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Democrats Vote on (Nonbinding) Budget | |
By ScottBittle on May 17th, 2007
Congress is taking up its budget resolution today, the Democrats' answer to President Bush's proposal. If you're not familiar with the budget process (and honestly, how many people are?) this nonbinding resolution sets out budget goals, but Congress will have to pass a series of spending bills later in the year to actually implement them. The White House is already vowing to veto some of these bills. The news coverage so far is focusing on the fact that the Democratic resolution endorses extending some of President Bush's tax cuts (such as the child tax credit and the "marriage penalty" reduction) while adding spending in domestic areas. Both the budget resolution and President Bush's proposal project the budget will be balanced by 2012 (although, naturally, the numbers are quite different). But some of the most significant points about the budget resolution is what it does not do: there's no permanent change in the alternative minimum tax and there's no action on entitlements like Social Security and Medicare, which in the long run are the bigger problem. 1 comment on this entry
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Changing Expectations
»A new report finds the main problem in getting the public to deal with our fiscal problems isn't opposition to tax increases or spending cuts -- it's their lack of trust in the government to spend their money wisely. |
Re: Democrats Vote on (Nonbinding) Budget
Hopefully the budget proposal will be granted and part of it should go to the investment purposes such as keeping the economy alive and stable. The country that has lot of investment is more likely sustainable why so?? Because investment provide income and can creates jobs. I just feel sad when there is some company that did not declare the true assets in their books, sometimes they use the written off method which is charging an asset amount to expense or loss, in order to reduce the value of that asset and one's earnings. That’s a hard fact, thus why sometimes some businessmen were charge of tax evasion due to improper declaration of their income in the financial statement in order to lessen the tax that has to be paid. I'd give a heck of a cash advance to find out where FASB gets their logic.