We don’t have an immediate crisis in terms of debt. In fact, for the next ten years, it’s gonna be in a sustainable place. The question is, can we do it smarter, can we do it better? And– you know, what I’m saying to them is I am prepared to do some tough stuff. Neither side’s gonna get 100%….But ultimately, it may be that– the differences are just– too wide. It may be that ideologically, if their position is ‘We can’t do any revenue’ or ‘We can only do revenue if we gut Medicare or gut Social Security or gut Medicaid,’ then we’re probably not gonna be able to get a deal.President Barack Obama • Speaking with ABC News’ George Stephanopoulus about the chances of Congressional Democrats and Republicans reaching any sort of compromise on Washington’s latest (semi-manufactured) budget crisis. source
We have moved a bill in the House twice. We should not have to move a third bill before the Senate gets off their ass and begins to do something.
» And that’s just the low-end estimates. Analysts estimate that a gradual increase in the Pentagon’s budget to 4% of GDP would cost the United States roughly $2.1 trillion over the next decade. Should Romney win the election, and immediately push spending up to 4%, the subsequent spending could cost an additional $200 billion or more. While Romney is hardly the first to suggest such a plan, with past notable proponents including former Secretary of Defense Robert Gates, some have been quick to condemn any plan tying the budget to GDP in any way. “GDP rises and falls. Do you really want your defense budget falling in a recession?” said Center for Strategic and Budgetary Assessments’ Todd Harrison, adding, “spending should be determined by the security environment — not the size of your economy.”
» Pretty harsh considering the thrashing that the Affordable Care Act is reported to be taking in the Supreme Court this week. While both analysts and many inside the White House expected the ugly turnout on the budget proposal, it’s hard to imagine that anybody imagined a shut-out. Should Obama be worried about these sorts of losses piling up as the election draws closer?