Republicans Showed Serious Errors In Judgement Compromising On The Omnibus Budget bill

From A Charging Elephant:

Republicans showed serious errors in judgement compromising on Omnibus budget bill


Posted on December 26, 2010

by dancingczars
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by Jim Campbell



In the good ole days it was called ‘horse trading,’ after all, politics is the art of compromise.



Ostensibly, Republicans caved in to assure that most of the Bush era tax cuts would be kept in place. On the face what’s not to like? Perhaps an analysis is due.











This is certainly a law that would have fallen under the ‘read it before you sign it to find out what’s in it,’ thank you Nancy Pelsoi.



Had lawmakers done so they would have found some very interesting, o.k. disgusting sausage making.









Just little things of minor import like tax breaks for people who buy racehorses, while homeowners filing the short form on their income taxes lost their local property exemption. Two thirds of tax filers use the short form.



Nicely embedded in the bill was an exemption that allows banks, insurance companies and other financial firms to shield foreign profits from being taxed by the U.S. through 2011. Cost: $9.2 billion.



Last and to keep you honest you will need to click here to see the nice little Christmas gifts provided to Puerto Rico and the Virgin Islands in tax rebates from a tax on rum imported into the United States. The U.S. imposes a $13.50 per proof-gallon tax on imported rum, and sends most of the proceeds to the two U.S. territories.



The bill also provides a number of pro-business initiatives that will allow for rapid deduction on capital expenditures, and another 50tax deductions to spur on economic growth. Why now? Is the Obama administration finally beginning to understand the job killing effects of taxation?



1. The 111th Pelosi led congress failed to address this situation before leaving to campaign in October.



2. For the Bush tax cuts to have had a positive effect on the economy, allowing business’ large and small to plan ahead, making investments in their company infrastructure setting the paths for new job creation, reducing the woeful unemployment rate; the current administration’s lack of action on this item required that keeping the tax cuts in place would have been a first orders of business.



3. President Obama on December 16,2010 signed into law a H.R. 3082 to keep the federal government operating at 2010 levels until March 4th 2011.



4. To be certain the bill was filled with pork-laden earmarks from both sides of the aisle.



Clear thinking Republicans would have not been so hasty, particularly in light of one member of a minority senator happily calling out on the Senate floor, “ We won.”



What exactly was won for those that matter, the American people? Not much, it was pure abdication of their congressional mandate to protect and defend the Constitution and the people of America. Merely a rubber stamp of the past while not considering the real priorities of an ever disintegrating economy with unemployment above 9.4% for twenty consecutive months, world wide economic chaos, and the very real threat of global terrorism.



What might have been accomplished had Republicans taken a long-term view?



1. Let the entire bill expire. Throw it back in the face of the Democrats in power and question why the lack of leadership in these areas?



2. Would only a few weeks between the charade of victory between December 17, 2010 and January 6 when the Republican Congress once again takes charges made any difference toward job creation? Hardly!



3. On January 6th, the new congress would put the Bush Tax cuts retroactively back in place.



4. Would President Obama refuse to sign a new Omnibus bill, stripping pork, while putting President George W. Bush’s tax cuts back in place? Much has been said about the current president. He’s an ideologue he would not triangulate like former President William Jefferson. That would be a good thing, as it would mean the premature end of his economic terrorism and career.



5. Will he sign the new permanent bill cutting spending levels back to 2008 levels? As Sarah Palin would say, “you betcha” President Barack Hussein Obama puts many things above his sworn oath to protect and defend the Constitution and Americans. Never forget, his primary interest is “Looking Out For Number One,” a classic book by Robert Ringer.



That’s my story and I’m sticking to it, I’m J.C