WASHINGTON – Two of President Barack Obama's economic heavyweights said middle-class taxes might have to go up to pare budget deficits or to pay for the proposed overhaul of the nation's health care system.
Geithner and Summers both sidestepped questions on Obama's intentions about taxes. Geithner said the White House was not ready to rule out a tax hike to reduce the federal deficit; Summers said Obama's proposed health care overhaul needs funding from somewhere.
"There is a lot that can happen over time," Summers said, adding that the administration believes "it is never a good idea to absolutely rule things out, no matter what."
During his presidential campaign, Obama repeatedly pledged "you will not see any of your taxes increase one single dime." But the simple reality remains that his ambitious overhaul of how Americans receive health care — promised without increasing the federal deficit — must be paid for.
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I would like to take this time to thank you, the American tax payers, for helping me to pay for my new multimillion dollar mansion. It sits on a hill over looking Lake Superior. It has 40 rooms with several bathrooms and their is a separate house on the grounds for the help. I often sit on my front veranda thinking about how this would never have been possible without our great leader, President Obama.
I think I will take my new Bugatti Verona (purchased with junk for dollars) for a spin, before lunch. I guess I better give the maid a call and tell her to.......
Hey BBBB, how they hanging baby?
I will be there. Is this BYOC or do you supply the condoms?
*droooooool*
WASHINGTON (AP) — The recession is starving the government of tax revenue, just as the president and Congress are piling a major expansion of health care and other programs on the nation's plate and struggling to find money to pay the tab.
The numbers could hardly be more stark: Tax receipts are on pace to drop 18 percent this year, the biggest single-year decline since the Great Depression, while the federal deficit balloons to a record $1.8 trillion.
Other figures in an Associated Press analysis underscore the recession's impact: Individual income tax receipts are down 22 percent from a year ago. Corporate income taxes are down 57 percent. Social Security tax receipts could drop for only the second time since 1940, and Medicare taxes are on pace to drop for only the third time ever.
The last time the government's revenues were this bleak, the year was 1932 in the midst of the Depression.
There is only one thing to do.
ATTACK JAPAN AND GERMANY!
Arebeit Mache Frie (Work Will Set You Free)
Lmfsao!
Tommy
call me NOW!
You cannot sustain a budget when you're spending more than what is coming in..., which is what our government is doing. It will bankrupt this nation and quickly too.
As for the cash for clunker deal, that is nothing but a pony show. First of all a lot of people are purchasing cars from foreign nations and putting money ultimately into the japanese automobile coffers. Also, the affect of getting these clunkers off the streets will not have a measurable impact on the environment.
And then there is fraud. I bet people are going to a junk yard or purchasing a piece of shit for $700or less. Driving into a dealer and getting a new car with minimal money out of their pocket. And then going to do a private sale in which the pay off the low loan amount or might not have a loan at all. And then able to pocket the $4500 as cash in their pocket. When they already have a nice vehicle in their driveway. Chrysler was matching the govt. deal of $4500. Now a person has $9k to play with in a purchase. As well as, the Chrysler PT Cruiser has been discontinued and they have plenty of those in stock. I have seen them go for $9999 to $12,500. Do the math. With the govt deal and the Chrysler match you can pretty much get a new car for free. Then you apply the fraud I mentioned above and you can walk away with like $2k in your pocket after your expenses...i.e., tax on the vehicle, registration etc. Now do this a few times and in a different name or under a wife's name. And you can make some decent money in a short time span. Sure there's other frauds being perpetrated out there too in reference to this govt car deal.
Shit the govt. owns GM and Chrysler, so it's like they are paying themselves if you think about. What a scam to make the sniggy (as Geo would say) look good. How stupid are some Americans. Of course now Americans might come to expect this kind of deal when it comes time for new car. Wonder which industry is going to come forward next wanting a govt. deal like the auto industry is getting. I say it will be the computer comps. Since they will say the batterie and plastic to pc's hurts the environment too...lmao.
President Obama is destroying our nation and rather quickly too. We must tell our House of Reps and Senators if they want their jobs in 2010 (a mid election), they better start listening to US and not Obamanation. They work for US as in WE THE PEOPLE. Not WE the GOVT.
Love you ALL,
Good point I think I'll look in the paper for a steal to go and trade it in for cash. As it is I need a car cause my truck wastes alot of gas but it's always handy to keep a truck in your house hold.
Geo
Read the fine print, Geo.
Actually, I like driving my 70 VW as it smells just like the air did in 1970.
Brings back memories and makes the environmental wackos rage.
Yes yes, no cat, no egr, no nuttin' except crankcase fume reburn & a throttle positioner that kicks in on the downrun.
Live with it leftests!
Nukey as the famous David.
ST JOHN'S, Antigua – Antigua's highest mountain officially became "Mount Obama" on Tuesday as the small Caribbean nation celebrated the American president on his birthday and saluted him as a symbol of black achievement.
Prime Minister Baldwin Spencer presided over the re-christening ceremony at the base of the mountain, unveiling a stone sculpture and plaque honoring the president as an inspiration in the twin-island nation of Antigua and Barbuda and throughout the Caribbean.
"This great political achievement by Barack Obama resonated with me in a way that I felt compelled to do something symbolic and inspiring," Spencer told the crowd of about 300, including several U.S. officials, at the base of the mountain near the island's southern coast.
"As an emancipated people linked to our common ancestral heritage and a history of dehumanizing enslavement, we need to at all times celebrate our heroes and leaders who through their actions inspire us to do great and noble things," Spencer said.
The plaque on the rock sculpture at the base of the mountain reads: "Mount Obama, named in honor of the historical election on Nov. 4, 2008, of Barack Hussein Obama, the first black president of the United States of America, as a symbol of excellence, triumph, hope and dignity for all people."
Cash For Bi-Polar Boobie Dolls
" I'm Barack Obama and I approve this message"
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