Republicans Continue Hostage Crisis

AFL-CIO Now

Republicans Continue Hostage Crisis

02/28/2013Mike Hall

 Republicans Continue Hostage Crisis

Holding out for ransom demands in the form of benefit cuts to Social Security, Medicare and Medicaid, Senate Republicans today again refused to surrender their hostages—the nation’s economy and working families who will be hurt by the upcoming Republican sequester.

Republicans led the charge to defeat a Democratic plan that would have eliminated the across-the-board sequestration budget cuts for the remainder of 2013, which the Congressional Budget Office has estimated would cost 750,000 jobs.

The bill—defeated 51-49 (it required 60 votes for passage)—would have replaced the cuts, in part, with additional tax revenue from millionaires, including adopting the “Buffett Rule,” which sets a minimum effective tax rate of 30% for taxpayers with income higher than $1 million. Continue reading “Republicans Continue Hostage Crisis”

AFGE Statement on Simpson-Bowles Deficit Reduction Plan

FOR IMMEDIATE RELEASE:
February 19, 2013

Contact:Tim Kauffman
202-639-6405/202-374-6491
kaufft@afge.org

AFGE Statement on Simpson-Bowles Deficit Reduction Plan

WASHINGTON – American Federation of Government Employees National President J. David Cox Sr. today issued the following statement on the latest rehash of the failed deficit reduction proposal from ex-Senator Alan Simpson and Morgan Stanley Director Erskine Bowles:

Mr. Simpson and Mr. Bowles seem to have missed the fact that America had an election last November and that voters overwhelmingly rejected the regressive and idiotic ideas they were peddling on behalf of their corporate masters. We rejected more tax cuts for corporations and the wealthy. We rejected cuts in Social Security and Medicare benefits. We rejected taking away earned retirement benefits from public employees. We rejected an accelerated race to the bottom for the middle class and the working poor. Continue reading “AFGE Statement on Simpson-Bowles Deficit Reduction Plan”

Estimated Impact of Automatic Budget Enforcement Procedures Specified in the Budget Control Act

September 12, 2011

read complete document  (pdf, 89 kb)

Highlights

The Budget Control Act of 2011 (enacted on August 2 as Public Law 112-25) made several changes to federal programs and established budget enforcement mechanisms—including caps on future discretionary appropriations—that were estimated to reduce federal budget deficits by a total of at least $2.1 trillion over the 2012–2021 period. The caps on discretionary appropriations will decrease spending (including debt-service costs) by an estimated $0.9 trillion during that period, compared with what such spending would have been if annual appropriations had grown at the rate of inflation. At least another $1.2 trillion in deficit reduction was anticipated from provisions related to a newly established Congressional Joint Select Committee on Deficit Reduction. That committee is charged with proposing legislation to trim budget deficits by at least $1.5 trillion between 2012 and 2021. However, if legislation originating from the committee and estimated to produce at least $1.2 trillion in deficit reduction (including an allowance for interest savings) is not enacted by January 15, 2012, automatic procedures for cutting both discretionary and mandatory spending will take effect. The magnitude of those cuts would depend on any shortfall in the estimated effects of such legislation relative to the $1.2 trillion amount. Continue reading “Estimated Impact of Automatic Budget Enforcement Procedures Specified in the Budget Control Act”

Understanding the Budget Control Act

Understanding the Budget Control Act

1 August 2011 by Keith Hennessey 1 Comment

hundreds-rows

This is the second of three posts on the bill agreed to by the President and the bipartisan bicameral leaders of Congress (Speaker Boehner and Leaders Reid, McConnell, and Pelosi).

The other two posts are:

  1. Quick summary of the Budget Control Act; and
  2. Strategic analysis of the Budget Control Act.

If you have not read my quick summary post, please do so before reading this one. I cover three topics in this post:  how taxes are treated in the Joint Committee, how the spending cut trigger works, and the intentional imbalance of triggered spending cuts.  All three are critical to the strategic analysis. Continue reading “Understanding the Budget Control Act”

Working Families Tell Lawmakers: ‘Protect Our Future’

AFL-CIO Now

01/30/2013 Mike Hall

 Photo by Katelyn Hartford

After Sen. Rob Portman’s (R-Ohio) office ignored requests from Columbus-area families to meet and talk about the kind of budget policies he and other lawmakers are pushing that would hurt both working people and the recovering U.S. economy, they decided to drop by anyway.

The Wednesday action outside Portman’s Columbus office was just one of dozens of “Protect Our Future” demonstrations around the country. The events focused on rejecting any benefit cuts to Social Security, Medicare or Medicaid; closing loopholes for Wall Street and the richest 2%; and canceling the sequestration crisis lawmakers like Portman, House Speaker John Boehner (R-Ohio), Senate Minority Leader Mitch McConnell (R-Ky.) and others created for themselves and the rest of the country. Continue reading “Working Families Tell Lawmakers: ‘Protect Our Future’”