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Posted at 1:24 PM ET, 11/30/2010

Obama's deficit commission delays vote on national debt plan

By Lori Montgomery

UPDATE, 4 p.m.:
Erskine Bowles and Alan Simpson, co-chairmen of President Obama's deficit commission, have announced that the panel will delay its vote until Friday.

ORIGINAL POST:
President Obama's deficit commission is likely to delay a vote, originally set for Wednesday, on a plan to rein in the soaring national debt, according to congressional sources.

As commission chairmen Erskine Bowles and Alan Simpson huddle one-on-one with other members in hopes of assembling a respectable majority, sources said Tuesday that a vote later in the week is looking more likely.

Bowles and Simpson have scheduled a news conference for 3:30 p.m. Tuesday.

By Lori Montgomery  | November 30, 2010; 1:24 PM ET
Categories:  44 The Obama Presidency  
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Comments

Well, folks, if the taxes go up on everyone to Clinton levels and the child deduction goes from $1,500 to $500, while the unemployment stops, there will be alot of very poor people at 1-1-11. All the other taxes go up, too. So, Obama will cause the largest tax increase in the history of this country.

What was that he said about those in the middle class? I guess he has forgotten.

Posted by: annnort | November 30, 2010 8:25 PM | Report abuse

Blah, blah, blah. This (cat food commission) is a complete waste of everyones time...

Meanwhile, unemployment benefits expire today for 800,000 Americans, with another 1.2 million to lose them before the end of next month.

The nation still has crippling unemployment levels. The deficit is not the story, nor is the catfood commissions work. The story should be this ongoing recession and the need for investment as opposed to austerity.

.

Posted by: DrainYou | November 30, 2010 5:07 PM | Report abuse

Take note. There is currently no 250K tax bracket. As you can see in the last post of mine, it is currently 35.00% for taxable income above $186,825.

No wonder Clinton was able to have a surplus.

Posted by: LL314 | November 30, 2010 4:58 PM | Report abuse

Good news! Taxes are are only paid on profits and not on expenses! So, hardly any small businesses will be hurt by resetting all taxes back to the Clinton rates.

Also, other deductions that apply to all families will apply, so the 250K limit for a family, will much higher since the 250K is taxable income and not gross income!

Even the rich family won't pay on the first 250K!

Here are the marginal rates for the Bush era followed by the rates in 2000 for the Clinton era:

2010 brackets:

2010 Jointly Filing Separately
Marginal Rate Over But Not Over Tax for Bracket
10.00%, 0, $8,375.00, $837.50
15.00%, $8,375.00, $34,000.00, $3,843.75
25.00%, $3,400.00, $68,650.00, $16,312.50
28.00%, $68,650.00, $104,625.00, $10,073.00
33.00%, $104,625.00, $186,825.00, $27,126.00
35.00%, $186,825.00 and higher
Clinton era rates:

2000
Marginal Rate Over But Not Over Tax for Bracket
15.00%, 0 $21,925.00, $3,288.75,
28.00%, $21,925.00, $52,975.00, $8,694.00
31.00%, $52,975.00, $80,725.00, $8,602.50
36.00%, $80,725.00, $144,175.00, $22,842.00
39.60%, $144,175.00, and higher

So, you can see if the rates reset with out congressional action, everybodies rates will be higher! Maybe that is what we need.
But caution because he top marginal brackets are more then 250K for a family.

The house ans senate better get hopping.

Posted by: LL314 | November 30, 2010 4:53 PM | Report abuse

Is this a "debt" panel or a "death" panel??? All they have to do is raise taxes from 36% max to 39% max, cut the military budget by 100 billion dollars a year, and put reasonable tariffs on imported goods. That would solve the problem instantly. But the death panel seems to think that robbing the poor, sick, elderly, teachers, and government employees is a better way to go. They wouldn't want to upset the ultrawealthy by raising their taxes to pre-Bush levels.

Posted by: CALDEM | November 30, 2010 4:41 PM | Report abuse

More smoke and mirrors that will likely lead to little or nothing!!!!!!

Posted by: Jimbo77 | November 30, 2010 3:41 PM | Report abuse

Gosh a chance for them to lie to us once again that Social Security is bankrupting the country. Lets have a real debt commission made up of people in debt, not overpaid millionaires who want to steal more from the poor and middle class.

Posted by: hippie1367 | November 30, 2010 2:43 PM | Report abuse

Gosh a chance for them to lie to us once again that Social Security is bankrupting the country. Lets have a real debt commission made up of people in debt, not overpaid millionaires who want to steal more from the poor and middle class.

Posted by: hippie1367 | November 30, 2010 2:43 PM | Report abuse

Gosh a chance for them to lie to us once again that Social Security is bankrupting the country. Lets have a real debt commission made up of people in debt, not overpaid millionaires who want to steal more from the poor and middle class.

Posted by: hippie1367 | November 30, 2010 2:42 PM | Report abuse

They wanted to give Purina more time to import enough catfood from China.

Posted by: solsticebelle | November 30, 2010 2:31 PM | Report abuse

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