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No More Civility: Bipartisanship In “Republican-Speak” Is Code For Tax Cuts For The Wealthy

Last week, President Obama offered a spirited defense of his party’s values — in effect, of the legacy of the New Deal and the Great Society. Immediately thereafter, as always happens when Democrats take a stand, the civility police came out in force. The president, we were told, was being too partisan; he needs to treat his opponents with respect; he should have lunch with them, and work out a consensus.

That’s a bad idea. Equally important, it’s an undemocratic idea.

Let’s review the story so far.

Two weeks ago, House Republicans released their big budget proposal, selling it to credulous pundits as a statement of necessity, not ideology — a document telling America What Must Be Done.

But it was, in fact, a deeply partisan document, which you might have guessed from the opening sentence: “Where the president has failed, House Republicans will lead.” It hyped the danger of deficits, yet even on its own (not at all credible) accounting, spending cuts were used mainly to pay for tax cuts rather than deficit reduction. The transparent and obvious goal was to use deficit fears to impose a vision of small government and low taxes, especially on the wealthy.

So the House budget proposal revealed a yawning gap between the two parties’ priorities. And it revealed a deep difference in views about how the world works.

When the proposal was released, it was praised as a “wonk-approved” plan that had been run by the experts. But the “experts” in question, it turned out, were at the Heritage Foundation, and few people outside the hard right found their conclusions credible. In the words of the consulting firm Macroeconomic Advisers — which makes its living telling businesses what they need to know, not telling politicians what they want to hear — the Heritage analysis was “both flawed and contrived.” Basically, Heritage went all in on the much-refuted claim that cutting taxes on the wealthy produces miraculous economic results, including a surge in revenue that actually reduces the deficit.

By the way, Heritage is always like this. Whenever there’s something the G.O.P. doesn’t like — say, environmental protection — Heritage can be counted on to produce a report, based on no economic model anyone else recognizes, claiming that this policy would cause huge job losses. Correspondingly, whenever there’s something Republicans want, like tax cuts for the wealthy or for corporations, Heritage can be counted on to claim that this policy would yield immense economic benefits.

The point is that the two parties don’t just live in different moral universes, they also live in different intellectual universes, with Republicans in particular having a stable of supposed experts who reliably endorse whatever they propose.

So when pundits call on the parties to sit down together and talk, the obvious question is, what are they supposed to talk about? Where’s the common ground?

Eventually, of course, America must choose between these differing visions. And we have a way of doing that. It’s called democracy.

Now, Republicans claim that last year’s midterms gave them a mandate for the vision embodied in their budget. But last year the G.O.P. ran against what it called the “massive Medicare cuts” contained in the health reform law. How, then, can the election have provided a mandate for a plan that not only would preserve all of those cuts, but would go on, over time, to dismantle Medicare completely?

For what it’s worth, polls suggest that the public’s priorities are nothing like those embodied in the Republican budget. Large majorities support higher, not lower, taxes on the wealthy. Large majorities — including a majority of Republicans — also oppose major changes to Medicare. Of course, the poll that matters is the one on Election Day. But that’s all the more reason to make the 2012 election a clear choice between visions.

Which brings me to those calls for a bipartisan solution. Sorry to be cynical, but right now “bipartisan” is usually code for assembling some conservative Democrats and ultraconservative Republicans — all of them with close ties to the wealthy, and many who are wealthy themselves — and having them proclaim that low taxes on high incomes and drastic cuts in social insurance are the only possible solution.

This would be a corrupt, undemocratic way to make decisions about the shape of our society even if those involved really were wise men with a deep grasp of the issues. It’s much worse when many of those at the table are the sort of people who solicit and believe the kind of policy analyses that the Heritage Foundation supplies.

So let’s not be civil. Instead, let’s have a frank discussion of our differences. In particular, if Democrats believe that Republicans are talking cruel nonsense, they should say so — and take their case to the voters.

By: Paul Krugman, Op-Ed Columnist, The New York Times, April 17, 2011

April 18, 2011 Posted by | Affordable Care Act, Budget, Congress, Conservatives, Corporations, Deficits, Democracy, Democrats, Economy, Elections, GOP, Government, Ideology, Journalists, Media, Neo-Cons, Politics, President Obama, Public Opinion, Republicans, Right Wing, Taxes, Voters, Wealthy | , , , , , , , , , , , | Leave a comment

A Year After BP’s Oil Spill, Congress Sits Idly By: “It’s Not In The Headlines Anymore”

A year has passed since BP PLC’s Macondo well exploded in the Gulf of Mexico, killing 11 rig workers and launching the nation’s worst oil spill — and an all-encompassing environmental drama that played out for months as the oil industry and federal government struggled to contain the gusher.

But the heart-wrenching images of oil-slicked pelicans and the otherworldly videos of oil spewing from the seafloor largely seem to have faded from the minds of lawmakers on Capitol Hill. A year after the blowout, members of Congress have made little progress toward addressing the issues raised by the disaster.

The reasons for their lassitude are numerous.

Chief among them is the highly partisan environment on Capitol Hill, where a narrow Democratic majority in the Senate struggles to find common ground with the overwhelmingly Republican House.

“We haven’t responded because of the general polarization that has affected us in the last few months,” said Senate Energy and Natural Resources Chairman Jeff Bingaman (D-N.M.).

Also key is a shift in concern over offshore drilling safety, regulatory reform and coastal restoration to a closer-to-the-belt fear about the economic ramifications of escalating gasoline prices.

“It’s not in the headlines anymore,” said Rep. Joe Barton(R-Texas), the former ranking member of the House Energy and Commerce Committee who infamously apologized to BP’s then-CEO Tony Hayward last summer for having to endure what Barton characterized as a White House “shakedown.”

Indeed, in the months since BP contained the gusher, a nuclear crisis in Japan and political unrest in the Middle East have sparked a rapid rise in crude oil prices, shifting the energy conversation from one disaster to another. And a resumption of deepwater drilling in the Gulf of Mexico — albeit slowly — has dampened the urgency to pass a spill-response bill that would end the Obama administration’s ban on offshore exploration, a GOP priority.

Still, the lack of progress on a congressional spill response is not sitting well with many in the environmental community.

“I don’t think anybody in Congress has a legitimate excuse for the fact that they’ve done nothing to respond to the worst environmental disaster this nation has ever seen,” said Regan Nelson, senior oceans advocate for the Natural Resources Defense Council.

Nor has it quelled the concerns of some of the staunchest environmental Democrats on Capitol Hill.

“We should have moved last year. We need a response,” said Rep. Henry Waxman (D-Calif.), ranking member on the House Energy and Commerce Committee.

History repeating itself?

But there is historical context for the delay. Congress waited a year and a half after the Exxon Valdez oil tanker ran aground in Alaska’s Prince William Sound in March 1989 before taking legislative action.

That spill happened at the beginning of the 101st Congress, when Democrats held the majority in both chambers.

The Gulf of Mexico oil spill is different. The disaster occurred in an election year, and although the House was able to pass a Democrat-authored spill-response measure last summer, the Senate ran out of political steam to push a bill through in the weeks before the election or in the “lame duck” session last fall.

The House-passed measure (H.R. 3534 (pdf)), which incorporated Democratic language from three House committees, would have beefed up offshore worker and environmental safety standards, imposed new ethics standards on federal drilling regulators, created a restoration program to coordinate efforts to rehabilitate the Gulf of Mexico and created a new industry-funded endowment to protect oceans, among other provisions.

It also would have eliminated liability limits on companies drilling offshore, something most Republicans and oil-state Democrats are staunchly against because of the impact it could have on smaller and independent drillers. Despite GOP resistance to the liability language and other provisions — 193 Republicans and oil-state Democrats voted against the measure — the legislation was ultimately reported favorably. But talks quickly stalled in the Senate, where Democratic margins were smaller and resistance to the liability language from two moderate oil-state Democrats was too great to allow time for passage in the waning months of 2010.

The liability issue is complex and hearkens back to the legislation passed in response to the Exxon Valdez spill. Under that law, Congress capped oil companies’ liability for economic damages related to a spill at $75 million. Oil companies are still responsible for paying the full cost of containing and cleaning up a spill.

At the Obama administration’s prodding last summer — the “shakedown” Barton referred to — BP set up an independent $20 billion claims fund to pay for spill-related damages.

And even though BP agreed to pay for all the financial costs related to its spill — such as fishermen put out of work or empty hotels at the beach at high season — many Democrats in Congress watched in horror as the price tag of those damages escalated and called for a significant hike or complete elimination of the $75 million liability limit to protect coastal residents from a future spill where the companies involved might not have such deep coffers.

Republicans and the oil-state Democrats are not necessarily opposed to raising the cap. They just do not want to eliminate it outright. Doing so would shut out smaller producers and devastate an already battered coastal economy, they say.

“I think there’s widespread consensus among Democrats and Republicans that the liability limit is too low, that it needs to be raised,” said Sen. Mary Landrieu (D-La.), one of the chief opponents of the unlimited liability language. “We want to do that in a way … that keeps the industry as robust as possible between the large multinational companies and the smaller independent companies” (E&E Daily, Feb. 2).

Landrieu is working with Sen. Mark Begich (D-Alaska) on liability compromise language that would raise the initial cap to $250 million after which an industry-funded insurance pool would kick in. But the lawmakers have been negotiating on language since last September, with new promises each week that a bill is forthcoming. They have not introduced a compromise measure yet.

Other Democrats — and a lone Republican — have introduced new measures in both the House and Senate that would eliminate the liability cap entirely.

House focus on drilling

But none shows promise of moving any time soon. Republicans in the House appear poised to take up measures that would instead accelerate domestic oil and gas production, and Senate Democratic leaders have struggled to pass even slightly controversial bills.

Indeed, the House Natural Resources Committee this week marked up three measures from Chairman Doc Hastings (R-Wash.) that would force lease sales in new areas and compel the Interior Department to speed up drilling permit processing, among other provisions.

Such a stance is garnering criticism from Democrats on and off the Hill, like Interior Secretary Ken Salazar, whose agency is responsible for overseeing offshore drilling.

“Much of the legislation I’ve seen bandied around, especially with the House Republicans, it’s almost as if the Deepwater Horizon Macondo well incident never happened,” Salazar told reporters earlier this week. “Some people seem to have gotten amnesia of Deepwater Horizon and the horrific BP spill. I don’t have amnesia” (E&ENews PM, April 12).

Interior has taken great strides to boost its regulatory structure and offshore drilling safety in the months since the spill. The agency has imposed new, stricter permitting safety standards. And it has completely reorganized the beleaguered office that oversees offshore development.

But Hastings bristled at Salazar’s remarks, saying one of his measures would strengthen drilling safety.

“The Gulf bill does two things that’s not current in law: It puts in law the permitting process and it requires the secretary to do a safety review, cleanup review,” Hastings told reporters in the Capitol this week. “Now those two are significant reforms in my vision.”

Democrats have other reforms in mind.

“Here we are, one week removed from the first anniversary of the BP spill, and the Republican majority is marking up a trio of bills that will take us back to the days of rubber stamps and systemic failures,” said Rep. Ed Markey of Massachusetts, the leading Democrat on the resources panel, in a statement earlier this week. “This legislative package reflects a pre-spill mentality of speed over safety.”

Markey earlier this year introduced a new spill-response bill (H.R. 501 (pdf)) that largely mirrors the House-passed bill from last summer while incorporating some of the recommendations from the presidential commission tasked with investigating the causes of the disaster.

The seven-member commission issued its final report to the president in January, making a number of recommendations about how to improve offshore drilling safety and citing the BP incident as evidence of “systemic” problems within the industry.

But Republicans have bristled at that language and will likely ignore the commission’s findings — and Markey’s prodding.

Specifically, Markey’s bill includes the unlimited liability language and calls for a dedicated funding stream for the federal agencies overseeing the offshore drilling industry from user fees on the oil and gas industry.

Republicans and the oil industry have raised concerns about language in the bill that would impose new fees on the oil industry.

Legislation that imposes new fees “would not achieve the results that some of these members are trying to achieve. It would actually reduce investment, reduce revenues, harm jobs,” said Eric Wohlschlegel, a spokesman for the American Petroleum Institute, the industry’s main trade group.

Instead, he said the industry tends to sway toward Hastings’ approach. “Policies that allow for more access will actually accomplish a lot of goals currently on Capitol Hill, which is create jobs, increase revenues and increase energy security.”

Senate movement

On the Senate side, the Energy and Natural Resources Committee is prepping spill-response legislation that will likely look similar to the measure reported out of that committee last summer, with some inclusion of the presidential commission’s recommendations. But the measure won’t likely be as severe as Markey’s measure. For one, the energy panel does not have jurisdiction over liability; the Environment and Public Works Committee does. And Bingaman is known for crafting legislation that can get bipartisan support from many of his panel’s members, including Landrieu and Alaska Republican and oil-industry advocate Lisa Murkowski.

“One of the early bills will be a bill to ensure the Interior Department has the authority and resources they need to maintain proper regulation of oil and gas drilling on the outer continental shelf,” Bingaman said. “I think the American people support that, and I think we’ll have strong support again this year.”

Bingaman said he generally supports moving production and safety legislation separately.

“I don’t know why anyone in the Congress would not want to see us improve safety of drilling in the outer continental shelf,” he said. “I think that there ought to be bipartisan agreement to do whatever legislation needs to be done to improve safety and offshore drilling, and separate from that, we should have a full debate about the extent of increased production we want, things we want to do to encourage more production.”

Bingaman’s approach could gain modest support from environmentalists, who would likely still want to see further action on drilling reform.

NRDC’s Nelson called it “a great first step” and said she was looking forward to seeing the legislation.

Other measures she would like to see taken up include beefing up funding for the Interior agency that oversees offshore drilling, significantly raising the liability cap and sending a portion of the penalty money collected from BP for the spill to the Gulf region for coastal restoration work.

A rare area of consensus

The idea to use BP fines to pay for restoration of the coast has broad support among Republicans and Democrats both on and off Capitol Hill. The presidential panel called on the federal government to use 80 percent of the fines collected from BP for Clean Water Act violations to pay for coastal restoration in the Gulf. And Gulf Coast lawmakers are essentially unanimous in their support of such an idea.

Landrieu and Sen. David Vitter (R-La.) yesterday introduced legislation that would dedicate 80 percent of BP’s penalty fees to coastal restoration in the states affected by the disaster.

Specifically, the measure would send 35 percent of the penalty money to the five Gulf Coast states — Louisiana, Mississippi, Alabama, Florida and Texas — affected by the spill to be used specifically for ecosystem restoration and to support the travel, tourism and seafood industries. The measure would use 60 percent of the penalty money to establish a federal-state council to direct coastal restoration. And 5 percent of the funds would be used to create a science and technology program focused on coastal restoration, protection and research to improve offshore energy development safety.

The Clean Water Act allows U.S. EPA to collect $1,100 to $4,300 per barrel of oil spilled. Based on current federal estimates of 4.9 million barrels spilled, BP could face fines of $5.4 billion to $21.1 billion. Under current law, that money would be paid to the federal government.

“This is a great opportunity for the nation to do right by the Gulf Coast,” Landrieu said in a statement. “It’s a great opportunity for the polluters to step up and do the right thing.”

Rep. Steve Scalise, a Louisiana Republican, has also authored a measure in the House that would direct some of the funds to Gulf states. And according to Rep. Cedric Richmond, a Democrat from Louisiana, “everybody on the delegation is on board with the 80 percent.”

“It’s important to get it through now while you’re talking about deficit and the debt. You don’t want people to say ‘Oh, here’s this new pool of money, we should pay down the debt,'” Richmond said. “No, we should fix what was broken.”

But despite strong support for such a measure from Gulf state lawmakers, House leaders with jurisdiction do not appear anxious to move such legislation.

“I don’t want to act until all the information is in, and not all the information is in,” Hastings told reporters earlier this week. He wants to wait until all the investigations of the disaster — like the presidential commission’s study — are complete before moving any spill-response measures.

The joint Coast Guard and Interior Department board investigating the disaster recently pushed back the deadline for completing its inquiry until July.

But Hastings did not rule out all chances of movement on oil spill-response legislation this Congress.

“I want to get all the information,” he said, “and we’ll respond accordingly.”

By: Katie Howell, Greenwire; Contribution by John McArdel, The New York Times, Published in The New York Times, April 15, 2011

April 17, 2011 Posted by | Congress, Conservatives, Deep Water Horizon Oil Spill, Democrats, Economy, Energy, Environment, Environmental Protection Agency, GOP, Government, Politics, Regulations, Republicans, Senate, States | , , , , , , , , , , , , , | Leave a comment

Lucy, Charlie Brown And Football: The Politics Of Personal Grievance

Congressional Republicans all but dared President Obama to engage in a fiscal debate on their terms, demanding to know whether and how he’d tackle long-term debt reduction. The president agreed and presented a credible, realistic plan to cut $4 trillion from the debt over 12 years.

GOP officials obviously weren’t going to like his vision, but I’m a little surprised they’re still whining that Obama was mean to them.

The three Republican congressmen saw it as a rare ray of sunshine in Washington’s stormy budget battle: an invitation from the White House to hear President Obama lay out his ideas for taming the national debt.

They expected a peace offering, a gesture of goodwill aimed at smoothing a path toward compromise. But soon after taking their seats at George Washington University on Wednesday, they found themselves under fire for plotting “a fundamentally different America” from the one most Americans know and love.

“What came to my mind was: Why did he invite us?” Rep. Dave Camp (R-Mich.) said in an interview Thursday. “It’s just a wasted opportunity.”

Paul Ryan was reportedly “furious” and complained that the speech “was extremely political, very partisan.”

It’s worth fleshing this out, because there are some important angles to keep in mind.

First, the Republicans’ politics of personal grievance is based solely on their hurt feelings. They’re not saying the president lied or that his numbers don’t add up, but rather, they’re outraged that Obama was a big meanie. That’s kind of pathetic, and it reinforces fears that the House GOP majority is dominated by right-wing lawmakers with temperament of children.

Second, exactly what kind of reaction did Republicans seriously expect? Their fraudulent and callous budget plan, approved yesterday despite bipartisan opposition, eliminates Medicare. It punishes the elderly, the disabled, and low-income families, and rewards millionaires and billionaires. It calls for devastating cuts that would do widespread damage to the middle class and the economy. Were Republicans seriously waiting for Obama to politely pat them on the head and say, “It’s OK, you tried your best. I’ll give you an A for effort”?

Third, why is it Republicans expect one-sided graciousness? They expected a “peace offering” after pushing their own plan that was “deliberately constructed to be as offensive to Democrats as it’s possible to be,” and didn’t even bother with insincere “nods in the direction of bipartisanship.” I’ll never understand why Obama is expected to be conciliatory with those who refuse to do the same.

And finally, having a debate pitting two competing visions isn’t a bad development. Greg Sargent’s take on this rings true.

Throughout the first two years of Obama’s presidency, leading Republicans have regularly claimed that Obama is taking America towards socialism. Yet when a Democratic president stands up and aggressively defends his vision and worldview, and contrasts it sharply with that of his foes, something’s wrong. That’s not supposed to happen.

Obama’s characterization of the GOP vision was harsh. But so what? Politics is supposed to be an impassioned argument over what we all think the country should be. Is it possible to cross lines? Sure, but Obama didn’t cross any lines — in fairness, neither has Ryan — and no one was blindsided. No one was the victim of any sneak attack. We should want politicians who think their opponents’ worldviews are deeply wrongheaded to be free to say so in very vivid terms. Otherwise, what’s the point of it all?

I’d add just one last point. For two years, Obama pleaded with Republicans to play a constructive role, work in good faith, and compromise. They refused. Lucy doesn’t get to complain when Charlie Brown doesn’t want to run at a football that’s going to be pulled away anyway.

By: Steve Benen, Washington Monthly, Political Animal, April 16, 2011

April 17, 2011 Posted by | Budget, Congress, Conservatives, Deficits, Democracy, Democrats, Economy, Government, Ideologues, Ideology, Lawmakers, Medicaid, Medicare, Politics, President Obama, Rep Paul Ryan, Republicans, Right Wing, Wealthy | , , , , , , , , | Leave a comment

Courage Of Convictions: The Tax Collector And The Republican

Congressional Republicans constantly remind us that principle is more important than principal. They are willing to shrink government at all costs. The latest example comes from the new budget agreement that has an impact on the IRS and tax collections.

Tax collection is one of the IRS’s principle functions as we are all reminded this time of year. There are some who not only refuse to cheerfully pay what they owe but actively take steps to avoid paying taxes they owe. As a result, some IRS employees have as their main job, identifying those people and taking steps to encourage them to pay what they owe.

In 2006, Republicans in Congress came up with a whole new approach that provided employment to the non-governmental sector, a group that is always favored by Republicans. (That is because Republicans know that those who work for the government tend to be lazy and inefficient whereas those in the private sector are hard working and productive. That is, of course, something of a generalization, since occasionally someone in the private sector will disappoint and prove to be lazy and/or unproductive.)

Because of the Republican belief in the virtues of the private sector (which is almost as fervent as its belief that in taking funds from programs for children and the poor it is doing God’s work), in August of 2006 it was announced that within a couple of weeks the IRS would turn over to private collection agencies 12,500 delinquent tax accounts of $25,000 or less. According to the New York Times, this new way of collecting taxes was thought up and put in place by the Bush administration. The plan had, like many plans do, an upside and a downside.

The upside was that the debt collectors were part of the private sector. Under the private debt collection system the collectors would collect $1.4 billion each year of which they could keep $330 million, thus lining the private sectors’ pockets by that amount instead of having it go into a government pocket where it would, in all likelihood, get lost. Although that seems like a win-win, in 2002 Charles Rossotti, the Commissioner of Internal Revenue, had told Congress that if it hired additional IRS employees to handle collections, it could collect more than $9 billion each year at a cost of only $296 million, considerably less than the cost if the same work was done by private collection agencies. That came out to a cost of $.03 per dollar collected. According to the NYT, his testimony was correct but Congress didn’t want to swell the size of government by authorizing the hiring of additional personnel for the IRS. Charles Everson, IRS Commissioner in 2006, when the private debt collection program was implemented, agreed with Mr. Rossotti and said it was more efficient to hire more IRS personnel but Congress would not appropriate the funds it needed to do that. Congress’s reluctance is a perfectly sensible approach since if you want to shrink government you have to make sacrifices and in this case, the sacrifice is increased revenue.

In 2008 Democrats took control of both houses of Congress and in March of 2009 it was announced that the IRS had determined that IRS employees could do collection work more efficiently than the private debt collectors, just as Rossotti and Everson had said some years earlier, and there was no reason to continue the program. Senator Grassley, who was the top Republican on the Senate Finance Committee, was outraged. Ignoring the fact that the government would have more money if the IRS were responsible for collections, he said the IRS was caving in to “union-driven political pressure.” He would have rather seen the federal government lose money than take away business from the private sector. The last chapter in this saga, however, has not been written.

Now that the budget compromise had been reached here is one of the things that has happened. The White House had requested an increase in the IRS budget of approximately 9% which would have enabled the agency to hire an additional 5000 personnel. Many of those could have been used to collect taxes which would have helped reduce the deficit. Echoing what Messrs. Rossotti and Everson had said years earlier, Treasury Secretary, Tim Geithner, who testified before Congress in March, said: “Every dollar invested in IRS yields nearly five dollars in increased revenue from non-compliant taxpayers.”

Republicans have refused to authorize the hiring of additional personnel at the IRS in order to collect taxes. A release from John Boehner’s office said increased funding for the IRS had been denied as part of the budget agreement. This shows that the Republican majority has the courage of its convictions. The rest of the country can enjoy the benefits of living off the fruits of its follies.

By: Christopher Brauchli, CommonDreams.org, April 16, 2011

April 17, 2011 Posted by | Budget, Congress, Conservatives, Corporations, Democrats, Economy, Federal Budget, GOP, Government, IRS, Jobs, Lawmakers, Politics, Public Employees, Republicans, Tax Evasion, Tax Loopholes, Taxes, Unions | , , , , , , , | 1 Comment

How Quickly We Forget: Dick Cheney, “Deficits Don’t Matter”

Sure, it’s huge, but big deficits don’t always lead to bad economic health. As we found during The Great Depression, the opposite is also true.

For those worried about the future, huge federal deficits remain the gift that keeps on giving, or taking, depending on your point of view. They are always around, always huge, and seem to be an issue that neither party has immunity from.

If you care to bash Republicans over this issue you need look no further than former Vice President Dick Cheney who told former Treasury Secretary Paul O’Neill that “deficits don’t matter” when the latter voiced concerns about the size of the federal bill. Cheney later fired O’Neill, presumably for thinking deficits actually mattered.

Still, Cheney was true to his word, as the White House of George W. Bush raised the federal deficit every year it was in office. When Bush started his presidency, the national debt as a percentage of gross domestic product hovered at 60%. By the time he exited, it was closer to 80%. Surely the first part of President Obama’s term will see that ratio only rise further, as the federal government fully deploys the $700 billion Troubled Asset Relief Program, the $200 billion Term Asset Backed Loan Securities Facility and the $500-$1 trillion Public-Private Investment Program, among other alphabet soup bailouts.

Of course, to critics of Obama, including conservatives, now deficits do matter a lot more than they did a year ago. Look no further than the well-covered “tea parties” to see an instance where partisanship has seemed to trump fiscal stewardship, or at least short-term memory.

By: David Serchuk: Article originally posted August 5, 2009, Forbes.com

April 16, 2011 Posted by | Budget, Congress, Conservatives, Debt Ceiling, Deficits, Democracy, Democrats, Dick Cheney, Economic Recovery, Economy, Elections, Federal Budget, GOP, Government, Ideology, Lawmakers, Politics, President Obama, Republicans, Right Wing, Teaparty | , , , , , , | Leave a comment