So many of Obama's plans would detrimental to this country, it may be a bessing in disguise that we're too broke to implement them.
Obama’s Revenue Plans Hit Resistance in Congress
Published: April 19, 2009
WASHINGTON — President Obama is running into stiff Congressional resistance to his plans to raise money for his ambitious agenda, and the resulting hole in the budget is threatening a major health care overhaul and other policy initiatives.
The administration’s central revenue proposal — limiting the value of affluent Americans’ itemized deductions, including the one for charitable giving — fell flat in Congress, leaving the White House, at least for now, without $318 billion that it wants to set aside to help cover uninsured Americans. At the same time, lawmakers of both parties have warned against moving too quickly on a plan to auction carbon emission permits to produce more than $600 billion.
The unwillingness to embrace some of the major White House tax and revenue proposals has frustrated administration officials. They note that lawmakers, many of them supporters of the president’s ambitious agenda, clamor to hold down the deficit while balking at the proposals to finance his program.
Clint Stretch, a top tax policy analyst for the consulting firm Deloitte Tax, said, “The president and the budget committees have set very ambitious targets for revenue raising, and they did it against a set of proposals that are going to be very hard to enact.”
© Janet Crain
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