Exactly whose idea was this “Sequester” thing anyway?

Whose idea was this “sequester” anyway?

Would you believe Mitch McConnell & John Boehner?

Yeah, but McConnell & the GOP are calling it “the president’s sequester”!

Yes, they are. And they want to deceive you.

In other words, they’re lying.

Kentucky’s senior Republican Senator Mitch McConnell, who is the Senate Minority Leader, along with Speaker of the House of Representatives Ohio Congressman John Boehner have both called the impending drastic across-the-board budget cuts & tax increases as “the president’s sequester.”

However, the idea did NOT originate with President Obama.

For the benefit of those whose (choose any combination of the following):
1.) Memories are short, and/or;
2.) Weren’t paying attention in class and/or;
3.) Believe teevee’s talking heads, and/or;
4.) Believe the GOP.

Give particular attention to the last paragraph in the first story, which states in part that,

“McConnell, the chief Republican architect of the compromise, has been adamant that no tax increases will come out of the joint committee. And he and Boehner have effective control given that they will hand-pick six of the 12 members. That said, the defense lobby — a strong force still among Republicans —will most feel the impact of any sequester, and the industry is already being squeezed by the revised appropriations targets set for 2012 and 2013.”

Finally, I would remind the reader that because the GOP’s radical philosophical ideology of privatizing practically every government service (which places public tax dollars in private pockets – is that anything like “welfare”?) harsh across-the-board budget cuts are precisely what the GOP has begged for from Day One.

—

Debt ceiling disaster averted, but nobody’s really happy

By: David Rogers
August 2, 2011 11:30 PM EST

Running short of cash, Treasury won an immediate reprieve of $400 billion in new borrowing authority Tuesday with the enactment of a hotly contested debt and deficit-reduction agreement hammered out between Republicans and the White House on Sunday night.

President Barack Obama, not hiding his frustration, quickly signed the measure sent to him by Congress after a final 74-26 Senate roll call, capping an unprecedented hard-edged political struggle that had pushed the nation to the brink of default.

Indeed, the stakes were far larger than with the April shutdown fight, and more than any single event this year, the debt battle captured all the power — and critics would say extreme risk-taking — of the anti-government backlash that fueled the GOP’s gains in the 2010 elections.

The timing makes it a gamble too with the faltering recovery. Most of the promised $2.1 trillion in deficit reduction will take place in the out years, but discretionary spending will continue to fall in 2012 and the same Congressional Budget Office — which scored the cuts — will soon issue its August economic update, which could show slower growth.

House Speaker John Boehner has argued the opposite: More aggressively addressing deficits “will in fact provide more confidence for employers in America, the people we expect to reinvest in our economy and create jobs.” But a sell-off Tuesday on Wall Street sent the Dow down 265 points, reflecting growing pessimism about the economic outlook. And as lawmakers left for the summer recess, Democrats vowed to turn the agenda more toward job creation when they return.

“We crossed a bridge,” said House Minority Leader Nancy Pelosi (D-Calif.) “Enough talk about the debt. We have to talk about jobs.”

Obama signaled as much in a Rose Garden appearance after the Senate vote. Extending his 2-percentage-point cut in payroll taxes remains a priority and the appropriations bargain,

Necessary but Not Sufficient: Why Taxing the Wealthy Can’t Fix the Deficit

NOW OR NEVER | SEPTEMBER 2012

By David Brown, Gabe Horwitz, and David Kendall

In this paper we shatter the myth that taxes on the wealthy can come close to solving our long-term budget problem. We readily acknowledge that raising taxes on top earners is necessary, but it is not sufficient to solve the looming fiscal crisis. And we make clear that if entitlements are left on autopilot, burdensome middle class tax hikes become inevitable.

Even a 50% tax rate on the wealthy can’t fix the deficit.
This is the first in a pair of papers that demonstrate that purely ideological fixes will not sufficiently address our fiscal issues. Our other report, Death by a Thousand Cuts: Why Spending Cuts Alone Won’t Fix the Deficit, proves that a cuts-only strategy cannot solve our budget woes without severely compromising our safety, security, and economic growth. Together, these papers make the case that a big and balanced fiscal package is the preferred way to avoid the fiscal cliff, prevent deficits from exploding in the future, and allow our economy to grow.

To stabilize the debt and create a positive economic climate for U.S. growth, most mainstream economists agree that annual deficits must be reduced to 3% of GDP. The question is: how do we get there?

In order to demonstrate that taxes alone cannot solve our budget woes, we explore three budget scenarios, all of which rely solely on