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    Defusing The Debt Bomb

    Defusing The Debt Bomb

    How we doin?

    Does the red go to the black, or the other way around?  And the yellow goes to the orange, or was it back to the red?

    We only have [fill in arbitrary number of days based on articial deadline] to figure it out.  But whatever we do, let’s just do something by [insert artificial deadline here].

    Does the “Gang of Six” plan do the trick?

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    Viator | July 20, 2011 at 6:27 am

    Egan-Jones Cuts U.S. Rating to AA+ on Spending-Cut Concern

    “Egan-Jones Ratings Co. cut its rating on the U.S. by one step to AA+ from AAA, citing the high level of debt outstanding relative to other countries and concern that politicians may fail to reduce spending.

    “The major factor driving credit quality is the relatively high level of debt and the difficulty in significantly cutting spending,” the firm said July 16 in a report. Egan-Jones placed the U.S. on negative watch on March 1.”

    Bloomberg

    Egan-Jones,Wikipedia


     
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    DINORightMarie | July 20, 2011 at 6:50 am

    “It would reduce but not eliminate tax breaks on mortgage interest, higher-cost health plans, charitable deductions, retirement savings and families with children.” –AP

    That quote is the last paragraph in an AP article I just finished reading.

    That is raising taxes on the middle class – ME. I have a mortgage; use my HSA and itemize medical costs; I make charitable contributions (unlike most Democrats, right Joe Biden?!); I have a family with children. I am screwed. I already have tight finances. The inflation-that-is-not-inflation according to Democrats is killing our budget. Gas is going up – again. They want me, the non-rich, non-millionaire, non-billionaire, to pay.

    They are SCREWING with me, the middle class – NOT “MILLIONAIRES AND BILLIONAIRES!” (Yes, I’m shouting.)

    This needs to be REASON #1 to clean up the Senate. Vote out entrenched RINO Republicans, and all Democrats running in 2012!! If this passes, I will have had my taxes raised. I won’t forget it, either.

    So much for a Pledge to America. “No taxes on anyone making less than $250,000.” “No raising taxes in a recession” (actually a depression, but ooooh, that “D” word is sccccaaaaaarrrrryyyyy).

    No deal.


     
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    DINORightMarie | July 20, 2011 at 6:52 am

    Oh – one thing to add:

    The terms “tax break” and “tax loophole” actually mean “tax deduction.”

    That was implied, but I wanted to clarify. Removing or reducing these deductions IS raising my taxes.


     
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    timothy | July 20, 2011 at 8:09 am

    this well:

    http://www.washingtonpost.com/rw/2010-2019/WashingtonPost/2011/07/15/National-Economy/Graphics/w-debt15-correction-g.jpg

    In light of that graph, McConnell and now Coburn are poking us in the eye with a sharp stick.

    […] his post ‘Defusing The Debt Bomb‘ the good professor asks how we are […]


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