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March 21, 2012
Breakdown: Paul Ryan’s new plan to cut $5.3 trillion in spending in 10 years
The budget-buster’s latest attempt: On Tuesday, powerful Rep. Paul Ryan pitched his latest attempt to trim the deficit by focusing on spending cuts, choosing to leave spending at the Pentagon intact while focusing more on domestic programs. The pitch is largely the same as Ryan’s plan last year. “We owe the country an alternative path if we don’t like the path the president is taking us on.” Ryan said about his plan. “Whoever our nominee is going to be owes the country that choice of two futures. We’re helping them put this together.” A breakdown:
one The plan would cut major spending initiatives for the poor and handing their administration over to the states. Popular funding programs like Pell Grants would be restricted to the neediest.
two The Ryan plan would also add new restrictions to Medicare, raising the age and encouraging those on the system to buy private insurance. The current Medicare would still be an option.
threeThe current tax bracket structure would be simplified from ten into six: The highest tax rate would fall significantly, and corporations would get taxed lower rates on overseas profits. source
» Detractors abound: Ryan’s plan did not go over well with the Obama administration: “The House budget once again fails the test of balance, fairness, and shared responsibility,” claimed White House Communications Director Dan Pfeiffer, who said the plan benefited the very rich while shouldering the poor with the bill. Others complained about the lack of detail, including Howard Gleckman, blogging for the Christian Science Monitor, who complains about the lack of details: “His budget includes a convincing and articulate explanation about what’s wrong with a tax system with high rates and a narrow base,” Gleckman writes. “He just doesn’t say what he’d do about it.” What do you think of Ryan’s latest budget plan? (Photo by Gage Skidmore)
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The budget-buster’s latest attempt: On Tuesday, powerful Rep. Paul Ryan pitched his latest attempt to trim the deficit by focusing on spending cuts, choosing to leave spending at the Pentagon intact while focusing more on domestic programs. The pitch is largely the same as Ryan’s plan last year. “We owe the country an alternative path if we don’t like the path the president is taking us on.” Ryan said about his plan. “Whoever our nominee is going to be owes the country that choice of two futures. We’re helping them put this together.” A breakdown:

  • one The plan would cut major spending initiatives for the poor and handing their administration over to the states. Popular funding programs like Pell Grants would be restricted to the neediest.
  • two The Ryan plan would also add new restrictions to Medicare, raising the age and encouraging those on the system to buy private insurance. The current Medicare would still be an option.
  • threeThe current tax bracket structure would be simplified from ten into six: The highest tax rate would fall significantly, and corporations would get taxed lower rates on overseas profits. source

» Detractors abound: Ryan’s plan did not go over well with the Obama administration: “The House budget once again fails the test of balance, fairness, and shared responsibility,” claimed White House Communications Director Dan Pfeiffer, who said the plan benefited the very rich while shouldering the poor with the bill. Others complained about the lack of detail, including Howard Gleckman, blogging for the Christian Science Monitor, who complains about the lack of details: “His budget includes a convincing and articulate explanation about what’s wrong with a tax system with high rates and a narrow base,” Gleckman writes. “He just doesn’t say what he’d do about it.” What do you think of Ryan’s latest budget plan? (Photo by Gage Skidmore)

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11:02 // 2 years ago
November 28, 2011
The negative outlook indicates a slightly greater than 50 percent chance of a downgrade over a two-year horizon.
Credit ratings agency Fitch • Explaining the negative outlook they gave the U.S.’ AAA credit rating. Why the lower outlook? Well, they say there’s “considerable uncertainty surrounding the economy’s potential output.” Well, there won’t be as long as we can figure out a way to turn riots over $2 waffle irons into a sustainable moneymaking endeavor for the U.S. economy at large. We’re sure we can make it happen. Fitch’s downgraded outlook follows S&P’s straight-up downgrade a few months back. source (viafollow)
23:59 // 2 years ago
April 21, 2011
We don’t have the presidential candidates right now. The field hasn’t materialized yet, so we’re out there doing it ourselves.
Rep. Paul Ryan • Speaking yesterday at a town hall meeting in Clinton, Wis., where he noted that he had no plans to run for president. (We’ve said our peace, bro. You’re making a mistake.) Earlier in the week, Ryan was at the tail end of a chorus of boos, at a town hall in Milton, Wis., for his stance on tax cuts for the wealthy. But as Dave Weigel notes, other members of Congress who voted for Ryan’s budget plan didn’t face anything even resembling the rage-filled summer of 2009, where Barney Frank compared a woman to a “dining room table.” Guess those angry people have to start trying harder. (thanks handlebarr) source (viafollow)
21:14 // 3 years ago
April 18, 2011
Because the U.S. has, relative to its ‘AAA’ peers, what we consider to be very large budget deficits and rising government indebtedness and the path to addressing these is not clear to us, we have revised our outlook on the long-term rating to negative from stable.
A statement from the Standard & Poor’s • Revealing that, while they affirmed the United States’ spectacular “AAA” credit rating, they were suggesting the the outlook of said credit rating could go negative in the future. They want the country to figure out its budget mess by 2013. “If an agreement is not reached and meaningful implementation is not begun by then,” they write. “this would in our view render the U.S. fiscal profile meaningfully weaker than that of peer ‘AAA’ sovereigns.” Feel that? That’s the grumble of the money beast, wanting to be fed. source (viafollow)
9:52 // 3 years ago
April 9, 2011
Here’s a page from the St. Paul Pioneer Press from just before the averted shutdown. Of note is not so much the page itself, but the graphic at the bottom of the page (designed by Ben Ramsden), which honestly and clearly explains exactly what’s up with the current budget situation over a period of 20 years. It’s simple, smart, and tells an evocative story without going crazy. Here’s the detail. (via Charles Apple, hat tip Jim McBee)

Here’s a page from the St. Paul Pioneer Press from just before the averted shutdown. Of note is not so much the page itself, but the graphic at the bottom of the page (designed by Ben Ramsden), which honestly and clearly explains exactly what’s up with the current budget situation over a period of 20 years. It’s simple, smart, and tells an evocative story without going crazy. Here’s the detail. (via Charles Apple, hat tip Jim McBee)

11:57 // 3 years ago
January 26, 2011

Party-poopin’ CBO: Our deficit will jump significantly in 2011

  • $1.48
    trillion
    the expected deficit the CBO says we’ll have at the end of the 2011 fiscal year
  • 14%
    increase
    the expected jump in the $1.3 trillion deficit from 2010’s fiscal year (ended Sept. 30) source
11:06 // 3 years ago