November 19, 2009
THERE BAYH GOES AGAIN.... Sen. Evan Bayh (D) of Indiana wrote a column for CNN, explaining why he intends to vote against raising the debt ceiling, "unless Congress adopts a credible process to balance our books and eliminate the red ink."
Long-term deficits drive up interest rates for consumers, raise prices of goods and services, and weaken our country's financial competitiveness and security.
The bigger our deficits, the fewer resources we have to make critical investments in energy, education, health care and tax relief for small businesses and middle-class families.
The bigger our deficits, the more we must borrow from foreign creditors like China, allowing governments with competing interests to influence our economic and trade policies in ways that run counter to our national interest. [...]
Our unsustainable debt is neither a Democratic nor a Republican problem. It is rooted in the DNA of both political parties. Some in Congress like to spend more than we can afford, and some like to cut taxes more than we can afford. The easy path is simply to borrow until the credit markets will no longer allow it.
What Bayh wants is a congressional commission to recommend a deficit-reduction package, which lawmakers would be forced to vote on, up or down. Without the commission, Bayh is prepared to let the United States default on its loans and send the global economy into turmoil. It's an interesting little hostage situation Bayh has created for himself.
There are, however, some issues to consider. For example, it was none other than Evan Bayh who recently voted to "reform" the estate tax, cutting taxes for the extraordinarily rich, at a cost of $750 billion over the next decade. To pay for it, he recommended ... nothing. The costs would simply all be added to the deficit. Given this, I hope he'll forgive my skepticism about his credibility on the subject of fiscal responsibility.
For that matter, I know everyone is always supposed to believe at all times that "both sides are equally to blame," but Bayh's shorthand is lazy and wrong. Democratic policymakers cut the deficit and created a surplus. Republican policymakers were the single most fiscally irresponsible officials in American history. Yes, Dems are running high deficits now, but only because the alternative is a wholesale economic collapse. Skipping over this history is, at best, misleading.
It's also worth keeping in mind that the president's budget proposals already project deficit reductions, and health care reform would further bring significant reductions to the deficit.
But perhaps the biggest question I have for Bayh is: why wait? If the Indiana senator and his cohorts want to put together a deficit reduction strategy, why not put pen to paper and present a plan?
—Steve Benen 2:00 PM
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Why wait? Because Bayh is a grandstanding holy joe wannabe who is fine passing tax cuts or funding wars without paying for them, but screams like a stuck rePIGlican when spending for infrastructure, education, help for the poor, or job creation comes up because "We can't afford it." What a hypocritical, pandering, loser.
Posted by: richard wang on November 19, 2009 at 2:09 PM | PERMALINK
My sh_t brained Congressman Frank Wolf is also a big proponent of the commission idea. When I received his last glossy brochure on this topic, I sent it back with a note asking him what the hell I was paying his salary for if he needed a commission to make his decisions for him. (No reply so far.) The irony is that Bayh seems to think that his position amounts to taking a courageous stand, while it actually does nothing more than prove he has no stones. He's sure not the man his Dad was.
Posted by: dcsusie on November 19, 2009 at 2:13 PM | PERMALINK
I have a deficit cutting suggestion: Let's eliminate all Federal transfer payments to Indiana.
Posted by: mars on November 19, 2009 at 2:17 PM | PERMALINK
Or cut $250B/yr out of Defense, or raise the Estate Tax another 25%.
My work here is done.
Posted by: mars on November 19, 2009 at 2:19 PM | PERMALINK
But the deficit hawks do, in general, have a point though. Let's close the gap by closing loopholes and inappropriate tax breaks, like the fraudulently promoted cap gains reduction; etc. And although I am happy to pay for public education and basic services, I don't want 80k families getting a handout (child tax credit) from me!
mars: Re Bayh, yeah on IN - but the rest of us shell out lots to AK. Let's cut all that Federal payment to Palin's Parade-ice
Posted by: Neil B ♪ on November 19, 2009 at 2:22 PM | PERMALINK
"There are, however, some issues to consider. For example, it was none other than Evan Bayh who recently voted to "reform" the estate tax, cutting taxes for the extraordinarily rich, at a cost of $750 billion over the next decade. To pay for it, he recommended ... nothing. The costs would simply all be added to the deficit."
I'm sure this will get as much coverage as chapter 5 of Palin's book.
Posted by: Phuck Bayh with a rusty spanner on November 19, 2009 at 2:24 PM | PERMALINK
Senator Bayh, don't back a commission. Show a spine and propose the best fiscal package available. There is no reason to hide behind a panel of experts or a bevy of bipartisan senators. If the problem is sufficient enough for writing a CNN article, then the problem is sufficient enough to write a bill.
Lots of people can write an article. Only 100 senators have the authority to write a bill. Stop posturing and do your job, senator.
Posted by: danimal on November 19, 2009 at 2:29 PM | PERMALINK
I'll add that I have nothing but disgust for moderate, blue doggish Dems that vote for endless wars and perpetual tax cuts while the GOP controls the wheels, but then posture over deficits and spending when the Dems pull the car out of the ditch.
Posted by: danimal on November 19, 2009 at 2:33 PM | PERMALINK
"Democratic policymakers cut the deficit and created a surplus."
I think the Republicans who ran the House and Senate for most of Clinton's administration deserve at least a tiny bit of the credit for that.
Mike
Posted by: MBunge on November 19, 2009 at 2:35 PM | PERMALINK
What Bayh wants is a congressional commission to recommend a deficit-reduction package, which lawmakers would be forced to vote on, up or down.
The impact aging is having on my memory is showing, but wasn't that the kep provision in Gramm-Rudman, and wasn't it stricken down? (or, alternatively, if it wasn't, we see how much good it did the first time. . .)
Posted by: zeitgeist on November 19, 2009 at 2:39 PM | PERMALINK
why not put pen to paper and present a plan?
or fingers to keyboard ??
and btw evan has one of the stupidest haircuts around ...
Posted by: evan is a douchebag on November 19, 2009 at 2:42 PM | PERMALINK
Every few weeks, we hear another rethug or DINO politician pointing out the 'need' for reform of social security, medicare, and medicaid.
My (choke, sputter, cough, gag) senator, Evan Bayh is an asshat, has always been an asshat, and will always be an asshat. He constantly talks out his ass, because his mouth should know better.
As a semi-rethugnican of the DLC persuasion, Evan is good at mouthing words with no substance. In this case, he is just repeating the words of the Rethugs, the wanta-be-rethugs, the DLCers, and the DINOs who view this as a means of cutting social security, medicare, and medicaid without having to take responsibility for doing so.
Why would anyone believe that Evan Bayh and the so-called dumbocrap moderates are any different than the rethugs who know that we need to cut social programs for the poor and working class.
Need to save that money for tax cuts for the wealthy!
Posted by: AngryOldVet on November 19, 2009 at 2:55 PM | PERMALINK
Mike,
Democratic policymakers cut the deficit and created a surplus.
"I think the Republicans who ran the House and Senate for most of Clinton's administration deserve at least a tiny bit of the credit for that."
No. They don't.
EVERY Republican in the House and EVERY Republican in the Senate voted against it.
Posted by: Joe Friday on November 19, 2009 at 2:57 PM | PERMALINK
And how many times did the honorable Mr Bayh vote to raise the debt ceiling during the last eight years without ever suggesting any change to taxing and spending policies?
Today's deficit hawks would be much more credible if they had any, you know, credibility.
Posted by: Lifelong Dem on November 19, 2009 at 3:01 PM | PERMALINK
I would be sooo refreshing if the first deficit reductions tackle by Congress would be to pay for everything rammed through and not paid for from 2001 - 2008. Starting with 2 wars and the Bush tax cuts. Then Medicare Part D.
When it comes time to actually cut revenue flowing to all those red states, let's see how onboard the deficit hawks are. NIMBY isn't just an acronym.
Posted by: bcinaz on November 19, 2009 at 3:07 PM | PERMALINK
I could possibly be inclined to go along with something of this nature, but not until tools like bayh take appropriate action to "unshit the bed" that they shat into, by passing legislation that reverses immediately such things like all of the previous tax rate cuts pushed by the prior administration. Would be nice if we could do the same for the costs of Iraq and Afghanistan but it is probably impossible to remove that shite from the deficit bed (although some strategic cuts ti future defense spending might be a good substitute there). Oh, and levelling some sort of transaction tax or other tax on the Goldman sachs of the world to help repay the damage done by their recklessness would be nice too.
Posted by: Bubba on November 19, 2009 at 3:08 PM | PERMALINK
"EVERY Republican in the House and EVERY Republican in the Senate voted against it."
Please don't try to use the truth when arguing with wingnuts. It's not a language they understand.
Posted by: SFAW on November 19, 2009 at 3:41 PM | PERMALINK
Bayh's commission scheme is as lame as the repub's call for a balanced budget amendment 15 years ago. They both want to look like they're doing something, but won't take the heat that goes with actually doing it. If you want the budget to be balanced, then damn well go out and balance the budget.
Posted by: Tim H on November 19, 2009 at 4:52 PM | PERMALINK