Friday
Feb272009
President’s Budget is All That and a Bag of Chips
Friday, February 27, 2009 at 1:11PM
Coffee Brown, University of New Mexico, Talk Radio News Service
Senate Majority Leader Harry Reid,(D- Nev.), Sen. Chuck Schumer, (D- N.Y) Sen. Patty Murray, (D-Wash.), and Sen. Dick Durbin, (D- Ill.), presented a favorable Senate Majority response to President Obama’s budget proposal. ($3.5 trillion, according to the Christian Science Monitor)
Reid feels the president’s budget is “in keeping with the message he delivered on Tuesday night, a message of hope, a message that directs his priorities: education, healthcare, and energy. “
“I salute the president on, I think, an excellent budget,” Schumer said.
Murray said, “He’s following up his words by putting into this budget investments that will make our economy stronger, reducing our dependence on oil, investing in healthcare policy, and investing in education.”
“Even more important,” she added, “I appreciate his honesty about the underlying fundamentals of this bill.” She finds criticisms ironic coming from those who did not put the cost of the war into their budget. “We did not get budgets that were honest about the real costs we knew were going to be out there.” This one is, she finished.
But, what about cuts? “We inherited the deepest economic hole that we’ve had since the great depression,” Reid said, adding, “This budget will cut taxes for 95 percent of the American people. Anyone making less than $250,000 will pay no new taxes. We’re giving tax breaks to the people that need them the most, middle class Americans.”
It will cut the deficit in half over the first term, he promised. “We now have adopted the pay-as-you-go program that we had during the Clinton years, and during the Clinton years the deficit was reduced by $600 billion.” There will be $2 trillion in cuts over the next ten years.
Schumer added, “We will have a more active government but, at the same time, a more responsible government that eliminates waste. This budget is aimed at the middle class like a laser. The days are over when Republicans used to give 90 percent of the tax cuts to the very wealthy and say they’re giving tax cuts to everybody.”
Asked if he thought Congress was moving too slowly, Reid said: “In a very short period of time we’ve passed a huge land bill, we’ve passed the Lilly Ledbetter matter, we passed the Children’s Health Insurance Program, the economic recovery package,” and the pace is not slowing.
Schumer added that they are making “Making Work Pay” permanent, continuing tax cuts for families with children, and the job tax credit. “Something I feel very good about, the 2,500 dollar American Opportunity Tax Credit for college…he makes that permanent,” in the form of a tax deduction for tuition.
Schumer went on to say, “I’ve always seen a housing bill (pending reforms to limit foreclosures) as a matter of fairness, now it’s a matter of fairness and urgency.” Critics of this reform, he added, don’t realize how many homes have been lost, “and 99 percent of the time, the bank gets the house and the attendant responsibilities, and have to hope they can sell them to somebody. “We’re trying to give that family a fighting chance to stay in that home.”
Reid said that bankruptcy courts could renegotiate vacation homes, but not primary residences.
Senate Majority Leader Harry Reid,(D- Nev.), Sen. Chuck Schumer, (D- N.Y) Sen. Patty Murray, (D-Wash.), and Sen. Dick Durbin, (D- Ill.), presented a favorable Senate Majority response to President Obama’s budget proposal. ($3.5 trillion, according to the Christian Science Monitor)
Reid feels the president’s budget is “in keeping with the message he delivered on Tuesday night, a message of hope, a message that directs his priorities: education, healthcare, and energy. “
“I salute the president on, I think, an excellent budget,” Schumer said.
Murray said, “He’s following up his words by putting into this budget investments that will make our economy stronger, reducing our dependence on oil, investing in healthcare policy, and investing in education.”
“Even more important,” she added, “I appreciate his honesty about the underlying fundamentals of this bill.” She finds criticisms ironic coming from those who did not put the cost of the war into their budget. “We did not get budgets that were honest about the real costs we knew were going to be out there.” This one is, she finished.
But, what about cuts? “We inherited the deepest economic hole that we’ve had since the great depression,” Reid said, adding, “This budget will cut taxes for 95 percent of the American people. Anyone making less than $250,000 will pay no new taxes. We’re giving tax breaks to the people that need them the most, middle class Americans.”
It will cut the deficit in half over the first term, he promised. “We now have adopted the pay-as-you-go program that we had during the Clinton years, and during the Clinton years the deficit was reduced by $600 billion.” There will be $2 trillion in cuts over the next ten years.
Schumer added, “We will have a more active government but, at the same time, a more responsible government that eliminates waste. This budget is aimed at the middle class like a laser. The days are over when Republicans used to give 90 percent of the tax cuts to the very wealthy and say they’re giving tax cuts to everybody.”
Asked if he thought Congress was moving too slowly, Reid said: “In a very short period of time we’ve passed a huge land bill, we’ve passed the Lilly Ledbetter matter, we passed the Children’s Health Insurance Program, the economic recovery package,” and the pace is not slowing.
Schumer added that they are making “Making Work Pay” permanent, continuing tax cuts for families with children, and the job tax credit. “Something I feel very good about, the 2,500 dollar American Opportunity Tax Credit for college…he makes that permanent,” in the form of a tax deduction for tuition.
Schumer went on to say, “I’ve always seen a housing bill (pending reforms to limit foreclosures) as a matter of fairness, now it’s a matter of fairness and urgency.” Critics of this reform, he added, don’t realize how many homes have been lost, “and 99 percent of the time, the bank gets the house and the attendant responsibilities, and have to hope they can sell them to somebody. “We’re trying to give that family a fighting chance to stay in that home.”
Reid said that bankruptcy courts could renegotiate vacation homes, but not primary residences.
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