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> The House of Representatives adjourns
Amlord
post Oct 1 2010, 01:17 PM
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Yesterday, the House of Representatives voted to adjourn until after the elections in November.

Two important matters have yet to be resolved.

One is the budget for FY2011. FY2011 begins in October which began today. Congress has not passed a budget. None of the 12 appropriations bills required to run the government have been passed. President Obama submitted his budget way back in February. The federal government is currently operating under a "continuing resolution" which keeps spending at FY2010 levels.

The second issue is the tax structure for next year. Without action, taxes are going to go up for everyone in the country. Some characterize it as the largest tax increase in US history.

The two issues are intertwined and have a large effect on the economy. Without knowing what the tax structure is going to be next year, any budget is going to be a guess or simply flat out wrong.

Worse than that in some ways is the impact that the uncertainty has on businesses, particularly small businesses. I know my business is putting together the budget and plan for next year. But how can you make a plan if you don't know how big Uncle Sam's share of your profits will be? Most businesses will assume the worst and therefore will remain quite tentative when it comes to hiring and expanding the business.

Questions for debate:

What effect will the failure of Congress to pass a FY2011 budget and resolve the tax situation have on the economy?

Was this decision politically motivated?

What do these failures indicate about the competency of the current Congress to govern?


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entspeak
post Oct 1 2010, 02:34 PM
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What effect will the failure of Congress to pass a FY2011 budget and resolve the tax situation have on the economy?

Was this decision politically motivated?

What do these failures indicate about the competency of the current Congress to govern?


Starting with the last question first, these "failures" indicate that Congress operates the way it has long operated... in it's own interest when push comes to shove.

Of course, it's politically motivated.

I would not be surprised if, after the elections, Democrats vote to extend the Bush tax cuts. It's the only reasoning that makes sense. Most who support keeping the Bush tax cuts aren't likely voting for Democrats in the first place, so it would seem like the delay would be in order to prevent losing votes, not gaining them. Why do that if you're interested in letting the Bush tax cuts expire?

I'm not sure what the impact will be on the economy.
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Ted
post Oct 4 2010, 01:02 AM
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Questions for debate:

What effect will the failure of Congress to pass a FY2011 budget and resolve the tax situation have on the economy?


Damage will be done to the recovery. Perhaps as much as the misspent “stimulus” $$. The smart move would have been to extend all the tax cuts for another year or two.
Was this decision politically motivated?

Of course. The Democrat majority could have passed this in an hour. They didn’t because some Democrats don’t want to go home and ask for votes after raising the Taxes of some of the people they are hoping will support them. The right word here is cowardice.

What do these failures indicate about the competency of the current Congress to govern?


Totally incompetent as far as I can see. From day one when Nancy and Harry moved on their agenda with the attitude that public opinion was irrelevant - it’s been a mess.

But for the left wing of the Party this is a great victory. Just passing the massive healthcare lie was a great victory. Pouring hundreds of Billions $$ to constituents was rewarding as well – too bad it failed to “stimulate” as many economists warned.

The only good news is these folks have POed nearly everyone and will now face a “come to Jesus” meeting of historic proportions. We will thankfully be able to wave goodbye to a large number of them….
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