NYT Supports Conrad's Budget Plan, Says President's Offers Cut Too Much, Would Stagnate Economy

[flpoljunkie]

It was good to see Mr. Obama challenging the Republicans’ illogic and pushing them to make a deal before it’s too late. But we fear the sort of deal he is willing to consider, based overwhelmingly on spending cuts, could still consign the country to more years of economic stagnation.

The president spoke about the need to create an infrastructure bank, to maintain unemployment benefits, and to protect the elderly and the poor. But keeping those goals will be nearly impossible with a debt deal that cuts three times as much spending as it raises revenue. A balanced plan, like the one Senator Kent Conrad is circulating among Senate Democrats, would cut spending and raise revenue equally, and would make it possible to pay for programs that kick-start the economy.

Americans need to hear the hard economic truth that there is no way to both cut the deficit and revive the economy without finding additional sources of revenue. As the president himself said on Monday, “If not now, when?”

http://www.nytimes.com/2011/07/12/opinion/12tue1.html?_r=1&hp

[jefferson_dem]

1. K/R.

Thanks.

[vi5]

2. They should have made this a David Brooks column...

Then maybe Obama would listen to the advice, since he loves him some phony "centrism" more than anything else.

[Vattel]

3. I wish Obama just took the position that the debt-ceiling bill

should contain no cuts at all. Maybe O'Donnell is right that a bill with no cuts is his ultimate goal. I hope so. The Republicans know that the debt-ceiling must be raised. They are trying to use the fact that Obama also knows this to force Obama into making spending cuts. We have a game of chicken here, and I hope Obama just drives straight ahead. He has the more powerful position because he can simply insist on the obvious truth that the ceiling must be raised and take the stand that he won't allow the Republicans to hold the economy hostage by trying to force him to do what they want in order to get the ceiling raised. The Republicans essentially have a bomb that will blow up everyone (don't raise ceiling) and they are saying,"Do what we want or everyone gets blown up." Hopefully voters can see that. If the Republicans know that they will take the blame if the bomb goes off, then they will back down.

[gkhouston]

4. And the next act begins... hurry on in from intermssion, y'all. n/t

[msongs]

5. NYT needs to stop being so critical of republican financial policies no matter who is pusing them