Huge deficit-cutting bill sails through GOP HouseAnything that gets Wall Street so excited they go orgasmic can't be good for 'We the People.'
President Barack Obama and a startling number of Republican senators lauded a deficit-reduction plan put forward earlier in the day by a bipartisan "Gang of Six" lawmakers that calls for $1 trillion in what sponsors delicately called "additional revenue" and some critics swiftly labeled as higher taxes.
The president said he hoped congressional leaders would "start talking turkey" on a deal to reduce deficits and raise the $14.3 trillion debt limit as soon as Wednesday, using that plan as a roadmap.
Wall Street cheered the news of possible compromise as well. The Dow Jones industrials average soared 202 points, the biggest one-day leap this year.
Democrats said the measure, with its combination of cuts and spending limits, would inflict damage on millions who rely on Social Security, Medicare and other programs.
It calls for deficit cuts of slightly less than $4 trillion over a decade and includes steps to slow the growth of Social Security payments, cut at least $500 billion from Medicare, Medicaid and other health programs and wring billions in savings from programs across the face of government.
It envisions tax changes that would reduce existing breaks for a number of popular items while reducing the top income bracket from the current 35 percent to 29percent or less.
The existing tax breaks that would be killed off are the popular homeowner's mortgage interest tax deduction and if you pay for your health insurance, well, say goodbye to that deduction.
(CORRECTION: Those who get medical insurance from their employees would now see that taxed.)
But corporations and the rich get their tax rates cut.
I guess the PTB won't be satisfied until the middle-class is completely gutted, leaving only the poor and the rich. These fuckers are either completely ignorant of history, since a nation won't exist long without a middle class, as the majority of jobs that are now in place or that will be created come from small businesses, mostly started by the middle class.
They also stick a knife in Grandma and Grandpa's back by additional cuts to Social Security, and tell the working poor to 'Fuck Off," by cutting and gutting Medicaid.
But don't dare think, let alone talk about cutting some of that welfare money that goes to one of the most prosperous nations on Earth, Apartheid Israel, who got a significant chunk of American wealth thru their thieves like Madoff, who laundered a lot of the loot thru the New York branch of the Federal Reserve, then controlled by now Treasury Secretary Geithner and shipped it to Israel.
Gosh, where would we be without that nation of blood-suckers fangs in our throat?