Larry Kudlow : “Team Romney tells me there will be a bolder tax-cut plan released either at the debate tomorrow night (if Mitt gets it in) or more formally at his Detroit Economic Club speech on Friday. I’m embargoed from releasing details until tomorrow. But I can say that the new plan will be across-the-board with supply-side incentives from rate reduction, and that it will help small-business owners as well as everyone else.”
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Romney Will Unveil Tax Cut Plan
A new YouGov poll finds a big difference between the way Democrats and Republicans think about tax fairness — but also shows that independent voters side with Democrats. Jonathan Bernstein : “The dilemma for Republican politicians here is clear: their primary voters are pushing them into a position on taxes which embraces a version of fairness that few outside the GOP base share. So something such as Herman Cain’s 9-9-9 plan can be wildly popular among Republican voters, but electoral poison in November. Repeat across enough issues, and you wind up with a Mitt Romney, backing his way into a presidential nomination of party that doesn’t really like him very much while at the same time taking positions that could hurt him in November. For Republicans, there doesn’t appear to be any easy solution.”
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Republicans Have a Tax Problem
First Read : “While the president’s budget is unlikely to become close to the blueprint this Congress adopts for 2013, do realize that because of this election year and the leverage BOTH parties THINK they could have in November, the future of the Bush-era tax cuts (which Obama extended once) probably won’t be dealt with by Washington’s leaders until that six-week period between Election Day and the New Year. So for those thinking the election itself will bring some rest for the weary… think again. Bush isn’t on the ballot in November, but the future of his tax legacy is.”
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Just Wait Until After the Election
A top congressional aide tells Huffington Post a “nightmare scenario” — where the federal government could wind up hitting the debt ceiling at the height of the presidential campaign — is definitely possible. “The Treasury Department is now contemplating the prospect of invoking “extraordinary measures” to keep the government funded through November. Barring a major economic shock — a financial meltdown in Europe, for instance — the emergency measures should be enough to get the federal government past the election. But even under a rosy scenario, the next Congress will be forced to raise the debt ceiling as one of its first orders of business in 2013, if the lame duck outgoing body doesn’t do it. And if the Treasury does have to invoke ‘extraordinary measures’ before the election, it’s easy to imagine a re-run of last year’s political circus, magnified many times over.”
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Is Another Debt Ceiling Fight Coming?
President Obama’s budget request to Congress on Monday will forecast a deficit of $1.33 trillion in fiscal year 2012 and will include hundreds of billions of dollars of proposed infrastructure spending, the Wall Street Journal reports. The projected deficit is slightly higher than the $1.296 trillion deficit in 2011. Bloomberg notes Obama will project a deficit of $901 billion for fiscal 2013 budget, based on the assumption Congress “accepts all the White House’s policy recommendations for everything from ending Bush-era tax cuts for families earning $250,000 or more to programs for education, infrastructure and manufacturers.”
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Obama Budget Forecasts Bigger Deficit