The gap between Balls and Mili -
D on deficit reduction has been exaggerated.
Not exact matches
But upping the ante
on Keystone and trying to present a united Democratic front opposed to a compact Republican front wouldn't fit very well with President Obama's current effort to strike a more conciliatory tone and promote across - the - aisle cooperation
on tax reforms and
deficit reduction.
None of them
have succeeded so far, but the issue is likely to come up again as the focus of Congressional negotiations
on deficit reduction shifts to tax reform.
Ontario
has taken an opposing approach: projecting high debt financing costs, creating room for the province to under - promise and over-deliver
on deficit reduction.
Such
reductions in the
deficit would have effects
on the economy that
would further decrease
deficits by modest amounts.
Including just the effects of economic feedback from
deficit reduction would reduce the cumulative
deficit over the next 10 years by roughly $ 160 billion — or about 0.1 percent of GDP,
on average — compared with CBO and JCT's conventional estimate of the President's proposals.
Past achievements include building the case for
deficit reduction in the 1980s and early 1990s, for consolidation of the Canada and Quebec Pension Plans in the late 1990s, a series of shadow federal budgets and fiscal accountability reports in that began in the 2000s, and work
on marginal effective tax rates
on personal incomes and business investment, which
has laid the foundation for such key changes as sales tax reform, elimination of capital taxes, and corporate income tax rate
reductions.
The Senate budget resolution calls for significant
deficit reduction that
would put debt as a share of GDP
on a downward path, but the most likely part of the budget to be acted
on would widen
deficits even further.
According to (pretty outdated) CBO data
on this question, that is in fact what happened, but as I and others (particularly Krugman)
has endlessly stressed, our policy makers recently pivoted way too quickly to
deficit reduction and that too
has made it much harder to repair the damage from the housing bubble.
Congress
has made substantial progress
on deficit reduction, but they
have done it in the worst possible way, which is to say, it's been very chaotic and damaging to confidence.
Erskine Bowles, co-chair of the Simpson - Bowles
Deficit Reduction Commission
has calculated that service
on the interest for that debt alone, if rates stay near record lows, will be $ 1 trillion by 2020!
Common and Poor's
has named the Government's
deficit reduction targets into query, and suggested that Chancellor George Osborne will need to
have to increase taxes in buy to continue to be
on track Photograph: EPA The Authorities will
have to raise taxes if it is to strike its
deficit...
The Joint Select Committee
on Deficit Reduction has until November 23 to identify $ 1.2 trillion in funds to reduce our nation's d
Deficit Reduction has until November 23 to identify $ 1.2 trillion in funds to reduce our nation's
deficitdeficit.
Where this government's failure
on growth and jobs
has led to their failure
on the
deficit, the next Labour government will rise to the challenge: action to strengthen the recovery and our economy for the long - term; alongside a tough
deficit reduction plan.
It is happening because the Chancellor's economic policies
have failed catastrophically —
on living standards, economic growth and
on deficit reduction too.
To cut VAT as the centre piece of a new approach to
deficit reduction would send the message that the UK
has a lack of confidence in its own growth prospects and that a capacity to flip - flop
on economic policy exists.
The
deficit reduction programme takes precedence over any of the other measures in this agreement, and the speed of implementation of any measures that
have a cost to the public finances will depend
on decisions to be made in the Comprehensive Spending Review.
It was there in the build - up to Iraq, or when then - home secretary Alan Johnson sacked the chair of the Advisory Council
on the Misuse of Drugs, or when George Osborne pursued a
deficit reduction strategy identical to the one he
'd branded dangerous when it was proposed by Alistair Darling.
If the Liberal Democrats played games
on the
deficit -
reduction programme, it
would undermine their hopes of showing that «coalition works» and getting some credit for the economic medicine if it succeeds.
[100] Miliband subsequently unveiled five pledges at a rally in Birmingham which
would form the focus of a future Labour government, specifically identifying policies
on deficit reduction, living standards, the NHS, immigration controls and tuition fees.
If approved, the health taxes in the
Deficit Reduction Plan and Executive Budget will drive up the cost of health insurance for all Business Council member employers that purchase health coverage — from sole proprietors and small businesses to the largest self - insured companies — yet will provide no additional covered benefits or
have any effect
on addressing the rising cost of health care.
The Business Council strongly opposes provisions in the 2009 - 10 Executive Budget that
would impose almost $ 770 million in new or increased assessments and surcharges
on health care and health insurance, including $ 590 million within the
Deficit Reduction Plan.
This is
on top of the $ 2.4 trillion in
deficit reduction that
has already been implemented by cuts enacted since 2011, including the fiscal cliff deal at the end of last year.
But he made clear support for the changes
would come at the price of increased union influence
on Labour policy - to the extent that the party abandons its support of the bulk of the coalition's
deficit reduction measures.
Indeed, can you say, hand
on heart, that you
would support the basic
deficit reduction strategy - its pace and / or its split as between spending cuts and extra taxes?
The union barons claim that the reforms will wreck the lives of their hard - working and low - earning members, but these claims do not stand up to even the slightest scrutiny - more
on this later, and they
have very effectively sought to link this issue with the issue of
deficit reduction.
Washington (CNN)- After cameras left the photo - op of President Barack Obama and congressional leaders at the White House
on Friday, the actual meeting got under way with the president explaining how he
would like to resolve the fiscal cliff and tackle
deficit reduction.
«You should be very proud of what this government
has done
on deficit reduction, corporate competitiveness, education reforms and devolution of power.
After months of indicating he wouldn't run for president, Pataki now says his decision depends
on whether the other GOP contenders propose a major
deficit reduction plan.
While he said that the economy was «
on the mend», Chancellor George Osborne reaffirmed there
would be no deviation from his
deficit reduction strategy.
The automatic cuts that
would go in effect should Congress fail to agree
on a second round of
deficit reduction exempt Medicaid.
But the rhetorical approach adopted by Mr Osborne last year
has helped facilitate cooperation between the Tories and the Liberal Democrats, who rely
on the «progressive» tag to sell the
deficit reduction agenda to their supporters.
But the reality is, even with growth back
on track, Labour's approach to
deficit reduction would involve tough decisions
on spending cuts and tax rises.
Time and again President Obama
has failed to a step up and engage in a constructive dialogue
on real spending and
deficit reductions.
We
have therefore agreed that there will need to be: - a significantly accelerated
reduction in the structural
deficit over the course of a Parliament, with the main burden of
deficit reduction borne by reduced spending rather than increased taxes; - arrangements that will protect those
on low incomes from the effect of public sector pay constraint and other spending constraints; and - protection of jobs by stopping Labour's proposed jobs tax.
«I think they
have to stop using the ordinary man and woman
on the street as part of their
deficit reduction measures,» she said.
Deputy prime minister Nick Clegg refused to acknowledge that the riots meant the government
had to change course
on its
deficit reduction agenda, however.
Rumours that Ed Miliband was preparing to adopt a 1:1 ratio of tax rises to spending cuts, as he tries to formulate a distinct narrative
on deficit reduction, appear to
have been proven unfounded by today's speech.
Osborne
had always thought that the divisions in the Labour party, in which Blairites felt that Balls was failing to place enough emphasis
on deficit reduction, was a great strength for the coalition.
However, critics
have asked how the persistent freezes in fuel duty fit with the government's
deficit reduction priority — a question most famously posed by Jeremy Paxman to Treasury minister Chloe Smith
on Newsnight after the duty U-turn in August.
But Robert Hutton of Bloomberg
has done so - namely, Blair's support for Cameron and the Coalition
on deficit reduction.
I think the decision to accelerate
deficit reduction, compared to the plans they inherited — which was clearly not what Vince Cable wanted — I think that was a mistake... I can disagree with Nick Clegg
on some of the things he did but I
've no reason to doubt his integrity.»
George Osborne's plans amount to a significant attack
on some of the most vulnerable people in Britain, and follow the rejection of a range of measures that
would help the Coalition to deliver the
deficit reduction to which it is committed without falling
on the shoulders of the most vulnerable.
The original 2010 plan was based very heavily
on growth — more than 60 % of the
deficit reduction forecast by this point was supposed to
have come from growth.
75 % of that agreement was unexceptionable to most Liberal Democrats and
would have passed through Conference, but the most important parts including the acceleration of action
on deficit reduction would not
have, nor
would the wording in agreement relating to the receipt of the Brown Report.
And if forecasts for growth and revenue prove as erringly optimistic as they
have been of late,
deficit -
reduction will, as Margaret Thatcher once aspired to, «go
on and
on»» — Financial Times
In the published extracts, Laws refers to a «policy paper» that Labour's negotiating team brought to the talks that «seemed to indicate tougher action
on the
deficit reduction than the party
had previously planned».
Labour
had brought with them a new policy paper that seemed to indicate tougher action
on deficit reduction than the party
had previously planned.
Tories will
have approved of Nick Clegg's tough line
on the
deficit reduction plan — he even praised the coalition schools policy that his conference rejected this morning, even if he was riding to the rescue a little after the event.
The growth in spending
on welfare over recent years - partly a result of the economy's disappointing performance -
has made it harder for the coalition to achieve its
deficit reduction aims.