auditor0007
Gold Member
Their effort to do away with Medicare, as we know it, failed .... now this.
Debt ceiling: John Boehner demands trillions in cuts in exchange for vote - latimes.com
By Lisa Mascaro and Kathleen Hennessey, Washington Bureau
May 9, 2011, 6:57 p.m.
Reporting from Washington House Speaker John A. Boehner said Monday that Republicans wanted trillions in budget cuts in exchange for their vote to increase the nation's borrowing limit and avoid default, adopting a hard line on the party's position in a speech before major players on Wall Street.
Boehner told the Economic Club of New York that his party wanted specific spending cuts not future targets that would trigger spending reductions or revenue increases, as President Obama has proposed.
they keep digging themselves into a hole they're never going to get out of.
You mean, the hole gets deeper?
The hole gets deeper because those on the left are not willing to make significant cuts, and those on the right are not willing to raise taxes, which also must be done. Revenues as a percentage of GDP are at the lowest levels in sixty years. The deficit is not strictly due to overspending. A great deal of it is due to tax cuts that have proven ineffective in growing the economy to the point of increasing revenues. Revenues are only up 5% since 2000, while GDP is up 50%. That is a major problem, and it has nothing to do with spending.