The Rev. Al Sharpton is on for Ed all week -- it'll be interesting to see whether his take differs from Ed on the week's big stories. Check back later for today's Outlook and Underbuzzed. Meanwhile, here's today's Morning EDition.
TODAY
- Pres. Obama meets with Sen. Maj. Leader Harry Reid (D-NV) and then at 5pm eastern, Sen. Min. Leader Mitch McConnell (R-KY).
BUDGET
- McConnell says time for talking points is over, proceeds to unreel talking points.
- Republicans would rather cut defense spending than millionaire revenues.
- Why the GOP walked out of debt negotiations.
- What the GOP was defending: Big oil, private jets, millionaires.
- Top Republicans signal openness to new tax revenues, albeit not hikes. (What's the difference? Semantics, e.g., politics).
- Democrats are pushing to close tax loopholes for the very rich. Good luck with that.
- Could the key vote for ending the budget impasse be...Rep. Nancy Pelosi (D-CA)?
- Pelosi certainly seems to think so.
- And seniors aren't letting the GOP forget about their Medicare debacle, either.
- Rep. Michele Bachmann says defaulting is no big deal. Just like at the kitchen table!
- The House quietly starts work on reforming corporate taxes. Start guessing now as to who will benefit.
- Consumer spending falls to 20-month low.
- Poll: Americans fear consequences of default; but some want it anyway.
- Flashback: Reagan helped the economy rebound...by raising taxes.
- Flashback: Federal highway spending spurred economic growth.
CLASS WARFARE
- The recovery largely helped already well-off families; others got left behind.
- Corporate lobbyists fighting new rule that forces disclosure of disparity between CEO pay and worker pay.
- Measures to dampen executive pay have super-charged executive pay.
- PICTURES: Protesters gather for Koch power summit.
- GOP continues assault on NLRB for fulfilling its lawful mission of defending labor rights.
- Banks continue to commit wrongful foreclosures.
- Study: Lower taxes do not boost state economies.
- Poll: Record number of Americans have little or no confidence in the banks.
- VIDEO: Sen. Jon Kyl (R-AZ) says GOP will not budge on oil and gas subsidies.
WALL ST. / BANKS
- International regulators force big banks to keep more skin in the game when gambling with the global economy.
HOUSING
- Banks are holding back the housing market with timid lending.
GAS PRICES
- CNBC's Jim Cramer gets it on Wall St. manipulation of commodity prices.
ENERGY
- Whistleblowers sound the alarm about the rush to natural gas.
SECURITY STATE
- SCOTUS nixes Abu Ghraib lawsuit.
LATINOPHOBIA
- Georgia's anti-immigrant law clobbers Georgia's economy.
GAY RIGHTS
- Gov. Chris Christie (R-NJ) says he will oppose gay marriage; he's "not a fan."
- Rep. Bachmann defends New York's right to legalize gay marriage.
- Most states still have constitutional bans on same-sex marriage.
- NYT editorial goes after Obama on gay marriage.
- NYC about to make gobs of money as a destination for gay weddings.
THEOCRACY
- VIDEO: Rep. Todd Akin (R-MO) says the heart of liberalism is hatred for God. (What's at the heart of conservatism? Hatred for people?)
ELECTIONS
- House Democratic PAC launches attack on Republicans who voted to end Medicare.
- VIDEO: One sample of the new Democratic ad here.
- Ohio Republican Secretary of State balks at bill curtailing voter rights.
WISCONSIN
- Gov. Walker signs budget defunding Planned Parenthood.
- Walker budget also slashes nearly a billion dollars from education.
- Republican judge accused of choking female judge in dispute over union rights.
- How Judge Prosser could lose his job over this.
- Both judges stand their ground.
- VIDEO: Greta van Susteren calls on the judge to resign. The judge who was the victim.
NEW JERSEY
- Gov. Christie rejects public television, endorses public malls.
GOP 2012
- Bachmann claims RomneyCare is unconstitutional.
HERMAN CAIN
- The invisible man. To the eye network.
MICHELE BACHMANN
- Bachmann's announcement plays on the Obama "otherness" covert-racism card.
- VIDEO: Chris Wallace asks Bachmann whether she's a flake.
- Bachmann refuses to accept Chris Wallace's apology.
- Bachmann hates government spending. Except the spending on her.
- Bachmann denies she gets government money.
NEWT GINGRICH
- Gingrich says gay marriage muddles marriage. Like he's been clear on it until now.
RICK PERRY
- Gov. Perry (R-TX) is gearing up for a 50-state presidential campaign.
- The economy Perry wants to bring to America.
(What I'm reading: Greg Sargent's Plum Line, Think Progress, Matt Yglesias, The Wonk Room, Talking Points Memo, TPMDC, Taegan Goddard's Political Wire, the Washington Monthly, the National Journal, Ezra Klein, Politico's Playbook and Huddle, Dave Weigel, Wonkette, Firedoglake, the NYT Caucus, Daily Kos, Crooks and Liars. What Pandora has me listening to: The Obvious Child by Paul Simon.)
Follow Senior Producer Jonathan Larsen (@jtlarsen) on Twitter
Leave a Comment:
We need to cut government spending first. Raising taxes just delays the inevitable cuts that need to be made.
Well, let's cut the bloated defense budget. It can be done many ways besides the proverbial check on wasteful spending and such. Seems that it could be cut about 50% and we would still be quite comfortable with being able to protect ourselves, instead of making up a war for convenience sake.
We could also close oversea bases. Many countries like the UK, Spain, Italy etc. can now take care of themselves. Bring our equipment and other stuff back home as well as our troops. This would save a few bucks.
We could cut some other things like subsidies. Let the present economic system that we have do it's own thing.
Cutting sounds fine but it is also now the time for all those that have benefitted from the give-aways in our tax code to pay up. Time to pay the piper.
Dennis-324-- (post #1.0),
How does raising taxes D E L A Y inevitable cuts ? Huh ??
Likening the macrocosm of the national budget to the microcosm of a household budget, as pachyderms like 2 do, U should B able 2 understand that the head(s) of the household manage(s) the daily operation of the household ( utility consumption, food, bldg. maintenance and repairs, insurances, education, entertainment, etc) by way of keeping tabs on income vs. expenditure.
Looking at bringing in MORE income 2 the household IS A NORMAL, TYPICAL, USUAL approach, especially if expenditures R too great... or expected or predicted 2 rise. AND, OF COURSE, taking steps 2 reduce expenditures where possible IS ALSO a standard practice. AND, it's not unusual 2 simultaneously engage in BOTH increasing income and reducing or holding out-go at a certain level !!
THEN, we get into more complicated, abstract thinking... internal borrowing or temporary shifting of previously allocated monies to other areas, in order to bridge a gap or for unforseen circumstance... OR we borrow externally (from a bank or acquaintance) or we dip into currently budgeted monies for the month or quarter we R in, for a use not normally associated with it, with the INTENT 2 replenish that amount from the NEXT month or quarter--which sounds like meaningless time traveling of money.
BUT, all these practices or approaches I have experience with... as many Americans, especially those who DON'T HAVE the same deep pockets CEOs have (who R basically parasites on their wage slave employees, taking /raking in hundreds of times more money per day / per week / per month / per year.) >>> Necessity Is The Muther Of INVENTION <<<
We DO need 2 cut gov't spending first or second... but I got a feelin' the kind of gov't " spending " U R thinking about is related to domestic peace and tranquility... NOT where cuts NEED 2 B made.
The cuts that R INEVITABLE R OF those expenditures that provide little or NO UTILITY, R UNSUSTAINABLE IN SOME BASIC WAYS... AND, WHICH HAVE FORCED UPON OUR SOCIETY CONSIDERABLE OPPORTUNITY COSTS ( as well as CREATED OTHER COSTS or PROBLEMS )... and NO, the cuts I'm referring 2 R NOT RELATED 2 the social good, like medicare...social security...education...infrastructure, etc.
THE INEVITABLE CUTS I REFER 2, which we can and DO NEED 2 make R those related 2 OUR OUT OF BOUNDS, GALACTIC, OVER REACHING, OUTRAGEOUS MILITARY SPENDING.
The USA USA USA, currently maintains hundreds of military bases in over 100 countries all around the world.
We could easily shut down 2% of these bases each year for 10 consecutative yrs. ... for a modest 20 % reduction in the number of bases-- for starters. THAT ALONE would provide significant relief... and if combined with re-institution of a TRULY progressive tax code, where the top 20%, or even 10% of the population began 2 pay a fair share in income tax, as they once did a generation ago, our budget would soon be back in the BLACK !! ( assuming we get serious about cleaning up our daily pollution practices, as well as bringing back sanity to our agri-business practices--instead of burying our collective heads in the sand about energy production and consumption )
THE BOTTOM LINE ? Whether U consider the household budget or the larger national budget, think in terms of what is sustainable.
U don't work, in order 2 generate "income" so that U can do away with yor own personal and family "social" programs any more than we all contribute 2 gov't in order 4 us 2 do away with the nations "social" programs at the expense of throwing money down a black military-industrial hole.
Some of us LIVE to eat...some EAT to live. BUT who in their right mind would eat to work OR live to work ?? ok ok ... this is AmeriKa not France ( or Italy, or Greece, or any other place where they frown at mindlessly punching a time clock until U R "spent" at age 65. )
BUT I HOPE U GET THE PICTURE.
One last bit of helpful advice : check out what Chilean economist Manfred Max Neef, Tax analyst and author of Free Lunch, David Cay Johnston and travel / culture guide Rick Steves all have 2 say. AND stop by both the Green Party and Ralph Nader's web sites.
These peeps will help U 2 realize that the repo party's " solutions " 2 our economy R an AGENDA first and foremost.
The repos R like the fox who comes a runnin' when U R a screamin' alone in the woods. Like Anthony Hopkins says, they ain't there 2 help U... just like the Faux Network ain't about educatin' U.
raise revenue and spending will take care of itself!!!!!
more revenue more money and less cuts!!!! to the important stuff. MC, SS etc...
Tax and Punish the Greedy!!!!!NOT the NEEDY!!!!!!!
it maybe just to simple for everyone to see.
Pilot, I agree and I would think it is totally understandable, just the illusion of not seeing the forest for the trees. It would be absolutely destructive to this country to default.