The Democrats and Republicans on the deficit reduction 'Super Committee' remain hundreds of billions of dollars apart, just weeks shy of the Thanksgiving deadline. And that's not the only action on the economy this week. They'll also vote on an infrastructure plan, which would provide funds to repair roads and bridges, with money raised from higher taxes on millionaires. The Takeaway's Washington correspondent Todd Zwillich fills in the details.
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Comments [1]
To stay in deliberately brushed aside context, these cuts are needed because of the nearly quadrupled deficit under the Pelosi Congress and the intense spending by the Obama administration.
The "super committee" is now focusing on hot button issues like Social Security and defense just in time for a campaign season because this is all about political distraction and not economic recovery.
All this year the goal of the Democrats is to pass the massive debt buck they created to Republicans as much as possible.
"Completely overhaul the tax code" should scare everyone this Halloween. There are trillions of dollars in retirement accounts and other savings possessed not by millionaires and billionaires but by working people and the "progressives" want it because they believe it is their property and they are coming for it.
The money saved over a lifetime will be taxed by the government with the ominous din of the OWS shock troops demanding even more from appeasing politicians and a vacuous media providing sophist justification for all of it.
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