|What an inauspicious day to unveil your plans for America. However in this case, I think they're actually serious. From the CSM, we discover that the fresh, new ideas contained in the Republican
|budget fudge-it consist of tax cuts, tax reductions, and then opening your arms to heaven, throwing your head back with a hearty grin and waiting for the rainbows!
Compared with the Obama administration’s 10-year budget projection, House Republicans propose spending $4.8 trillion less, borrowing $3.6 trillion less, and zeroing out $1.5 trillion in proposed tax increases over the next 10 years.
To get there, the GOP alternative would rescind the Obama administration’s $787 billion stimulus package, beginning in fiscal year 2010 – with the exception of unemployment insurance for those who have already lost their jobs.
It would also repeal the omnibus spending bill for FY 2009, thus rolling back spending – with the exception of defense and veterans spending, “our nation’s primary discretionary responsibilities” – to the levels of FY 2008.
Looking forward, the GOP plan proposes freezing nondefense, nonveteran spending for five years, followed by a “modest annual increase” for the next five years.
Instead of scheduled tax increases in 2010, the Republican budget would permanently extend the 2001 and 2003 tax cuts and permanently fix the alternative minimum tax.
And did I mention there's tax cuts? There's a whole bucket-load of tax cuts in there! Says the DNC:
"If House Republicans had their way and the budget they outlined today were adopted, President Obama's economic recovery program, which is already saving and creating jobs throughout the country, would be gutted, Medicare as we know it would all but be eliminated, Social Security checks would be slashed and a proposed spending freeze on discretionary programs would cut essential services - from health care and support for veterans to education to job training - that Americans most depend on when the economy is in crisis.
"Not surprisingly, while House Republicans are proposing to cut essential initiatives in the areas of health care, education, energy, medical research and economic recovery, they are proposing to make permanent the Bush tax cuts for the wealthiest of Americans and expand those tax breaks even further. It's just these type of failed, trickle down economic policies that led to the current economic downturn and led Americans to vote in overwhelming numbers against GOP candidates in the last two elections.
And White House agrees that we've seen this movie before...
"If you expected a GOP alternative to the failed policies of the past that got our country into the worst economic crisis since the Great Depression, then I have two words for you: April Fool's," said Kenneth Baer, OMB communications director....especially this part:
Put forward by Wisconsin Rep. Paul Ryan, the ranking Republican on the House Budget Committee, the 10-year plan seeks to trim $3.6 trillion altogether from the accumulated deficits projected for Obama’s budget by the end of the decade. But given the generous tax cuts, deficits would still be large, and debt as a percentage of the gross domestic product would grow to 62.5 percent compared to 40.8 percent in 2008.Has anybody ever explained to these guys that when you eliminate the federal government's revenue via massive tax cuts, the government runs an even bigger deficit because it ... has ... so ... much ... less ... revenue...??? Oh, and they privatize Medicare, as ThinkP explains:
Republicans are taking Americans under 54 out of Medicare and leaving them in the hands of private insurers. Americans under 54 would chose a new private insurance plan that provides a standard Medicare benefits package or some other managed care option.Which should work out well, especially if they can get that great company AIG to get into the health insurance biz! Old, sick people derivatives for everybody!
Meanwhile, Andrew Sullivan and other actual conservatives are not impressed. Apparently, neither is John McCain. He's coming out with a budget of his very own, apparently.
Labels: GOP, Republicans, tax cuts, the budget, the fudge-it