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Back to the Deficit

The American Prospect
Thursday, 10 May 2012

The House plans to vote today on a Republican plan to avoid the $110 billion in Pentagon sequestration cuts that would be triggered at the end of the year because of the failure of last year's supercommittee. "People know at the end of the day that this is not going to be all sunshine and cotton candy," said Representative Tom Cole, a Republican from Oklahoma.

Unfortunately, the Republicans' plan to fix the deficit hurts the poorest in our country the most—the bill, which would save $261.5 billion over the next ten years, would leave an estimated 1.8 million people without food stamps, cut Medicare by $22.7 billion, and stop a program that helps homeowners facing foreclosure. Senate Democrats and Obama have threatened to "pull the trigger" on the defense cuts unless Republicans agree to work with them on a compromise that entails spending cuts and tax increases."My message to them is simple," Obama said. "No. I will veto any effort to get rid of those automatic spending cuts to domestic and defense spending. There will be no easy off-ramps on this one." Democrats proposed an alternate plan on Wednesday which would cut oil, gas, and agriculture subsidies and impose the Buffett Rule.

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**Chart of the Day**Let's go house hunting! The cost of an average mortage payment has decreased enough where you can probably find a bigger and better house to buy and live in than to simply rent.

—Reuters

*Reason to Get Out of Bed in the Morning*

 

President Obama announced his support for gay marriage yesterday! Finally. 
 

—The American Prospect
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Source: Agence France-Presse - on May 10, 2012

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