Save the Gambling Bankers
Transcription:
Democracy Now OBAMA July 2011
Pushing Crisis: GOP Cries Wolf on Debt Ceiling in Order to Impose Radical Pro-Rich Agenda
President Obama and Republican House Speaker John Boehner are allegedly close to a $3 trillion deficit-reduction package as part of a deal to raise the federal debt ceiling before an Aug. 2 deadline. But the deal is coming under fire from both congressional Democrats and Republicans. Part of it calls for lowering personal and corporate income tax rates, while eliminating or reducing an array of popular tax breaks, such as the deduction for home mortgage interest. Some Democratic lawmakers expressed outrage on Thursday because the Obama-Boehner agreement appears to violate their pledge not to cut Social Security and Medicare benefits, as well as Obama’s promise not to make deep cuts in programs for the poor without extracting some tax concessions from the rich.
We’re joined by economist Michael Hudson, president of the Institute for the Study of Long-Term Economic Trends, a Distinguished Research Professor of Economics at the University of Missouri, Kansas City, and author of “Super Imperialism: The Economic Strategy of American Empire.” [includes rush transcript]
JUAN GONZALEZ: President Obama and Republican House Speaker John Boehner are said to be close to a $3 trillion deficit-reduction package as part of a deal to raise the federal debt ceiling before an August 2nd deadline. But the deal is coming under fire from both congressional Democrats and Republicans.
According to the Washington Post, part of the deal calls for lowering personal and corporate income tax rates while eliminating or reducing an array of popular tax breaks, such as the deduction for home mortgage interest. Some Democratic lawmakers expressed outrage on Thursday because the Obama-Boehner agreement appears to violate their pledge not to cut Social Security and Medicare benefits, as well as Obama’s promise not to make deep cuts in programs for the poor without extracting some concessions from the ………………Read more of complete transcript here:
