Bernanke cautions about budget shocks next year

[xchrom]

http://hosted.ap.org/dynamic/stories/U/US_BERNANKE?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-02-07-11-32-40

WASHINGTON (AP) -- Federal Reserve Chairman Ben Bernanke is urging senators to resolve debates over tax cuts that expire this month and at the end of the year, saying uncertainty around both could slow the economy.

Bernanke tells a Senate panel that he agrees with an analysis by the Congressional Budget Office that growth would slow to 1.1 percent next year if the so-called Bush tax cuts expire. He also says the economy would be hampered if a Social Security tax cut expires at the end of this month.

The tax cuts hinge on a debate over trimming the federal deficit, which is projected to run above $1 trillion for the fourth straight year. Democrats want to increase taxes on the wealthy. Republicans oppose that approach and want to focus on spending cuts.

[Vincardog]

1. Fuck the GOP raise the taxes on the rich. Make the Corporations pay an AMT

[DCKit]

2. The title may as well have been "Bernanke tosses a bone to the GOP."

Economic growth will be hampered if the tax cuts for the 1% are allowed to expire????

Bite me Ben.

[Javaman]

3. So the moron* tax cuts to the wealthy if reenstated will kill growth?

that's a hell of a spin.

it's killed tax revenue in this nation and inflated the deficit.

so the logic is that if the tax is reenstated, the wealthy won't have as much to "reinvest"?

can anyone just kick this mother fucker squarely in the balls, already?

[xchrom]

4. +1

[KrazeeKrewe]

5. Congress Screwed US & Raised Our Gas Taxes & Prices on New Years!

Congress Screwed US. Instead of raising taxes on the rich they raised our Gas Taxes & Prices on New Years! Now the rich make even more off of us & pay lower taxes to boot.

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