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Nine Most Likely Words From Congress
"I'm from the government, and I help rich people."

Nine Most Likely Words From Congress

Congress Adds to Deficit by Giving Tax Breaks to Big Business

Posted on January 6th, 2015 by Daryl

Congress routinely allows immense packages of nominally temporary tax incentives, loopholes, deductions, and credits to die, only to revive them over and over again. Collectively known as tax extenders, the current group of 55 tax breaks actually expired at the finish of 2013. But with only a month left to pass tax legislation, Congress is scrambling to come to a deal to extend these breaks retroactively, so they may apply to 2014 and though the next decade. Lots of of the extenders are basically giveaways to choose groups of corporations and individuals that would not be approved were they to be thought about one-by-one.

Misplaced Budget Priorities

The figure below shows the Misplaced Budget Priorities10-year costs of proposed tax extenders deals. The first deal nearly reached by the Senate and finally scuttled by President Obama’s veto threat would have made a number of the breaks permanent, expanded the research and development tax credit, phased out the

Renewable Electricity Production Tax Credit, and extended most of the rest through 2015. As shown in the first stacked column, these business friendly tax breaks would total $440 billion over ten years. The second stacked column looks at feasible consequence of Congress’s likely fallback plan to extend the expired breaks retroactively for 2014 alone. If Congress were to extend all the breaks that expired in 2013 every year for the next decade, it would total $762 billion. These tax packages are then compared to the 10-year costs of policies that Congress has failed to address, deeming them expensive and unworthy

of an increase in the deficit: a one-year extension of the federal Emergency Unemployment Compensation program, a patch to fill in the Highway Trust Fund’s shortfall for the next decade, and a repeal of the remaining non-defense discretionary sequestration spending cuts.

It is hypocritical for Congress to cite deficit concerns when blocking legislation that would help low- and middle-income Americans, and then to disregard these deficit concerns when thinking about tax extenders overwhelmingly beneficial to massive business.

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Obama tests out a side job on ‘The Colbert Report’

Posted on December 9th, 2014 by Daryl

President Obama told Comedy Central host Stephen Colbert that he loves the job of being president. He also said he doesn’t get wrapped up in his status because his family teases him “mercilessly.” (AP)

“The Colbert Report” briefly got a new host — President Obama.

Obama appeared on the comedy show Monday night, talking about everything from health care reform to the economy, the Keystone XL pipeline and briefly, took on the new gig. Because Colbert has “been taking a lot of shots at my job,” so the president said he would “take a shot” at the host’s.

“I, Stephen Colbert, have never cared for our president,” Obama, pretending to be Colbert and sitting at his desk, said. “The guy’s so arrogant, I bet he talks about himself in the third person.”

Obama said he “felt more powerful behind” Colbert’s desk. But, “I love the job,” Obama said of his own.

A buoyant Obama also had a confession: Despite being president, he still leaves his socks on the floor. How does that go over at home? “Not well,” Obama said. And no one there treats him like president, he said.

“When I go home, Michelle, Malia, Sasha give me a hard time,” he said. “There are no trumpets and they tease me mercilessly for my big ears or my stodgy suits.”

Colbert had a question for the president: Is he still the leader of the free world after the midterm elections?

“Because the Republicans are quite surprised that you’re doing anything at all,” Colbert said.

“Look, the election didn’t go as I would have liked,” Obama said. “A correction there. I had a little thought bubble.”

Obama said he’s committed to working, with Congress when possible, to help working families and to make college affordable. He sidestepped a question about the Keystone XL pipeline.

Obama said he thinks young people — and being that the show was taped at George Washington University in Washington there were plenty in the audience — didn’t vote in the midterm elections because “they felt discouraged about what was happening in Washington.”

Obama touted the Affordable Care Act and the increased numbers of people signing up. Now, he said, the only way for it to be repealed is for Congress to pass a bill to do so, which, posing as Colbert, said would require the president’s veto.

“And if I know that guy, he’s willing to use it,” Obama said.

While interviewing the president, Colbert talked about the improving economy and asked Obama: “Why didn’t you fix the economy before the election?”

Obama said the economy has been on a “pretty good run,” citing nearly five years of private sector job growth.

“You’ve employed a lot of people,” Colbert said. “Mostly as secretary of defense.”

“Well, that boosted our numbers a bit,” Obama said.

Colbert did ask Obama what the president deemed said was, for the “first time,” a “sensible question” from the comedian. While campaigning in 2008, Obama said that too much power rested in the presidency. Now Obama is issuing executive actions. So do presidents take office and think, “I might be the only one I trust with this much power, so I’ll hold onto it?”

Obama said presidents have the tendency to want to get things done, especially when government is gridlocked. He said he uses the White House office of legal counsel to independently advise him on what he can and can’t do, but he would prefer to work with Congress.

Colbert said he wasn’t going to ask Obama for the nuclear launch codes — but requested a hint.

“Can you tell me if there’s a 5 in there?” Colbert asked.

“No,” Obama deadpanned.

President Obama sat down with Comedy Central host Stephen Colbert in Lisner Auditorium at George Washington University on Monday. (AP)

Katie Zezima covers the White House for Post Politics and The Fix.

Post Politics: Breaking Politics News, Political Analysis & More – The Washington Post

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