\nthe bejesus<\/i> of out Americans. So the White House seeks ways to reduce the deficit by
\neither increasing taxes on companies and rich Americans, or eliminating subsidies<\/a>.<\/p>\n
But wait!<\/a> But wait!<\/a> But wait!<\/a> The Obama administration is stuck between a rock and a hard place. The You want to know what a budget debate looks like in 2010? Here is it, in a nutshell. Step one: The administration wants to reduce the deficit, but it can’t cut spending dramatically without risking a double dip recession and drawing the ire of liberal Democrats. So it’s stuck with a $1.6 trillion dollar deficit, […]<\/p>\n","protected":false},"author":1534,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-273517","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/273517","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/1534"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=273517"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/273517\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=273517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=273517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=273517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nCongress complains that these tax changes hurt employers and create
\n“uncertainty” among businesses that would otherwise hire. So to
\noffset the tax changes and encourage hiring, the administration wants to put
\ntogether a jobs bill to offer loans to small businesses and $5000
\nchecks to employers who add workers. <\/p>\n
\nThe administration can’t put together a decent jobs bill without
\nviolating their self-imposed PAYGO rules, which require one dollar
\nsaved for every dollar spent. So they find a loophole: They’ll use the
\n$30 billion of bailout money that banks have paid back, and sprinkle
\nthose funds among small businesses to make jobs grow. <\/p>\n
\nDeficit hawks in Congress blast the plan, because the money
\nrecouped from TARP was supposed to go into the Treasury’s general fund
\nto (of course!) reduce the deficit. And we’re back at square one, with
\neverybody being generally concerned about the red ink. We can’t cut spending dramatically. So cut federal subsidies,
\nright? But that will kill jobs!<\/i> And around and around we go.<\/p>\n
\nrock is an immovable Congress and the hard place is a trillion dollar
\ndeficit that is as terrifying to contemplate as it is impossible to
\nchange. Everybody acknowledges that we need
\nmore jobs, but key senators won’t vote for the money to incentivize
\nhiring. The White House can’t spend the deficit up without expecting more blowback, but Congress won’t
\nlet them bring the deficit down. This is what a budget debate looks like.
\n
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