By Jay Sekulow
The left's outrage over the IRS turns to a plea to 'move on'
Independent voices from the TWT Communities
In the fiscal feud between President Obama and Republican lawmakers, economists agree that Washington could raise several hundred billion dollars by limiting tax deductions and closing loopholes for the wealthy, but charities likely would take a big hit in donations.
Massive tax cuts proposed by Republican presidential candidates Newt Gingrich and Rick Santorum would cause the national debt to explode while Mitt Romney's budget plan could generate red ink in line with current projections, according to a new study released Thursday.
Suppose Congress could adopt a simple measure that all at once takes a giant step toward taming huge budget deficits and gives a powerful boost to the economy and employment. It would pass in a minute, right?
Failure by Congress' debt-cutting supercommittee to recommend $1.2 trillion in savings by Wednesday is supposed to automatically trigger spending cuts in the same amount to accomplish that job.
The congressional "supercommittee" — the bipartisan group of 12 House and Senate members tasked with finding ways to slash the federal debt — has been flooded with often conflicting suggestions from colleagues eager to tell the panel how to do its job.
When the captain of the Titanic was warned repeatedly of icebergs ahead, he nonetheless made the decision not to slow down or stop the ship for the night. He was, after all, the captain of a ship that "God himself could not sink."
When President Obama rolls out his 2012 budget Monday, it will sound the starting gun on a three-month sprint that will determine just how serious Washington is about translating its cost-cutting rhetoric into serious action to reduce staggering deficits.
While Democrats and Republicans say they are ready to begin filling in the nation's deep borrowing hole, budget hawks remain skeptical of lawmakers' ability to fulfill their vow, given that many of them did the digging in the first place.