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Subscribe to RSSPublished at 10:40 am ET: House Majority Leader Eric Cantor urged Congress and President Barack Obama to agree on “smarter cuts” instead of the $85 billion in spending reductions that are set to begin March 1.
On NBC’s Meet the Press Sunday, the Virginia Republican said the $85 billion in spending reductions in the current fiscal year, called “the sequester” and mandated by the Budget Control Act which Obama signed into law in 2011, are “not the best way to go about trying to control spending.”
Cantor told NBC’s David Gregory that House Republicans have proposed alternatives – such as reducing the value of federal employee pension benefits – that would help avert the automatic spending cuts.
House Majority Leader Eric Cantor visits Meet the Press to break down the top issues facing Capitol Hill lawmakers.
Cantor pinned the responsibility for suggesting the automatic cuts on Obama: “He’s the one who proposed the sequester in the first place.” Republicans, he said, are “anxiously waiting” for the president to begin discussing alternative cuts with GOP congressional leaders.
But Cantor said, “Every time you turn around,” Obama’s proposal is to raise taxes again. “He just got his tax hike on the wealthy and you can’t in this town every three months raise taxes,” the GOP leader said.
Obama and Democratic congressional leaders are seeking to raise additional tax revenue by eliminating or curbing some tax preferences and deductions. This would mean a new tax hike on top of the $700 billion increase signed by Obama on Jan. 2. That law, the American Taxpayer Relief Act, increased the top income tax rate on single earners with incomes above $400,000 and on married couples filing a joint return with incomes above $450,000.
It also reduced exemptions and deductions for single people who earn more than $250,000 and married couples filing a joint return who make more than $300,000. This effectively increased their tax bill.
Obama and most members of Congress didn’t expect or intend that the automatic spending cuts would go into effect; instead they thought they’d serve as a fail-safe device to spur agreement on a “grand bargain” of entitlement reforms, spending reductions and tax increases. When the “super committee” of 12 members of Congress failed to achieve that bargain, the automatic spending cuts were left as the default policy.
Senate Majority Whip Dick Durbin visits Meet the Press to back the president's proposal for an economic compromise.
Senate Majority Whip Sen. Dick Durbin, D-Ill., said, “Sequestration was designed as a budget threat, not as a budget strategy.” He added, “It was supposed to be so awful that the super-committee would finally reach a bipartisan agreement.” He blamed Republicans on that panel for rejecting tax increases as part of an agreement.
As a way of raising more revenue, Durbin said, Democrats want to eliminate or curb some tax preferences, a strategy which “doesn’t really impose a tax burden on middle-class families.”
In an interview Sunday on Fox News, House Democratic Leader Nancy Pelosi argued that cutting spending on education and scientific research is harmful -- “and they are what are affected by the sequestration. So it is almost a false argument to say we have a spending problem. We have a budget deficit problem that we have to address.”
She said federal spending on education and research will produce more jobs – and that will mean more revenue flowing into the Treasury. “Nothing brings more money to the Treasury of the United States than investment in education of the American people,” the California Democrat said, arguing that Congress must choose “(spending) cuts that help us” and not allow “cuts that hurt our future.”
On immigration policy, Durbin hailed Cantor for changing his mind on allowing younger illegal immigrants or people brought into the United States by their parents when they were very young to become legal permanent residents and ultimately U.S. citizens.
Cantor said, “I thought the best place to start was with children. These are children who due to no fault of their own were brought here.” He mentioned his own immigrant grandparents who emigrated to flee the anti-Semitic pogroms in Russia.
When Gregory asked Cantor whether he could bring with him a lot of conservative Republicans in the House to support an overhaul of immigration laws, Cantor said, “There’s a lot of movement right now in the House and the Senate, both sides of the aisle, with folks having a lot of different ideas.”
But Cantor clearly indicated that he would like Congress to pass a bill focused only on illegal immigrant children and “put a win on the board,” before addressing other, more complex aspects of immigration policy.
Yet Durbin said a legalization program for children or for people under age 21 would be only part of a larger immigration bill, and that a group of Democratic and Republican senators including Sen. Marco Rubio, R- Fla., is crafting that larger measure. “But it won’t just apply to children,” Durbin said.
On another contentious policy dispute – Obama’s targeted killing policy for terrorists, even if they happen to be U.S. citizens – Durbin said Obama is working toward “a legal architecture to deal with this new war on terrorism” and “the new mode of war,” which includes not only drones as weapons, but computer-based or cyber warfare. “The policy is unfolding,” Durbin said, he did not say whether he thought a revised or new congressional authorization to use force was necessary.
Obama and the Justice Department have argued that the targeted killings of suspected terrorists in Yemen and elsewhere are fully authorization by the resolution Congress passed a few days after the attacks of Sept. 11, 2001. That congressional resolution, plus the president’s inherent authority as commander-in-chief to defend the nation from imminent attack, supply his constitutional basis for action, the Justice Department argued in a white paper reported Monday by NBC News.
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Hey Cantor: How much of the Bush debt did YOU vote for???
If the last 3 GOP presidents had not signed TWENTY deficit riddled budgets AND saddled Obama with a $1.3T deficit, we wouldnt HAVE a debt crisis! If Bush had followed Clinton's blueprint, we wouldnt HAVE much debt!! Cantor's new pretty language he talked about last week:
"tax reform" = more tax cuts for the wealthy! 26% for the top level is the last I heard!
"entitlement reform" = privatizing SS and Medicare whose beneficiaries had NOTHING to do with this debt crisis!
"work with us" = give us what we've been asking for the last 4 years| (we'll use prettier langugage" Remember, you asked for a compromise on language but NOT on principles!
Admit that you've been sabotaging the economic recovery these past 4 years, as you planned on Jan. 20, 2009!
Tell the American people why you walked away from $4T in budget cuts just to protect the bush tax cuts for the wealthy ( and the corporate loopholes). You cost us our AAA credit rating and now interest on the debt is higher!
Why should ANY American "work with you" when you and your cabal have done SO MUCH damage to this country these past 31 years! YOU created the damage-- YOU fix it without involving the Americans who had NOTHING to do with this disasters!
http://zfacts.com/p/318.html
http://economix.blogs.nytimes.com/2012/06/12/the-fiscal-legacy-of-george-w-bush/
http://economix.blogs.nytimes.com/2012/08/14/blaming-obama-for-george-w-bushs-policies/
Lindsay Graham: I Will Destroy America’s Solvency Unless The Social Security Retirement Age Is Raised --
http://thinkprogress.org/economy/2012/12/30/1379681/lindsay-graham-i-will-destroy-americas-solvency-unless-the-social-security-retirement-age-is-raised/
Total National Debt:
$5,662,216,013,697 – (01/01/2001) Bush2 about to take office
$8,680,224,380,086 – (01/01/2007) Reid & Pelosi take control of Congress
$9,229,172,659,218 – (01/01/2008) Reid & Pelosi Budgets Go Into Effect
$10,699,804,864,612 – (01/01/2009) Obama about to take office
$16,487,564,297,892 – (02/07/2013)
The total national debt has increased by more than $5.8 trillion since Obama took office, and that is $800 billion more debt than was added during the entire 8 years Bush2 was in office. The CBO now projects that our total national debt will exceed $26 trillion in 10 years, and that includes all the sequester spending cuts taking place. The "blame Bush for everything" strategy by the DNC is a waste of time. Nobody believes it anymore.
Peter...you pay for your damn wars..you dont want to pay your bills
Obama is not "paying" for the wars either. All of it is being financed by selling U.S. Treasuries.
Peter, Obama hasnt passed a budget in 3 years--- since FY 2009!( Bush's last budget) So how could he be running up debt?? ONLY continuing resolution has been approved by DEMs and the GOP! The DEMs werent about to agree to MORE tax cuts for the wealthy AND the privatizing of Medicare!
If a President hasnt gotten his budget passed, how can he be running up debt??
Same old GOP trap crap they want medicare and social security and the federal employees to pay for the two wars they mis-managed and lost. So nothing will get passed the sequester will take effect and when we are attached overseas because nobody spent the money for security it will all be Obama's fault. Same old same old just a day later and just as they promise to deliever the votes they will not be able to. They have succeeded in killing government and the last target is to finish off the economy. Enjoy struggling America maybe next time you will never ever vote Republican.
Cantor says "work with us..."??
Pretty funny coming from the party that is responsible for over 80% of every filibuster on record, in just the last FOUR YEARS.
Cantor in some sort of conciliatory mode now--huh, have I missed something. Does work with the GOP mean cave to everything proposed by the BOP/Bagsters? don't believe a word out the little weasel's snout. Attempts to make the GOP appear less stupid and recalcitrant?
GOP voted for sequestration, didn't Ayn Rand's golden troll state that "Sequestration isn't supposed to happen" during the GOP's spectacular failure for the Presidency. Believe it when I see it, Republicans being reasonable about anything the President or Democrats propose--it will be the usual dismissive and derisive slap down.
Maybe cantor et al are getting the message congress approval rating lower than cockroaches.
Thats right tax breaks..your right cantor
In all my years I have never seen this Country so divided...........it is absolutely deplorable...I stand in amazement the number of people that can't see the forest for the trees.............................
Very sad. And you can guarantee another 4 years of this division with this President! Things will not change!
Absolutely, can just see it more division with a little help from Dee et al, in GOP speak, united means roll over, sit down and shut up if one doesn't agree with GOP agendas and mantras. Wrong! Not going to sit down and shut up, had enough of that with W and the last four years of screaming from the right. Tired of the vilification of everything that appears to assist the least of ours and the amnesia how we got to this sorry state.
And you have just proven to be a perfect example of this division. Thank you for helping us make our point.
Dee Patriot "And you have just proven to be a perfect example of this division"................And I pointed the finger at whom?...........Classical example of how someone appears when they assume.
what happen to his smirk
It appears the Republicans, having failed in "one term" presidency, are just focused on revenge. Cantor isn't the worst....read what Linsey Graham said today on Face the Nation. He is disgraceful and bent on revenge that his party couldn't come up with a winner in the last two elections. Yeah, Palin was a good choice and then of course we had Mittens, who discounted 47% of US citizens along with Mr. Ryan.
yes stop heaven and earth..for Benghazi..for a phone call
Elizabeth, Why do you think everything about the Republicans is about revenge? Why do you have a problem that they do not want to give up their core beliefs, just like Dems are not expected to give up theirs? Are you libs so arrogant that you believe there is only one true core of beliefs and others who think diffently should be ridiculed and called names? Maybe the Rebublicans have not carried their message effectively and convincingly to the American people but to change their core beliefs to appease yours is complete arrogance! YOu dems want to continue to argue your points, that is fine, but do not criticize those who think differently and allow them the courtesy of standing up to their beliefs instead of accusing them of revenge!
dont bother dee. The dems dont believe in america. They believe in badmouthing others at all costs. Just how it works in todays world. Don't bother.
Dems don't believe in America--what an absolute crock of elephant dung drops, badmouthing and name calling perfected to a fine art by the right wing machine, don't agree get called all kinds of dismissive and offensive names, then accused for being bad dogs--nonsense.
cantor..jobs what jobs..oh Benghazi
cantor we do not want your policies...did you see the past the election
Cantor no one is buying what you are trying to sell!
we Americans do not want the change the corporations tea party wants for America
The GOP's "smarter" version of spending cuts is to reduce as much as possible any program that helps the middle and lower classes: Social Security, Medicare and Medicaid.
plain and simple.. have you notice it stays away from there mouths
We cannot fund Medicare and Medicaid as they are currently structured without much higher taxes for those in the middle class. The money is simply not going to be there any other way. Your choice - much higher taxes (likely a VAT) or restructuring Medicare and Medicaid so they are affordable without substantially higher taxes.
Hey, I have an idea. Everytime there's a story about the economy, Congress and the administration, the moderators of Newswhine could save us all a tremendous amount of time. Sally, if you would just do a big 'ol copy and paste, no one would have to waste their time. Everyone from Piggy to Feisty to AG99, to me for that matter, just keep saying the same crap over and over again. We're all so good at spinning bull I don't understand why we don't just all run for Congress.
I'm sick and tired of hearing republicans like these two point at the democratic white house and say that "washington needs to get control of it's spending problem" when in fact democrat presidents have always resulted in more reduction of the deficit and less deficit generated than republican presidents, President Obama included, who has reduced the deficit as well. This selling point is so wrong, in fact pointing at the solution (democrats and Obama) as the problem, and pretending to know the solution (when it fact it is republican policy that bankrupts the country). Two idiots proclaiming the gospel of idiocy to which no one should listen. Besides, we already know the GOP is in disarray and GOP leaders do not speak for the house and senate republicans votes anway.
yes they just change there name to the tea party...because of the big crash..of the stock market..to get back in office same people
In the last 4 years the total national debt has increased $800 billion more than it did in the entire 8 years Bush was in office. Your assertion is not correct. The fiscal cliff deal just signed into law by Obama will, according to the CBO, add an additional $4 trillion to the national debt (currently $16.5 trillion) over the next ten years to a staggering $26 trillion by 2023.
pay your bills Peter
Why won't Obama pay HIS bills??? Bush never had trillion dollar deficits!
Gee I wonder where the "bills" originated Peter, seems to me congress incurs the bill and controls the purse strings--real fast in financing defense spending we don't need and pork barrelling up the wazoo as evidenced in the Sandy Relief add ons--NASCAR, really?
People seem to forget that although the republicans demand on reducing government "cheese" like programs for the needy, to keep them health, fed, and housed, as well as reducing taxes so our ulta rich can afford additional limos or illegal drugs, all this savings and income gain due to less taxes is for naught as the GOP turns the crank on the war machine like nobody's business. If you want to really see "out of control" spending look at what we have done with the military since 9/11 (which gave us the "blank check" for military spending the GOP needed) which has been used to rape the deficit and give military not only obese spending it did not ask for but wars it did not ask for as well.
Sooo today the losers are dictating the negotiations huh? You lose, you decide how to rule, who to nominate in your cabinet, by losing you earn the right to Dictate to winners what they should? Where is America going?
Hahahaha...so the only spending cut Kantor can think of is to reduce federal employee pensions? Hahahaha. Time to vote ALL of these fools out and get on with the serious business of the State.
hey cantor if you cut benefits like say SS..medicaid medicare...that would mean jobs lost people who work for a living at those places
Small price to pay for saving our economy. Thousands of jobs are lost every day and nothing is being done about it. But then, Obama needs to focus on gun control and immigration! i suppose these issues are more important than getting people back to work..
I am so tired of looking at that sneering dog's ass Cantor every Sunday. Is there NOBODY in that awful republicon party with any IDEAS?
While I am not a fan of Mr Cantor or the other fringe right loonies in the House of Representatives, in this case he is correct. We need to impliment spending cuts at the level mentioned in the article and, if fact, even larger spending cuts are needed. The best way to get the additional revenue that Obama wants is to get people back to work. Asking for yet additional tax increases on any American citizen over and above the ones on the weathy that were recently signed into law would be just as wrong and damaging to the economy as alloowing the automatic cuts to go into effect. We will need major budget cuts to get control of this deficit, but, they need to be done carefully, thoughtfully, with bipartisan legislation and done with a scalpel not with a machete wielded by the grim reaper.
funny how the rich are hoarding gold in wall street..while America burns.
@elvis...the rich are hoarding gold BECAUSE America "burns".........
Why do you think tax code revisions (such as means testing on deductions) would create as much damage to the economy as allowing the sequestration to take effect? Why not do both...means testing and cuts?
Funny thing about our country - what wealth you happen to have belongs to you, not the federal government. I guess you leftys would like to change that and have EVERYTHING belong to the "state".
Stone - the new tax code does means test deductions. There is not all that much more than can be gotten from those deductions.
The Constitution doesn't specify a "maximum" income tax rate. It's whatever Congress supports. And, there is a wide range between current rates and "everything." The exact percentage depends on circumstances.
On "means testing." I must have missed that...which deductions are means tested?
hey republicans if Medicaid Medicare SS is falling let it...but.. i sure in the hell don't want you to get your hands on it..in wall street
liberalism: moochers electing looters to steal from producers
Republicans are hoarding there wealth in gold..for a slow recover in America...Obama do an executive order on gold...to jump start America again
The welfare/warfare state is bankrupt, drowning in debt, spending borrowed money stolen from our children's generation. The automatic cuts are nothing, a small pittance of the trillion-plus dollar annual deficits. There are no "smart cuts" that can be done with a scalpel, it requires a chainsaw to whack 36% out and balance federal spending with income.
And we are looking forward to another 4 years to do even more damage! I see no end in sight for the future!
The republicans are hoarding gold.they have put all there money in gold.in wall street.so they can take from the working class..SS..medicaid medicare.
You are free to invest your own money as you wish.