Bipartisan budget agreement: I win, you win, taxpayers lose

[Harpy Eagle]

The Trump administration and congressional leaders, including Democrats, have reached a critical debt and budget agreement that all but eliminates the risk of another government shut down this fall -- but that has already drawn fierce blowback from fiscal conservatives worried about overspending, as well as progressives unhappy with where the money could go.

The deal announced Monday evening, which requires congressional approval, would increase spending caps by $320 billion relative to the limits prescribed in the 2011 Budget Control Act, whose spending-control provisions have been repeatedly waived since 2014. It also would suspend the debt ceiling and permit more government borrowing until July 31, 2021 -- after the next presidential election.

In the end, domestic programs would on average receive 4-percent increases in the first year of the pact, with much of those gains eaten up by veterans increases and an unavoidable surge for the U.S. Census. Defense would jump to $738 billion next year, a 3-percent hike.

Kentucky Sen. Rand Paul, a Republican, called the deal a "huge mistake" because it gets rid of automatic spending cuts.

“Democrats are also pleased to have secured robust funding for critical domestic priorities in this agreement," they said. "Democrats have always insisted on parity in increases between defense and non-defense, and we are pleased that our increase in non-defense budget authority exceeds the defense number by $10 billion over the next two years. It also means Democrats secured an increase of more than $100 billion in funding for domestic priorities since President Trump took office."

"I'm worried the House is willing to give him far too much discretion to take money and move it anywhere he wants including a wall," Leahy, D-Vt., told The Washington Post. "So the way it is now I will not vote for it. . . . The other 99 can vote for it, I won’t."

Trump announces 'real compromise' on budget deal, as fiscal hawks and some Dems cry foul

This is what a mixed party government looks like. To get what I want, I have to give you something that you want. In the end, it increases deficits and debt that will be a burden on all future taxpayers.

I get so sick of the uninformed voters placing blame on out of control spending exclusively on the President. In a mixed party government, everybody is responsible. If the President gets all what he wants and the Democrats get little, the government shuts down. If the Democrats get the largest piece of the cake and the President a slice, the government shuts down.

So if this bill passes, I don't want to hear you libs stating that the out of control spending is all Trump's fault.

Just when Democrats are trying to get traction from whining about the debt.....they reach an agreement to instead of letting spending caps kick in next year in July....they get an increase in spending of over $300 billion dollars.

So this act literally takes all of the air out of their "TRUMP IS SPENDING TOO MUCH" argument.

I'm keeping this around so in the future when Democrats try to blame Trump alone, I can point to this budget that the Democrat party was more than happy to get.

Republicans are Elephants with long memories.

Democrats are jackasses without memories.

Already I see several libs posting topics about "Trump's" deficit. Then they wonder why we call them the uninformed voters.

Weird how when people call it "Obama's debt" you never have any issue with it.

why do you call out the partisan sheep on the left when you are exactly the same as them?

 

[Ray From Cleveland]

The Trump administration and congressional leaders, including Democrats, have reached a critical debt and budget agreement that all but eliminates the risk of another government shut down this fall -- but that has already drawn fierce blowback from fiscal conservatives worried about overspending, as well as progressives unhappy with where the money could go.

The deal announced Monday evening, which requires congressional approval, would increase spending caps by $320 billion relative to the limits prescribed in the 2011 Budget Control Act, whose spending-control provisions have been repeatedly waived since 2014. It also would suspend the debt ceiling and permit more government borrowing until July 31, 2021 -- after the next presidential election.

In the end, domestic programs would on average receive 4-percent increases in the first year of the pact, with much of those gains eaten up by veterans increases and an unavoidable surge for the U.S. Census. Defense would jump to $738 billion next year, a 3-percent hike.

Kentucky Sen. Rand Paul, a Republican, called the deal a "huge mistake" because it gets rid of automatic spending cuts.

“Democrats are also pleased to have secured robust funding for critical domestic priorities in this agreement," they said. "Democrats have always insisted on parity in increases between defense and non-defense, and we are pleased that our increase in non-defense budget authority exceeds the defense number by $10 billion over the next two years. It also means Democrats secured an increase of more than $100 billion in funding for domestic priorities since President Trump took office."

"I'm worried the House is willing to give him far too much discretion to take money and move it anywhere he wants including a wall," Leahy, D-Vt., told The Washington Post. "So the way it is now I will not vote for it. . . . The other 99 can vote for it, I won’t."

Trump announces 'real compromise' on budget deal, as fiscal hawks and some Dems cry foul

This is what a mixed party government looks like. To get what I want, I have to give you something that you want. In the end, it increases deficits and debt that will be a burden on all future taxpayers.

I get so sick of the uninformed voters placing blame on out of control spending exclusively on the President. In a mixed party government, everybody is responsible. If the President gets all what he wants and the Democrats get little, the government shuts down. If the Democrats get the largest piece of the cake and the President a slice, the government shuts down.

So if this bill passes, I don't want to hear you libs stating that the out of control spending is all Trump's fault.

Just when Democrats are trying to get traction from whining about the debt.....they reach an agreement to instead of letting spending caps kick in next year in July....they get an increase in spending of over $300 billion dollars.

So this act literally takes all of the air out of their "TRUMP IS SPENDING TOO MUCH" argument.

I'm keeping this around so in the future when Democrats try to blame Trump alone, I can point to this budget that the Democrat party was more than happy to get.

Republicans are Elephants with long memories.

Democrats are jackasses without memories.

Already I see several libs posting topics about "Trump's" deficit. Then they wonder why we call them the uninformed voters.

Weird how when people call it "Obama's debt" you never have any issue with it.

why do you call out the partisan sheep on the left when you are exactly the same as them?

You need to re-read the OP. I am placing blame on everybody involved.

 

[Harpy Eagle]

Just when Democrats are trying to get traction from whining about the debt.....they reach an agreement to instead of letting spending caps kick in next year in July....they get an increase in spending of over $300 billion dollars.

So this act literally takes all of the air out of their "TRUMP IS SPENDING TOO MUCH" argument.

I'm keeping this around so in the future when Democrats try to blame Trump alone, I can point to this budget that the Democrat party was more than happy to get.

Republicans are Elephants with long memories.

Democrats are jackasses without memories.

Already I see several libs posting topics about "Trump's" deficit. Then they wonder why we call them the uninformed voters.

Weird how when people call it "Obama's debt" you never have any issue with it.

why do you call out the partisan sheep on the left when you are exactly the same as them?

You need to re-read the OP. I am placing blame on everybody involved.

Yes, you OP did that, and then you spent the next two days defending Trump and blaming the Dems.

 

[mikegriffith1]

Fiscal conservatism would be not giving huge tax breaks to billionaires and then complain that you don't have enough money.

Huh?????? What in the world are you talking about??? Billionaires got the smallest rate cut in the Trump tax cuts--just 1 percentage point. Just Google the tax tables for 2017 and 2018 and see how the rates changed. The biggest rate cuts went to the middle class--in fact, the middle-class rate cuts were 100%-300% more than the top bracket's rate cut, i.e., 3 and 4 percentage points vs. the 1 percentage point that the rich got.

If you're talking about the cut in the corporate income tax, that applied companies and it merely brought our corporate down to a level comparable to the level in Europe and Asia. It cut our rate to 21%--it's between 18% and 21% in Europe and Asia. You do want our corporations to be competitive in the world market, right? Right?

 

[kyzr]

What do the dems have to lose by not raising taxes on the top rate? Nothing. All the dem candidates promise to raise taxes. Its a matter of acting responsibly, raise taxes or no Budget, and no new Debt Ceiling, versus we're going off the cliff in Trump's second term. That will cut SS, defense, Medicare, and the entire Federal Budget by about 30% just to pay the interest on the Debt.
5 Reasons Why America Is in So Much Debt

Here are a few budget fixes that Congress should do:
Here are recommendations to cut spending and raise revenue to start paying down the $22T Debt

A. Hire another "Grace Commission" to audit and fix the Federal budget deficit

B. B. Cut Spending: [CUT $625b a year]
1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
3. Cut Welfare $200b & Medicaid $200b (about half)
4. Cut education $20b (state responsibility)

US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
Current US Defense Spending:
Year Military Veterans Foreign Aid Total Defense
2017 $598.70 billion $178.00 billion $46.30 billion $823.00 billion
2018 $631.20 billion $180.40 billion $49.00 billion $860.50 billion
2019 $684.60 billion $202.10 billion $54.30 billion $941.00 billion
2020 $737.90 billion $219.20 billion $53.10 billion $1.00 trillion


C. To cover the $900b budget deficit the following taxes need to be raised:
1. Raise the top tax rate about 7% above 2016 levels +$400b
2. Implement a new 3% Fed sales tax (aka VAT) +$400b
3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
4. Implement a new remittances tax/fee on all money sent out of the US https://www.americanthinker.com/articles/2018/05/tax_remittances_can_build_the_wall.html 2% of $140b is +$3b a year


D. Reform entitlements, Medicare & Social Security, currently projected to be insolvent:

1. Social Security will be unable to meet obligations (not technically "bankrupt") in 2034, paying only 79% of owed benefits, while it will be actually bankrupt around 2090.

The Future of America’s Entitlements: What You Need to Know about the Medicare and Social Security Trustees Reports - AAF

Social Security fixes:

https://www.fool.com/retirement/2018/05/21/how-warren-buffett-thinks-we-should-fix-social-sec.aspx

https://money.usnews.com/money/blogs/planning-to-retire/2014/11/14/5-potential-social-security-fixes

https://www.aarp.org/work/social-security/info-05-2012/future-of-social-security-proposals.html


2. Medicare will be insolvent in 2026

https://www.forbes.com/sites/howardgleckman/2018/06/06/no-medicare-wont-go-broke-in-2026-yes-it-will-cost-a-lot-more-money/#d2edb707eb1c

The Future of America’s Entitlements: What You Need to Know about the Medicare and Social Security Trustees Reports - AAF



Medicare Fixes:

https://www.fool.com/retirement/general/2016/03/27/7-ways-to-fix-medicare.aspx

https://thehill.com/opinion/healthcare/369151-fix-what-weve-got-and-make-medicare-right-this-year

https://www.nationalaffairs.com/publications/detail/how-to-save-and-fix-medicare

https://www.aarp.org/content/dam/aarp/health/medicare-and-medicaid/2012-05/The-Future-Of-Medicare.pdf

 

[Ray From Cleveland]

I'm keeping this around so in the future when Democrats try to blame Trump alone, I can point to this budget that the Democrat party was more than happy to get.

Republicans are Elephants with long memories.

Democrats are jackasses without memories.

Already I see several libs posting topics about "Trump's" deficit. Then they wonder why we call them the uninformed voters.

Weird how when people call it "Obama's debt" you never have any issue with it.

why do you call out the partisan sheep on the left when you are exactly the same as them?

You need to re-read the OP. I am placing blame on everybody involved.

Yes, you OP did that, and then you spent the next two days defending Trump and blaming the Dems.

The only thing I pointed out is the Democrats have the upper hand because of the media, and even you can't deny that. Or like I asked before, name me a government shutdown that was blamed on the Democrats. It never happened. Therefore a government shutdown has much more power for the Democrats than the Republicans.

 

[Ray From Cleveland]

What do the dems have to lose by not raising taxes on the top rate? Nothing. All the dem candidates promise to raise taxes. Its a matter of acting responsibly, raise taxes or no Budget, and no new Debt Ceiling, versus we're going off the cliff in Trump's second term. That will cut SS, defense, Medicare, and the entire Federal Budget by about 30% just to pay the interest on the Debt.
5 Reasons Why America Is in So Much Debt

Here are a few budget fixes that Congress should do:
Here are recommendations to cut spending and raise revenue to start paying down the $22T Debt

A. Hire another "Grace Commission" to audit and fix the Federal budget deficit

B. B. Cut Spending: [CUT $625b a year]
1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
3. Cut Welfare $200b & Medicaid $200b (about half)
4. Cut education $20b (state responsibility)

US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
Current US Defense Spending:
Year Military Veterans Foreign Aid Total Defense
2017 $598.70 billion $178.00 billion $46.30 billion $823.00 billion
2018 $631.20 billion $180.40 billion $49.00 billion $860.50 billion
2019 $684.60 billion $202.10 billion $54.30 billion $941.00 billion
2020 $737.90 billion $219.20 billion $53.10 billion $1.00 trillion


C. To cover the $900b budget deficit the following taxes need to be raised:
1. Raise the top tax rate about 7% above 2016 levels +$400b
2. Implement a new 3% Fed sales tax (aka VAT) +$400b
3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
4. Implement a new remittances tax/fee on all money sent out of the US https://www.americanthinker.com/articles/2018/05/tax_remittances_can_build_the_wall.html 2% of $140b is +$3b a year


D. Reform entitlements, Medicare & Social Security, currently projected to be insolvent:

1. Social Security will be unable to meet obligations (not technically "bankrupt") in 2034, paying only 79% of owed benefits, while it will be actually bankrupt around 2090.

The Future of America’s Entitlements: What You Need to Know about the Medicare and Social Security Trustees Reports - AAF

Social Security fixes:

https://www.fool.com/retirement/2018/05/21/how-warren-buffett-thinks-we-should-fix-social-sec.aspx

https://money.usnews.com/money/blogs/planning-to-retire/2014/11/14/5-potential-social-security-fixes

https://www.aarp.org/work/social-security/info-05-2012/future-of-social-security-proposals.html


2. Medicare will be insolvent in 2026

https://www.forbes.com/sites/howardgleckman/2018/06/06/no-medicare-wont-go-broke-in-2026-yes-it-will-cost-a-lot-more-money/#d2edb707eb1c

The Future of America’s Entitlements: What You Need to Know about the Medicare and Social Security Trustees Reports - AAF



Medicare Fixes:

https://www.fool.com/retirement/general/2016/03/27/7-ways-to-fix-medicare.aspx

https://thehill.com/opinion/healthcare/369151-fix-what-weve-got-and-make-medicare-right-this-year

https://www.nationalaffairs.com/publications/detail/how-to-save-and-fix-medicare

https://www.aarp.org/content/dam/aarp/health/medicare-and-medicaid/2012-05/The-Future-Of-Medicare.pdf

If we really want to control spending, here is what we need to do.

Create a debt elimination plan. It will work as a consumption tax. Everybody pays, the rich, the poor, and anybody in between. We will pay fifteen cents on every dollar we spend to lower our debt.

Now if we spend more than we take in down the road, that consumption tax increases so it doesn't add to our debt.

The problem we have today is the top 20% of wage earners in this country pay over 80% of all collected federal income taxes. That means more than the bottom 50% are not worried about paying anything, or having to repay that debt in the future.

If we had such a system in place, you'd see how fast Sanders and Warren would stop talking about free college, free daycare, reparations, and free medical care, because the entire public (not just the wealthy) would realize just how much free actually costs them.

 

[kyzr]

What do the dems have to lose by not raising taxes on the top rate? Nothing. All the dem candidates promise to raise taxes. Its a matter of acting responsibly, raise taxes or no Budget, and no new Debt Ceiling, versus we're going off the cliff in Trump's second term. That will cut SS, defense, Medicare, and the entire Federal Budget by about 30% just to pay the interest on the Debt.
5 Reasons Why America Is in So Much Debt

Here are a few budget fixes that Congress should do:
Here are recommendations to cut spending and raise revenue to start paying down the $22T Debt

A. Hire another "Grace Commission" to audit and fix the Federal budget deficit

B. B. Cut Spending: [CUT $625b a year]
1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
3. Cut Welfare $200b & Medicaid $200b (about half)
4. Cut education $20b (state responsibility)

US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
Current US Defense Spending:
Year Military Veterans Foreign Aid Total Defense
2017 $598.70 billion $178.00 billion $46.30 billion $823.00 billion
2018 $631.20 billion $180.40 billion $49.00 billion $860.50 billion
2019 $684.60 billion $202.10 billion $54.30 billion $941.00 billion
2020 $737.90 billion $219.20 billion $53.10 billion $1.00 trillion


C. To cover the $900b budget deficit the following taxes need to be raised:
1. Raise the top tax rate about 7% above 2016 levels +$400b
2. Implement a new 3% Fed sales tax (aka VAT) +$400b
3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
4. Implement a new remittances tax/fee on all money sent out of the US https://www.americanthinker.com/articles/2018/05/tax_remittances_can_build_the_wall.html 2% of $140b is +$3b a year


D. Reform entitlements, Medicare & Social Security, currently projected to be insolvent:

1. Social Security will be unable to meet obligations (not technically "bankrupt") in 2034, paying only 79% of owed benefits, while it will be actually bankrupt around 2090.

The Future of America’s Entitlements: What You Need to Know about the Medicare and Social Security Trustees Reports - AAF

Social Security fixes:

https://www.fool.com/retirement/2018/05/21/how-warren-buffett-thinks-we-should-fix-social-sec.aspx

https://money.usnews.com/money/blogs/planning-to-retire/2014/11/14/5-potential-social-security-fixes

https://www.aarp.org/work/social-security/info-05-2012/future-of-social-security-proposals.html


2. Medicare will be insolvent in 2026

https://www.forbes.com/sites/howardgleckman/2018/06/06/no-medicare-wont-go-broke-in-2026-yes-it-will-cost-a-lot-more-money/#d2edb707eb1c

The Future of America’s Entitlements: What You Need to Know about the Medicare and Social Security Trustees Reports - AAF



Medicare Fixes:

https://www.fool.com/retirement/general/2016/03/27/7-ways-to-fix-medicare.aspx

https://thehill.com/opinion/healthcare/369151-fix-what-weve-got-and-make-medicare-right-this-year

https://www.nationalaffairs.com/publications/detail/how-to-save-and-fix-medicare

https://www.aarp.org/content/dam/aarp/health/medicare-and-medicaid/2012-05/The-Future-Of-Medicare.pdf

If we really want to control spending, here is what we need to do.

Create a debt elimination plan. It will work as a consumption tax. Everybody pays, the rich, the poor, and anybody in between. We will pay fifteen cents on every dollar we spend to lower our debt.

Now if we spend more than we take in down the road, that consumption tax increases so it doesn't add to our debt.

The problem we have today is the top 20% of wage earners in this country pay over 80% of all collected federal income taxes. That means more than the bottom 50% are not worried about paying anything, or having to repay that debt in the future.

If we had such a system in place, you'd see how fast Sanders and Warren would stop talking about free college, free daycare, reparations, and free medical care, because the entire public (not just the wealthy) would realize just how much free actually costs them.

15% is a lot, my 3% VAT plus the other taxes & cuts get the Debt paid down over time
To cover the $900b budget deficit the following taxes need to be raised:
1. Raise the top tax rate about 7% above 2016 levels +$400b
2. Implement a new 3% Fed sales tax (aka VAT) +$400b
3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
4. Implement a new remittances tax/fee on all money sent out of the US https://www.americanthinker.com/articles/2018/05/tax_remittances_can_build_the_wall.html 2% of $140b is +$3b a year

The cuts recommended are $635b a year, including SS & Medicare "fixes", so about $500b would be cut off the Debt per year

 

[g5000]

The Trump administration and congressional leaders, including Democrats, have reached a critical debt and budget agreement that all but eliminates the risk of another government shut down this fall -- but that has already drawn fierce blowback from fiscal conservatives worried about overspending, as well as progressives unhappy with where the money could go.

The deal announced Monday evening, which requires congressional approval, would increase spending caps by $320 billion relative to the limits prescribed in the 2011 Budget Control Act, whose spending-control provisions have been repeatedly waived since 2014. It also would suspend the debt ceiling and permit more government borrowing until July 31, 2021 -- after the next presidential election.

In the end, domestic programs would on average receive 4-percent increases in the first year of the pact, with much of those gains eaten up by veterans increases and an unavoidable surge for the U.S. Census. Defense would jump to $738 billion next year, a 3-percent hike.

Kentucky Sen. Rand Paul, a Republican, called the deal a "huge mistake" because it gets rid of automatic spending cuts.

“Democrats are also pleased to have secured robust funding for critical domestic priorities in this agreement," they said. "Democrats have always insisted on parity in increases between defense and non-defense, and we are pleased that our increase in non-defense budget authority exceeds the defense number by $10 billion over the next two years. It also means Democrats secured an increase of more than $100 billion in funding for domestic priorities since President Trump took office."

"I'm worried the House is willing to give him far too much discretion to take money and move it anywhere he wants including a wall," Leahy, D-Vt., told The Washington Post. "So the way it is now I will not vote for it. . . . The other 99 can vote for it, I won’t."

Trump announces 'real compromise' on budget deal, as fiscal hawks and some Dems cry foul

This is what a mixed party government looks like. To get what I want, I have to give you something that you want. In the end, it increases deficits and debt that will be a burden on all future taxpayers.

I get so sick of the uninformed voters placing blame on out of control spending exclusively on the President. In a mixed party government, everybody is responsible. If the President gets all what he wants and the Democrats get little, the government shuts down. If the Democrats get the largest piece of the cake and the President a slice, the government shuts down.

So if this bill passes, I don't want to hear you libs stating that the out of control spending is all Trump's fault.

Key words "suspend the debt ceiling".

Trump and the GOP never cared about deficits or debt. They are raging hypocrites.

So if this bill passes, I don't want to hear you libs stating that the out of control spending is all Trump's fault.

You tards blamed every penny of debt which accumulated between January 2009 and January 2017 on Obama. So of course every penny of debt accumulated on Trump's watch is Trump's fault.

You disagree? Then let us know when Trump vetoes this spending bill, mm-kay?

Karma's a BITCH!


And don't forget, snowflake, Trump DOUBLED the deficit when he and the GOP controlled the White House and Congress.


Here's some more karma for you:

 

[g5000]

Trump suspended the debt ceiling back when he and the GOP controlled Congress and the White House.

Now he's doing it again!

 

[Ray From Cleveland]

You tards blamed every penny of debt which accumulated between January 2009 and January 2017 on Obama. So of course every penny of debt accumulated on Trump's watch is Trump's fault.

You disagree? Then let us know when Trump vetoes this spending bill, mm-kay?

If Trump vetoes this bill, then the Democrats shut the government down, and the MSM will blame Trump. Haven't you read any of the past posts before you replied?

And don't forget, snowflake, Trump DOUBLED the deficit when he and the GOP controlled the White House and Congress.

And how much did DumBama increase the deficits when he had a Dem House? Let me show you.

So it wasn't until the Republicans took charge that there was any major reduction. No complaint from the left either.

 

[Ray From Cleveland]

Trump suspended the debt ceiling back when he and the GOP controlled Congress and the White House.

Now he's doing it again!

Do you know how the debt ceiling works? The debt ceiling increases for past spending, not future spending. If you don't increase your debt ceiling, then the country goes into default on their loans.

 

[Jets]

I guess the debt will not be dealt with under the Trump administration...

Perhaps not, but look at who he's trying to deal with.

Can anybody name a government shutdown that was ever blamed on the Democrats? If it's a Republican Congress and a Democrat President, the Republican Congress shut the government down. If it's a Democrat Congress and a Republican President, the Republican President shut the government down.

It's tough to make deals when nearly the entire media is owned by the Democrat party.

Here’s the problem. Nothing stopped the President and Congress from passing a deficit reduction package during the first two years of the administration before the House flipped to the opposition.