(KUNA) -- White House economic adviser Larry Summers warned Wednesday that failure to pass a hotly debated new tax cut through Congress "would significantly increase the risk" of a double-dip recession in the U.S.
At an off-camera press briefing this afternoon, National Economic Council director Summers and other White House officials made case for the controversial deal President Barack B.O. Obama struck with Republicans, which has proven among Democrats in particular.
"If this process were to break down and a bill were not passed," Summers said, not only would economic projections recently revised upwards not happen, "downward revisions would commence." Summers says he thinks Congress will pass the two-year extension of tax cuts for the rich as well as the middle class. He added that he does not think that Congress would take a step that "materially increases the risk that this economy will stall out." That's what he says could happen if Congress fails to act.
Summers says positive reviews coming in from economists show the deal is the right thing to do
Posted by: Fred ||
12/10/2010 00:00 ||
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#6
A double-dip recession refers to a recession followed by a short-lived recovery, followed by another recession. However, there has been NO recovery, just flim-flam, stimulus spending to give the impression of a recovery. We have been in the Great Recession since 2007 or so.
#10
drudgereport.com and has an article about how Obummer just turned a White House press briefing over to Bubba Clinton. Bubba expounded on the need for the tax cuts while the bummer walked out, saying he had to go to a party. Walked out and left Bubba at the podium!
What was it that Truman said..."If you can't take the heat, call Bubba?"
#15
To those who say 'Is Palin the best you can come up with..', it appears the Clintons are the best they can come up with. So, how's that 'anyone but Clinton' crowd in Donkland feeling now? /heh
White House spokesman Robert Gibbs says President Barack Obama is prepared to delay his holiday trip to ensure Senate ratification of a US-Russia nuclear treaty.
Gibbs told reporters Friday that he believes Obama, who's set to vacation in Hawaii for the holidays, will stay in Washington until the New START pact is done.
Some key Republican senators continue to express skepticism about whether there's enough time this year for adequate consideration of the deal. But Maine Republican Senators Olympia Snowe and Susan Collins both expressed support Friday.
Said Gibbs: "Congress won't leave before START is done. START will get done. And START will get done with a strong, bipartisan vote."
It doesn't seem to be a very good treaty, for the U.S. at least. Is it meant to be a payoff to Russia to stop building nuclear power stuff for Iran?
That's what the cancellation of the missile defense system in Poland was supposed to buy, remember ...
#2
"One year ago, I was humbled to receive the Nobel Peace Prize -- an award that speaks to our highest aspirations, and that has been claimed by giants of history and courageous advocates who have sacrificed for freedom and justice."
#3
So basically it was:
"I am pleased the Committee has recognized Mr. Liu Xiaobo by bestowing on him an award which I won last year. He should feel honored"
what a tool
Posted by: Frank G ||
12/10/2010 13:44 Comments ||
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#4
Liu Xiaobo is pulling his fourth prison term for advocating democracy. BHO wouldn't chip a fingernail to advocate democracy.
Posted by: Matt ||
12/10/2010 16:49 Comments ||
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#5
It would be nice if all newspapers would stop publishing these ridiculous photos with presidents and other assorted public figures in halos from the presidential seals, lights, etc. in the background.
It says more about the photographer and the media then it says about the person photographed. They used to do it to Bush also.
Posted by: Black Charlie Chinemble5313 ||
12/10/2010 23:19 Comments ||
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A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
White House spokesman Robert Gibbs says President Barack Obama is prepared to delay his holiday trip to ensure Senate ratification of a US-Russia nuclear treaty.
