Bush warns of Democrats tax rise plot

[mawilson 2,133]

President George W. Bush on Wednesday accused Democrats of plotting the

biggest tax increase in American history, endangering the solid economic growth

achieved by the US over the past four years.

Mr Bush has threatened for weeks to veto Democratic plans to increase next year’s

federal budget above the $933bn requested by the White House.

But Wednesday’s comments, in a speech at the US Treasury, signalled an escalation

in tensions between the Bush administration and Congress over economic policy.

“If the majority in Congress gets its way, American families [and] small businesses

will face a massive tax hike,” said Mr Bush. “It would amount to the largest tax

increase in American history.”

The remarks appeared aimed at reclaiming the initiative in the debate over economic

policy at a time when Democrats are seeking to exploit widespread pessimism among

middle-class Americans about the direction of the US economy.

Mr Bush pointed to robust growth in jobs, wages and gross domestic product since

2003 as evidence that his administration’s tax-cutting agenda was working.

“I will use the veto to keep your taxes low and keep federal spending under control,”

he said, referring to Democratic plans to add $22bn to the 2008 budget.

Congress will have less than a month to pass budget legislation before the end of the

fiscal year when lawmakers return from their summer recess in September. If the

deadline is missed, the federal government would face a funding crisis.

A similar showdown between the Clinton administration and Republican-controlled

Congress in 1995 led to a partial shutdown of the federal government and some

observers have predicted the same outcome this year.

Mr Bush is attempting to use the budget debate to salvage the Republican party’s

tarnished reputation for fiscal responsibility after several years of expansion in federal

spending since he took office.

Wednesday’s speech was also designed to focus attention on the administration’s

economic successes, amid increasingly vocal criticism of its tax cuts and free trade

policies from Democratic presidential candidates.

The White House is frustrated that it has not received much credit for steady economic

growth since 2003 – in part because public attention has been focused on the war in Iraq.

Mr Bush said the tax cuts of 2001 and 2003 had resulted in a surge in tax revenues

by promoting entrepreneurship and job creation. “Since 2003, our economy has added

more than 8.3m jobs in almost four years of uninterrupted growth,” he added.

Democrats have seized on widespread public concern about the impact of globalisation

on economic security to undermine the White House's positive message.

Seven out of 10 Americans believe the US economy is getting worse, rather than better,

according to a recent Gallup poll – a historically high figure. But the public is less likely

than in the past to name the economy as the nation’s number one problem -- in part

because Iraq has become the country’s dominant concern.

Source - The Financial Times

[Pinocchio Liberal 268]

Here comes, Bush is gonna starve the children statements. When you do hear this, just remember the child obesity problem the left is also concerned about.

Edited August 8, 2007 by CarolsMarc

[Sinergy 3]

Here comes, Bush is gonna starve the children statements. When you do hear this, just remember the child obesity problem the left is also concerned about.

as concerned as the no child left behind thing?

[one...two...tree 2,762]

Here comes, Bush is gonna starve the children statements. When you do hear this, just remember the child obesity problem the left is also concerned about.

You should venture outside of political talk radio from time to time...

http://www.cato.org/pubs/tbb/tbb-0510-26.pdf

Bush Beats Johnson: Comparing the Presidents

by Stephen Slivinski, Director of Budget Studies, Cato Institute

...kind of blows your argument right out the water, sparky.

[no name 1]

cut taxes, raise the national debt!

With the help of a Republican controlled Congress he immediately gave a massive tax cut based on a failed economic policy; perhaps an economic fantasy describes it better. The last year Mr. Clinton was in office the nation borrowed 18 billion dollars. The first year Mr. Bush II was in office he had to borrow 133 billion.

The first tax cut Bush pushed through a willing Republican Congress caused an upswing in government borrowing that was supposed to stimulate the economy, but two years later Bush had to push through yet another tax cut. The second tax cut was needed because it was clear that the first one did not work. Economic history tells us the second did not work either. As a result of all his tax cutting with no cutting in spending, in 2003 President Bush set a record for the biggest single yearly dollar increase in debt in the nation’s history. He did it again in 2004, increasing the debt more than half a trillion dollars. Since 2003 total borrowing has exceeded $500,000,000,000 per year. Even Mr. Reagan never increased the debt that much in a single year; Mr. Reagan’s biggest increase was only 282 billion, half of GWB’s outrageous spending.

source

[mawilson 2,133]

devilette,

The tax cuts worked fine, thank you. It was probably the only thing Bush did right.

[no name 1]

cut taxes, raise the national debt!

With the help of a Republican controlled Congress he immediately gave a massive tax cut based on a failed economic policy; perhaps an economic fantasy describes it better. The last year Mr. Clinton was in office the nation borrowed 18 billion dollars. The first year Mr. Bush II was in office he had to borrow 133 billion.

The first tax cut Bush pushed through a willing Republican Congress caused an upswing in government borrowing that was supposed to stimulate the economy, but two years later Bush had to push through yet another tax cut. The second tax cut was needed because it was clear that the first one did not work. Economic history tells us the second did not work either. As a result of all his tax cutting with no cutting in spending, in 2003 President Bush set a record for the biggest single yearly dollar increase in debt in the nation's history. He did it again in 2004, increasing the debt more than half a trillion dollars. Since 2003 total borrowing has exceeded $500,000,000,000 per year. Even Mr. Reagan never increased the debt that much in a single year; Mr. Reagan's biggest increase was only 282 billion, half of GWB's outrageous spending.

source

[one...two...tree 2,762]

devilette,

The tax cuts worked fine, thank you. It was probably the only thing Bush did right.

But admit that he's not fooling anyone with your OP of this thread. His record speaks for itself.

[Mr. Big Dog 10,747]

The Dems should have the nuts the Republicans had back when they shut Clinton's goverment down over budget issues. The Dems need to gow the balls to shut Bush's White House down for a bit.

[Dr_LHA 3]

The Dems should have the nuts the Republicans had back when they shut Clinton's goverment down over budget issues.

You've got that the wrong way around. Clinton shut down the government, not the Republicans.

Edited August 8, 2007 by Dr_LHA

[Mr. Big Dog 10,747]

The Dems should have the nuts the Republicans had back when they shut Clinton's goverment down over budget issues.

You've got that the wrong way around. Clinton shut down the government, not the Republicans.

You're right. I had that the wrong way.

[no name 1]

The Dems should have the nuts the Republicans had back when they shut Clinton's goverment down over budget issues.

You've got that the wrong way around. Clinton shut down the government, not the Republicans.

You're right. I had that the wrong way.

Does this mean you'll vote Dem now?

[Dr_LHA 3]

The Dems should have the nuts the Republicans had back when they shut Clinton's goverment down over budget issues.

You've got that the wrong way around. Clinton shut down the government, not the Republicans.

You're right. I had that the wrong way.

Does this mean you'll vote Dem now?

PWNED!!

[Trumplestiltskin 5,791]

“I will use the veto to keep your taxes low and keep federal spending under control,”

he said, referring to Democratic plans to add $22bn to the 2008 budget.

Isn't that a contradiction in terms?

[one...two...tree 2,762]

George W. Bush is the biggest spending president of

the past 40 years in both the defense and domestic

discretionary spending categories by a long shot. Indeed,

he beats Johnson by almost four percentage points in

defense spending growth and more than three percentage

points in domestic discretionary spending growth.

What’s also remarkable is that Nixon, not Johnson or

Bush, presided over the largest increase in inflation adjusted

annualized entitlement spending. Yet, George W.

Bush, along with his father, follows Johnson in terms of

spending in this category.

~ Cato Institute.

http://www.cato.org/pubs/tbb/tbb-0510-26.pdf

...roll that in a joint smoke it, Marky Marc and the Funky Bunch.

Edited August 8, 2007 by Mister Fancypants