Republicans Seek to Raise the Debt Ceiling by $4T, and extend $4.5T in Tax Cuts

[Care4all]

Leave the debt ceiling where it is and lower everyone's tax rates by 24%
Pay the interest on the debt +10%
Cut spending to match remaining revenue.

We really need both m14. Tax increases AND cut spending to address the $35 trillion in debt. Tax cuts are very foolish at this point imo.

 

[Zincwarrior]

We really need both m14. Tax increases AND cut spending to address the $35 trillion in debt. Tax cuts are very foolish at this point imo.

Tax cuts show they are fundamentally unserious about eliminating the deficit.

 

[TimFitz]

It doesn't say anything about Trump's new tax cuts, like SALT, no tax on OT or SS or tips.

But it appears to budget the DOGE $2T in cost-cutting by eliminating "waste, fraud, and abuse".

Full speed ahead with two Bills.

That’s because they have been forgotten by the Trump crowd.

NONE OF THE GOP budget proposals contain any of those items.

Promises made! Promises forgotten!

 

[TimFitz]

Tax cuts show they are fundamentally unserious about eliminating the deficit.

They aren’t. Trump is a borrow and spend guy. Always has been.

 

[M14 Shooter]

Or if you want to do something, leave the debt ceiling, let the tax breaks expire, and cut cut spending until there is no deficit.

No... I want to do what I said.
It forces a considerable cut in federal spending, which has been out of control for, well, a really long time.

 

[Zincwarrior]

No... I want to do what I said.
It forces a considerable cut in federal spending, which has been out of control for, well, a really long time.

You will need both to balance the budget. Math is a thing.

 

[M14 Shooter]

You will need both to balance the budget. Math is a thing.

Math -is- a thing
Revenue = X
If spending <= X then there is no deficit.
The value of X does not matter.

 

[Zincwarrior]

Math -is- a thing
Revenue = X
If spending <= X then there is no deficit.
The value of X does not matter.

True this. Again, Social Security, the Military, Medicare, and interest on the debt alone equal $4.1T.

 

[WorldWatcher]

House leadership revealed their plan today on tax cut limits and raising the debt ceiling. $4.5T in total permitted tax cuts, and $4T in new national debt ceiling. Thoughts USMB?

With no tax cuts and all the money Musk is cutting from the Federal government...

..... ..... ..... ..... Why would we need to raise the debt limit?

WW

 

[M14 Shooter]

True this. Again, Social Security, the Military, Medicare, and interest on the debt alone equal $4.1T.

Soc Sec and Medicare are paid for by payroll, not federal income taxes; cutting income taxes does not affect SocSec and Medicare.

 

[Zincwarrior]

With no tax cuts and all the money Musk is cutting from the Federal government...

..... ..... ..... ..... Why would we need to raise the debt limit?

WW

Because they intend to blow out the deficit with tax cuts.

 

[TimFitz]

From the link in the OP (Newsweek).

So while the “leadership” may have some plan, that obviously doesn’t mean it is how it will end up.

One of the first priorities ought to be to LOWER the debt limit. Incrementally, of course.

That is not going to happen. Never.

 

[daveman]

That's a good thing though, that democrats over time ended up approving of the Republican proposal and plans....

Well, not the ones Democrats can't profit from.

Louisiana's controversial Ten Commandments law is back in court. Here's why.​

 

[daveman]

Or if you want to do something, leave the debt ceiling, let the tax breaks expire, and cut cut spending until there is no deficit.

Why do leftists always want to raise taxes? Why do you want to punish productive people?

 

[kyzr]

Tax cuts show they are fundamentally unserious about eliminating the deficit.

Not true. The tax cuts are contingent on spending cuts. You're welcome.

House Budget Resolution Aims to Balance Tax Cut and Spending Reduction Goals

The House Budget Committee has released a budget resolution that specifies large reductions in both taxes and spending over the next decade, paving the way to extend the expiring provisions of the Tax Cuts and Jobs Act (TCJA) and potentially cut other taxes.

taxfoundation.org

The House budget resolution caps the deficit increase resulting from tax cuts at $4.5 trillion over the next decade and requires a minimum of $1.2 trillion in spending cuts. Additionally, it sets as a goal to reduce mandatory spending by $2 trillion over the next decade and if not accomplished the cap on tax cuts would be reduced commensurately. The result would be an increase in the budget deficit between $2.5 trillion and $3.3 trillion over the budget window before accounting for impacts on economic growth.

 

[kyzr]

Why do leftists always want to raise taxes? Why do you want to punish productive people?

Because someone needs to pay the bills and we can't borrow any more.

 

[initforme]

We need to stop thinking that the poor are somehow a drain on the budget. They aren't whatsoever.

 

[daveman]

Because someone needs to pay the bills and we can't borrow any more.

Then we cut spending. Hard.

 

[initforme]

Then we cut spending. Hard.

From where?

 

[daveman]

From where?

From wherever it's wasted or going to corrupt people.