'But the big gun was the economic warning from Mr. Summers, the soon-departing director of the White House National Economic Council.
"Failure to pass this bill in the next couple weeks would materially increase the risk that the economy would stall out and we would have a double-dip" recession, Mr. Summers told reporters at a briefing. '
I hate to say it, but if our deficit is going to be 1.5 trillion next year. I believe we should let the Bush tax cuts expire. This would bring in $321 billion more from the lower and middle clase and $41 billion nire from earners over $250k.
I would be O.K. with this if we were really going to cut federal spending also, to the tune of about $800 billion. I don't believe it can be done by targeting, because affected constitutancies will fight tooth and nail. I believe we either need to set spending, on everything but welfare and unemployment insurance, at 2008 levels or cut every federal item by 20%.
Part of me says this will cause the economy to get worse as Summers says above, but I don't think we can keep borrowing at the rate we are.
Again, getting outlays back to 2008 levels is a good start -- and an ambitious one: It amounts to $850 billion in cuts…
Then there are departments and agencies that Obama fattened up, raising outlays by $337 billion (over the 2008 levels):..
Giveaways to individuals can also be cut. Last year, the feds paid out $292 billion in "refundable tax credits" …