Posts Tagged Harry Reid
Senate Majority Leader Harry Reid (D-Nev.) announced today that he and his Democratic colleagues in the Senate would put forth a new proposal to pay for President Obama’s American Jobs Act bill. Their latest proposal, which will be released in its entirety by week’s end, places a greater tax burden on people whose income is more than $1 million a year. The version of the proposal outlined by Leader Reid today would have these wealthy individuals forfeit all of their assets and income and join the Occupy Wall Street protesters for a period of at least six months.
“We think that this accomplishes two of our main goals,” said Leader Reid. “First, it provides a mechanism for these millionaires to finally pay their fair share and second, it gives them the opportunity to live on the street amongst those individuals in our society who are suffering as a direct result of their financial misdeeds. We see this as fiscally prudent. And, it provides an element of poetic justice.”
Top Senate aides said that, under the proposal, millionaires would be required to actually live on Wall Street, make signs, and participate in the daily demonstrations conducted by the Occupy Wall Street protestors for a minimum of six months.
Aides went on to say that this was just one of several proposals that Democrats were pursuing to pay for the president’s proposed bill. By looking for alternatives, the Democrats are clearly signalling that they do not have the support of their caucus to pass the bill as it is currently written.
President Obama has asked the congressional super committee to identify another $ half trillion in savings to pay for the jobs measure. This is beyond the $1.2 trillion in spending reductions the committee is chartered with finding in support of the deficit reduction plan.
To pay for the proposal, the White House has recommended limiting itemized deductions for individuals making more than $200,000 a year along with closing certain tax loop-holes and implementing the “Buffett Rule” for an increase in capital gains tax rates.
Senate Majority Leader Harry Reid will introduce his “millionaire’s plan” as an alternative aimed at addressing concerns raised by his caucus with the president’s proposal.
“We believe our “millionaire’s plan” offers financial benefits along with a generous helping of American justice. We think this will be popular with the American people and we believe that these guys will fit right in down there at Occupy Wall Street.”
Dreadmonger will provide updates to the story as they become available.
- Protest time: Support the Occupy Wall Street movement and a new American Spring (thehill.com)
- The most powerful Occupy Wall Street twitpics (cbsnews.com)
- Kristof: ‘Occupy Wall Street’ Needs Clear Goals (littlegreenfootballs.com)
Dreadmonger Washington Bureau – The White House announced today that, in an effort to address anemic jobs performance and the overall lagging health of the U.S. economy, President Obama will embark on a 10-day “Speech-a-Thon”.
Speaking from the Press Briefing Room at the White House today, Jay Carney, White House Press Secretary, announced that President Obama will launch a 10-day, unbroken string of speeches beginning October 8 and concluding October 17.
“The speeches,” said Press Secretary Carney, “will consist of a series of presentations promoting the President’s American Jobs Act, various campaign speeches, town hall events, on-line events, basketball and golf game speeches, and speeches to his family during his ‘down’ time.”
“The President feels that we are in an urgent situation,” Mr. Carney said, “and that it is time to show his commitment to leading the nation by giving an unbroken, 10-day long round of speeches. The President will speak for the entire time with the exception of meals, bathroom breaks, and sleep. He will even give speeches during family dinners at home in the White House and during his golf and basketball games.”
Mr. Carney went on to say, “The President strongly feels that it is time to get to work. The American people are fed up with the bickering in Washington and the lack of definitive results. There is no action that leads to concrete resolution. So, the President is taking the bull by the horns and delivering his message directly to the American people via these speeches. We at the White House believe that this defines his strong leadership during this critical time in the nation’s history.”
When reporters from Dreadmonger asked if the President would be doing any policy work during the 10-day period, Mr. Carney responded, “These talks will cover a lot of policy issues and will spell out, in great detail, a lot of the groundwork that the President has laid on a host of issues that are vital to the American people.”
Dreadmonger will cover the upcoming speeches as they occur.
- Programming adjustment – Obama missed Christie’s speech (politico.com)
Senate Majority Leader Harry Reid and House Minority Leader Nancy Pelosi jointly proposed legislation today that would provide permanent stop-gap funding for Congress. The legislative initiative, nicknamed “Perma-Stop“, would provide for a bank of funds that would be available to Congress in perpetuity to provide monies for future periods where stop-gap spending is required.
The proposed legislation which, according to Mr. Reid, has the enthusiastic support of President Obama, provides for a bank of “Perma-Stop” funds between $300B and $500B that would automatically be available to Congress for funding the operation of the government in order to avert a shut down.
Mr. Reid and Ms. Pelosi addressed reporters today from backstage at a campaign rally in Pahrump, Nevada.
“This initiative will provide Congress with readily accessible funds that will allow the government to continue to operate in times of crisis,” said Mr. Reid. “As we have seen in recent months, our Republican colleagues have demonstrated a willingness, or perhaps we should even say a desire, to delay budgetary approval and thereby allow the government to shut down.”
The Reid / Pelosi proposal would set up a Perma-Stop Bank which would be directly funded by the Federal Reserve Board. These funds would be available for release based upon the approval of the Senate Majority Leader whenever the government requires so-called “stop-gap” funding. The bank would be operated on a “min / max” system by the Federal Reseve: whenever funds reached the minimum $300B level, an additional $200B would be injected to return the fund to the maximum level of $500B.
“We see this,” continued Leader Reid, “as an eminently reasonable approach to the constant start / stop dance we have played in the past few months with our Republican colleagues. They seem to feel they can shut down the government whenever the mood strikes them. I would remind our colleagues that those decisions can delay the issuance of Social Security checks which millions of American seniors depend upon for their very existence.”
Minority Leader Pelosi told reporters, “We see this legislation as key to the elimination of the incessant brinksmanship of threatening a government shut-down. We think that Americans are tired of the constant bickering and threats that do nothing but add tension and rancor to the process of conducting the people’s business. We believe our proposal will entirely eliminate this particularly nasty tactic that our colleagues on the other side of the aisle have shown to be all-to-willing to use. We think Americans will embrace our proposal to put an end to this nonsense.”
In conclusion, Mr. Reid added, “We think this legislation offers a simple and elegant solution to the persistent and unnecessary ploys and tactics that panic-inducing Republicans use to scare seniors. It’s time to stop this ‘fire drill’ mentality and get on with governing our nation.”
Dreadmonger will provide updates to the story as they become available.
- US Reid, Pelosi Offer Compromise To End FY’12 Funding Dispute (forexlive.com)
- Update:Reid:Hard To Negotiate W/Hse on Stop-Gap;’They’re Gone’ (forexlive.com)
Debt ceiling talks between President Obama and Speaker of the House John Boehner broke down today signaling the end of life on planet earth as we now know it. President Obama identified Boehner as the ” anti-Christ” and the Republican party as a whole as “less than human troglodytes”. For his part, Speaker Boehner responded by labeling President Obama “the Lord Voldemort of our time, economically speaking”. Boehner went on to praise the new Harry Potter movie and began to tear up as he reminded reporters once again that he has “every first edition of every Harry Potter book” in his home library.
Asked to comment on the debt ceiling crisis, House Minority leader Nancy Pelosi cursed, spat, and sputtered in indignation while making crazy eyes at cell phone cameras around the room.
Meanwhile in the Senate, Minority leader Mitch McConnell continued his game of pinocle with Senate majority leader Harry Reid. Reid mumbled something that reporters could not understand and raised his silver-handled cane in defiance as journalists pressed him for a response.
Unconfirmed rumors circulated within the beltway today that former President Jimmy Carter was being called in to negotiate a truce between the two hostile camps. Reached for comment at his Georgia farm, former President Carter smiled broadly and said that the peanut crop this year was below par but he was confident that next year’s crop would be “a good ‘un”.
- U.S. government talks acrimoniously end to raise federal debt ceiling (theextinctionprotocol.wordpress.com)
- Obama, Boehner Agree: Debt Ceiling Will Be Raised (blogs.wsj.com)
- US’s Reid: Obama, Boehner Are Negotiating Debt Ceiling Deal (forexlive.com)