Obama, GOP lob rhetorical fireworks over budget and debt
Eliminating unfair tax breaks for the wealthy versus raising taxes in a way that鈥檚 damaging to economic recovery.
When it comes to defining the terms of federal budgeting and deficit reduction, it鈥檚 almost as if Democrats and Republicans are speaking different languages or using different mathematical models. And in their regular Saturday radio addresses, that pattern continued.
President Obama repeated his recent mantra:
鈥淣othing can be off limits, including spending in the tax code, particularly the loopholes that benefit very few individuals and corporations,鈥�
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鈥淣ow, it would be nice if we could keep every tax break, but we can鈥檛 afford them,鈥� he continued. 鈥淏ecause if we choose to keep those tax breaks for millionaires and billionaires, or for hedge fund managers and corporate jet owners, or for oil and gas companies pulling in huge profits without our help 鈥� then we鈥檒l have to make even deeper cuts somewhere else. We鈥檝e got to say to a student, 鈥榊ou don鈥檛 get a college scholarship.鈥� We have to say to a medical researcher, 鈥榊ou can鈥檛 do that cancer research.鈥� We might have to tell seniors, 鈥榊ou have to pay more for Medicare.鈥欌赌�
Speaking for the Republican side, and without addressing the presidential scolding regarding 鈥渕illionaires and billionaires鈥� that began at Obama鈥檚 press conference this week, Sen. Dan Coats of Indiana said, 鈥淯nfortunately, the President鈥檚 economic plan of spending and borrowing has failed.鈥�
鈥淚t鈥檚 time to acknowledge that more government and higher taxes is not the answer to our problem,鈥�
As a model for government efficiency and economic recovery, Coats cites the work of Indiana鈥檚 Governor Mitch Daniels, who faced a $200 million deficit when he took office.
鈥淲hile other states increased spending and raised taxes, Indiana reduced spending, cut taxes and paid down its debts,鈥� Coats said. 鈥淭he spend less, borrow less and tax less model in Indiana has resulted in balanced budgets, job creation, and a triple-A credit rating. In contrast, the spend more, borrow more and tax more approach of the President has resulted in fewer jobs, higher debt and a threatened downgrade from credit agencies.鈥�
Obama calls his approach to deficit reduction 鈥� which includes raising taxes for some corporations and wealthy individuals 鈥� 鈥渂alanced.鈥� For Republicans in the House and Senate, 鈥渂alance鈥� means amending the US Constitution to require a balanced budget, which is the way things operate in most states. And any increases in taxes, even for hedge fund managers, corporate jets, and oil companies making record profits? Forget it.
With an eye to the August 2 deadline looming over a possible debt crisis, the Senate has canceled its July 4 break and will be back at work next Tuesday. Meanwhile, the rhetorical fireworks continue.
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