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Politics : Formerly About Advanced Micro Devices
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To: i-node who wrote (746810)10/15/2013 12:51:16 PM
From: bentway1 Recommendation

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Celtictrader

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The House GOP Proposal Is Still Extortion
October 15, 2013 Danny Vinik

There seems to be some confusion over why the House GOP’s new proposal is still extortion while the Senate deal that Harry Reid and Mitch McConnell brokered yesterday isn’t so let’s break this down.

In both deals, the continuing resolution lasts until January 15 and the debt ceiling is raised until February 7. As the White House has made abundantly clear, these are not concessions from either side. This is simply Congress doing its job.

Here’s how the Senate proposal shapes up:

Republicans get: Democrats Get:

  • Income verification • Delay of reinsurance fee
    • There will also be a budget negotiation that occurs under the McConnell-Reid deal. See how both sides get something from each other?

    Here’s the new House GOP plan:

    Republicans get: Democrats Get:

  • Income verification
  • Two-year delay of medical device tax
  • Version of Vitter Amendment
  • Ban on extraordinary measures
    • So, what exactly do Democrats get out of this? Nothing. House Republicans are still demanding concessions in return for funding the government and not defaulting. It’s the same hostage-taking tactics they’ve been using all along. Boehner and Co. have reduced their ransom demands significantly, which is why there is a lot of optimism that a deal will eventually get done, but it’s still ransom. That’s why the White House and Senate Democrats are vehemently against this plan. They are adamant that they will not agree to any deal that sets a precedent for using the debt ceiling as an extortion device and the House GOP plan still does that.
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