Peterson, Walz sign letter urging large deficit-reduction package

The letter was originally circulated by Reps. Mike Simpson and Heath Shuler, a member of the House Blue Dog Coalition of moderate Democrats that includes Rep. Collin Peterson.
REUTERS/Mike Theiler
The letter was originally circulated by Reps. Mike Simpson and Heath Shuler, a member of the House Blue Dog Coalition of moderate Democrats that includes Rep. Collin Peterson.
Rep. Tim Walz
Rep. Tim Walz

And even if every single letter signer voted for a package similar to the one they call for, they’d still need to convince 118 additional members to support the plan to ensure its passage.

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Comments (2)

  1. Submitted by James Hamilton on 11/03/2011 - 01:56 pm.

    It would be helpful if we could stop discussing the size of cuts over a 10 year period and start talking about them in terms of first-year savings. The 2010 federal budget was $3.55 trillion dollars, give or take. A $1.2 trillion reduction over 10 years is a mere $120 billion or 3.48% per year. Who do they think they’re kidding? If they can’t muster the votes to do that without a gun to their heads, they should all resign. $4 trillion, or $400 billion a year, is a much more reasonable target.

  2. Submitted by Richard Schulze on 11/04/2011 - 07:41 am.

    Good point Mr. Hamilton.

    Yes, let’s talk taxes.

    If one raises taxes on the rich, yet gives it back to them in the form of corporate welfare, it’s a wash.

    David Mercer, Associated Press, On Friday May 6, 2011, 7:15 pm
    /Consumer-electronics maker Motorola Mobility said Friday that it will keep its headquarters in the Chicago suburb of Libertyville after the state promised the company $100 million in tax breaks over the next decade, easily one of the largest incentive packages the state has ever given a company.

    The state also announced a change to the tax-break program that will allow companies that don’t have income taxes to apply tax breaks to instead use them to cut down on the amount of employee tax withholdings they have to turn over to the state. Gov. Pat Quinn called that change a key provision in the Motorola Mobility deal.

    Motorola Mobility made the announcement at its headquarters with Quinn. Under the deal the company will keep a workforce of about 3,000 people at its headquarters. The company, spun off from Motorola Inc. earlier this year, had said it might move to California or Texas./

    $3,333.33 a year subsidy for 10 years for each of the 3,000 people (assuming they don’t get laid off, outsourced, etc.)

    Money is fungible, so that money will instead probably be transferred to the upper management via stock options and the profits earned will be used to buy those shares when dumped.

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