Thursday, February 26, 2009
• The budget has $4 trillion in spending for the 2010 fiscal year.
• There is a possible $750 billion dollars available in additional bank bailout funds this year.
• There is a proposal for a $634 billion fund to reform healthcare, which is part of a 10 year spending plan to cover the cost of universal health care coverage – the total is projected at $1 trillion.
• There is a line item for $75 billion for the wars in Iraq and Afghanistan through September.
• The Office of Management and Budget projects the government's deficit for this year will soar to $1.75 trillion.
It appears much of the funding for this spending plan will come from new tax increases:
• He plans to increase the taxes for people making over $250,000. It is estimated the increase will generate $318 billion.
o It will limit the tax rate for itemized deductions to 28% percent for tax filers over $250, 000.
• The plan also calls for letting the Bush tax cuts expire.
Although he is marketing his plan as tax increases for the rich, unfortunately many small businesses may be adversely affected. Many experts are skeptical that the tax increases will actually produce the kind of funds the proposal has projected. Obama is also pledging to cut the federal deficit in half by the end of his first term.
We are working through the entire budget and will keep you updated on any news.
Friday, February 20, 2009
Thursday, February 19, 2009
While many people thought the drama surrounding ex-Il Gov. Rod Blagojevich was over, it appears otherwise. New allegations about Blagojevich’s appointment of Senator Roland Burris to the open
Saturday, February 14, 2009
You can't open a paper, read a blog or turn on the television without hearing about the proposed stimulus package being debated on Capitol Hill. Opinions on the proposal vary widely in both GOP and Democratic circles. Three moderate GOP Senators, Olympia Snowe (ME), Susan Collins (ME) and Arlen Specter (PA) undertook the difficult effort to work in a bipartisan manner to make improvements on what most agree was a flawed bill that contained wasteful government spending. Their initial efforts were able to cut some wasteful spending and further reduce taxes. The US House and Senate are debating the bill today and are expected to have a final vote at some point today.
Tell us what you think:
Do you believe the stimulus package is necessary to help our hurting economy?
There seemed to be only three clear options for our GOP elected officials:
· continue the partisan gridlock,
· support what was an unacceptable initial bill,
· Or work for a better bill that cut some of the pork projects and cut bloated taxes.
Do you support the GOP Senators who are working for improvements to the stimulus package -- even if they do not get every change included that was supported by other GOP leaders?