of the House Armed Services Committee, has turned down Barack Obama’s invite to Monday’s fiscal responsibility summit, his office tells my colleague Alex Isenstadt.

The New York congressman emerged as a tough critic of the economic stimulus package passed by Congress last week.

What will Americans lose at the Summit?? Social Security benefits, retirement age? Health Care Treatment Choices?? Place your bets and takes yer chances!!

What will Americans lose at the Summit?? Social Security benefits, retirement age? Health Care Treatment Choices?? Place your bets and takes yer chances!!

Ain’t it grand?! After spending more money in less time than anyone in history, they hold a ‘Summit’ on Fiscal Responsibility!! Summit to sound like they climbed a mountain and are having a global meeting I guess, even though this isn’t the G20..It’s a bunch of ‘propeller heads’ who plan to tell US, the PEOPLE, how to live responsibly on what THEY give BACK after they TAKE our money …GRRRRRRRR…Stay away from my Social Security you ‘pragmatic’ number crunching Team of Zeroes…

Via Ben Smith:

The event is to include about 100 guests, and will begin with addresses by President Obama and Vice President Biden. It’s set to include members of both houses of Congress from both parties.

The opening session will be followed by “breakout” sessions of five topics: health, tax policy, Social Security, contracting and procurement, and the budget, each led by senior officials.

The budget director, Peter Orszag, will be leading the health breakout — a policy area on which he’s long focused, and one expected to be front and center in the budget.

Christina Romer and Larry Summers will lead the Social Security session; despite fears on the left, entitlement reform advocate Pete Peterson appears to have no formal role in the gathering. (MiM here no ‘formal’; role but he IS THERE RIGHT??? RIGHT!)

Pete Peterson already has an ad to push his SS ‘reform’ guess HE thinks he has input somehow huh? HOW LONG WILL HE TRY TO KILL SS?!?!?:

CIA director Leon Panetta will be present to — to talk about the budget, however, which he ran in the Clinton years, not about his current portfolio.

Full schedule after the jump.

WHAT: The White House Fiscal Summit

WHEN: Monday, February 23rd, 2009

12:30 PM – Event Call Time

1:00 PM – Program Begins

4:30 PM – Event Concludes

WHERE: The White House

The State Dining Room

*Specific information on arrival gates will be provided shortly.

FORMAT: Approximately 100 guests will gather at the White House to participate in a summit on fiscal issues. The group will be composed of the President and Vice President, Members of Congress, members of the Cabinet and senior Administration officials, and various other experts in the field. The group of Members will be bipartisan and bicameral.

Session 1: The President and Vice President will each deliver remarks in an opening session in the State Dining Room. Open press.

Session 2: Breakout discussion groups led by members of the Cabinet and senior Administration officials on key fiscal issues. Pooled press.

Session 3: Plenary discussion led by the President regarding results of the five breakout groups. Pooled press.

Breakout sessions.

Health: Orszag, Melody Barnes, Sec. Shinseki

Tax: Geithner, Volcker

Social Security: Romer, Summers

Contracting & Procurement: LaHood, Napolitano, Bill Lynn

Budget: Nabors, Panetta

February 20, 2009. Tags: , , , , , , , , . Cabinet, Economy, Finance, Healthcare, Obama Administration, Politics, Wall St. 3 comments.

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