"Objectively, stepping away from the politics of it away for a second, we're going to end up regretting making the middle class tax cuts permanent,” Peter Orszag, President Obama's former OMB director and current vice president at CitiGroup, told Business Insider on Thursday. “Basically, current forecasts for spending are already unrealistically low out into the future, and freezing in current levels means there's no the government will have adequate revenue to match realistic spending expectations. Either that, or discretionary spending will have to "starve." - Read more at Business Insider
BOEHNER SAYS GOP DEFICIT STANCE DID NOT LOSE THE ELECTION
House Speaker John Boehner told The New York Times on Thursday that “candidates and personalities – not Republican proposals on Medicare and spending cuts – contributed to Republican losses in November,” adding that he will move forward with House Budget Committee Chairman Paul Ryan’s budget plan that renews the GOP’s push to shrink the federal government. - Read more at The New York Times
RYAN’S BUDGET COULD COST 2 MILLION JOBS According to an analysis by the Economic Policy Institute, a liberal think tank in Washington, Rep. Paul Ryan’s budget would decrease gross domestic product (GDP) by 1.7 percent and cost 2. million jobs by next year. EPI also estimated that Ryan’s budget would increase the unemployment rate by between 0.6 percentage points and 0.8 percentage points. - See the analysis here
WALLSTREET TO WASHINGTON: WHAT’S GOING ON? During a POLITICO business discussion this morning panelists agreed they need “far more certainty about fiscal and immigration policy” from Washington. The executives said there was “potential for economic growth if Congress and the White House can agree on a plan to simplify the tax code, pass a new budget, and raise the debt ceiling while avoiding another government crisis,” The Fiscal Times’ Eric Pianin writes. - Read more at The Fiscal Times
10 WACKY TAX DEDUCTIONS YOU SHOULD KNOW ABOUT Swimming pools, gym memberships, breast implants and even drug rehab can be tax deductable. - Check out more obscure write-offs here
OUTRAGE OVER WHITE HOUSE TOUR CANCELLATION While thousands of federal workers receive furlough notices and pink slips, and hundreds of programs benefiting the most vulnerable Americans are suspended, the cancellation of the White House tours continues to receive the most attention in the wake of sequestration. The New York Times’ Juliet Lapodos writes, “wouldn’t it be nice if the Republicans currently outraged on behalf of thousands of students, families and tour groups who may lose access to the White House diverted a sliver of their attention to the125,000 individuals and families who may lose access to public housing?” - Read more at The New York Times
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