In an attempt to woo Republicans, it appears Obama and the Democrats will rely heavily on tax cuts for their upcoming bailout stimulus package.
Obama Eyes $300 Billion Tax Cut
WASHINGTON — President-elect Barack Obama and congressional Democrats are crafting a plan to offer about $300 billion in tax cuts to individuals and businesses, a move aimed at attracting Republican support for an economic-stimulus package and prodding companies to create jobs.
The size of the proposed tax cuts — which would account for about 40% of a stimulus package that could reach $775 billion over two years — is greater than many on both sides of the aisle in Congress had anticipated, and may make it easier to win over Republicans who have stressed that any initiative should rely relatively heavily on tax cuts rather than spending.
The Obama tax-cut proposals, if enacted, could pack more punch in two years than either of President George W. Bush’s tax cuts did in their first two years. Mr. Bush’s 10-year, $1.35 trillion tax cut of 2001, considered the largest in history, contained $174 billion of cuts during its first two full years, according to Congress’s Joint Committee on Taxation. The second-largest tax cut — the 10-year, $350 billion package engineered by Mr. Bush’s in 2003 — contained $231 billion in 2004 and 2005.
The largest piece of the overall tax relief would involve cuts for people who pay income taxes or who claim the earned-income credit. It would serve as a down payment on the “Making Work Pay” proposal Mr. Obama outlined during his election campaign, providing a credit to offset Social Security and Medicare payroll taxes of $500 per individual or $1,000 per family.
Israeli troops clash with Hamas
Israeli ground forces are battling Palestinian fighters in the Gaza Strip, after Israel intensified its operation to halt rocket attacks by militants.
Clashes increased in the north with both sides announcing casualties as Israeli troops in effect surrounded Gaza City and cut the territory in two.
Scores of Israeli tanks are said to have penetrated deep inside Gaza.
Many world leaders have called for an immediate ceasefire, but the US has backed its ally, Israel.
A European Union delegation is beginning a visit to the region, and Russia says it will send its envoy.
Saturday, January 3, 2009
Israeli troops have moved into the Gaza strip. They have 17 days until the new administration.
Israeli troops enter Gaza strip
Israeli ground troops have entered the Gaza Strip, Israeli military officials have confirmed, a week after the offensive against Hamas began.
An Israeli military spokeswoman said the intention was to take control of areas from which Palestinian militants have been firing rockets into Israel.
Witnesses say armoured vehicles crossed into northern Gaza at four separate points, supported by helicopters.
Earlier, Israel intensified air and artillery attacks on the territory.
France has strongly criticised the Israeli land campaign. The British Foreign Secretary, David Miliband, said the escalation of the conflict would cause alarm and dismay.
Hotair has the roundup
Nothing is really shocking anymore. Almost everyday we hear something new in regards to the government giving away more of our money, or another broke dick asking for a bailout. Now it’s the Governors turn.
U.S. governors seek $1 trillion federal assistance
PHILADELPHIA (Reuters) - Governors of five U.S. states urged the federal government to provide $1 trillion in aid to the country’s 50 states to help pay for education, welfare and infrastructure as states struggle with steep budget deficits amid a deepening recession.
The governors of New York, New Jersey, Massachusetts, Ohio and Wisconsin — all Democrats — said the initiative for the two-year aid package was backed by other governors and follows a meeting in December where governors called on President-elect Barack Obama to help them maintain services in the face of slumping revenues.
Gov. David Paterson of New York said 43 states now have budget deficits totaling some $100 billion as tax revenues plunge.
“It’s clear that the federal government needs to step in and jump-start the economy,” said Gov. Deval Patrick of Massachusetts.
Michelle has more on the bailout madness: Happy days here again for Chrysler.
So says Hamas. They are threatening a “black destiny” if Israel sends in the troops. Blah, Blah, Blah…
Hamas warns…
The Hamas leader-in-exile, Khaled Meshaal, has warned Israel that it would face a “black destiny” if it launched a ground offensive on Gaza.
Speaking publicly for the first time since Israeli air strikes started a week ago, he said Hamas resistance and infrastructure were intact.
His remarks came as the UN warned of a worsening humanitarian crisis in Gaza.
The UN said it believed 25% of more than 400 Palestinians said killed by Israeli action so far were civilians.
In a pre-recorded statement broadcast on al-Jazeera TV, Damascus-based Khaled Meshaal, said Israel would be making a “foolish mistake” if it sent tanks into Gaza.
“We will not break, we will not surrender or give in to your conditions,” Mr Meshaal said in a speech aimed at the Israelis, the Palestinians and the wider Muslim world.
Thursday, January 1, 2009
No surprise here.
2008 Military Times poll: Wary about Obama
When asked how they feel about President-elect Barack Obama as commander in chief, six out of 10 active-duty service members say they are uncertain or pessimistic, according to a Military Times survey.
In follow-up interviews, respondents expressed concerns about Obama’s lack of military service and experience leading men and women in uniform.
“Being that the Marine Corps can be sent anywhere in the world with the snap of his fingers, nobody has confidence in this guy as commander in chief,” said one lance corporal who asked not to be identified.
For eight years, members of the U.S. military have served under a Republican commander in chief who reflected their generally conservative views and led them to war in Afghanistan and Iraq.
Now, the troops face change not only at the very top of the chain of command, as Obama nears his Jan. 20 inauguration, but perhaps in mission, policy and values.
Underlying much of the uncertainty is Obama’s stated 16-month timetable for pulling combat troops out of Iraq, as well as his calls to end the “don’t ask, don’t tell” policy to allow gays to serve openly in the military, according to survey responses and interviews.
“How are you going to safely pull combat troops out of Iraq?” said Air Force 1st Lt. Rachel Kleinpeter, an intelligence officer with the 100th Operations Support Squadron at RAF Mildenhall, England. “And if you’re pulling out combat troops, who are you leaving to help support what’s left? What happens if Iraq falls back into chaos? Are we going to be there in five years doing the same thing over again?”
Thursday, January 1, 2009
Refusing to give in to pressure from abroad, Israel continued to lay the smack down on Palestine, killing a Hamas chief.
Israeli Bombing Kills a Hamas Leader
Israel continued its aerial bombardment of the Gaza Strip on New Year’s Day, hitting the territory’s parliament building and killing a Hamas leader as it shrugged off growing international pressure for a cease-fire.
Israel killed a Hamas chief in its first assault on the top leadership of Gaza’s rulers, the Associated Press reported, escalating a crushing aerial offensive as Israel declared it was ready to launch a ground invasion.
The airstrike targeted the apartment building that was home to Nizar Rayan, 52 years old, ranked among Hamas’s top five decision makers in Gaza. The attack with what defense officials called a one-ton bomb killed 12 other people, including two of Mr. Rayan’s four wives and four of his 12 children, Palestinian health officials said.
Israel’s security cabinet met Wednesday to discuss the military operation. Israeli officials gave no indication they would halt or slow the attack.
“We didn’t enter an operation in Gaza only to end it with the continuation of rocket fire like at the start,” Prime Minister Ehud Olmert told the meeting Wednesday, according to his spokesman. He was referring to the Hamas-launched rocket barrages that precipitated the Israeli attack and that have rained down on southern Israel throughout the strikes.
“Israel restrained itself for years and gave a chance for calm,” he was quoted as saying.
Tuesday, December 30, 2008
Israel weighs 48-hour halt to Gaza air campaign
GAZA CITY, Gaza Strip – Israel, under international pressure, is considering a 48-hour halt to its punishing four-day air campaign onHamas targets in Gaza to see if Palestinian militants will stop their rocket attacks on southern Israel, Israeli officials said Tuesday. Any offer would be coupled with a threat to send in ground troops if the rocket fire continues.
Prime Minister Ehud Olmert discussed the proposal — floated by France’s foreign minister — and other possible next steps with his foreign and defense ministers, Israeli officials said, speaking on condition of anonymity because they were not supposed to make the information public.
President George W. Bush and Secretary of State Condoleezza Ricecalled leaders in the Middle East to press for a durable solution beyond any immediate truce.
And members of the Quartet of world powers trying to promote Mideast peace concluded a conference call with an appeal for an immediate cease-fire. The Quartet powers are the United States, the United Nations, the European Union and Russia.
Why does Israel always do this. These militants don’t understand cease fires. They don’t understand peace. They only understand death and violence. So let’s give it to them.
Sunday, December 28, 2008
Send in the troops.
Israel pounds Gaza for second day
GAZA (Reuters) - Israel pounded Hamas targets in the Gaza Strip from the air on Sunday and prepared for a possible invasion after killing at least 298 Palestinians in two days of attacks.
Israel said the campaign that began on Saturday was a response to almost daily rocket and mortar fire that intensified after Hamas, the Islamist group in charge of the enclave that Israel quit in 2005, ended a six-month ceasefire a week ago.
Israel stepped up air strikes after dark on Sunday, destroying a laboratory building at the Islamic University in Gaza, a significant cultural symbol, Hamas said. Israel has accused Hamas of using the facilities to develop explosives.
During the first two days of the assault, militants fired about 150 rockets and mortars at Israel, the army said, less than had been expected. Two rockets struck near the port of Ashdod, 30 km (18 miles) from Gaza, causing no casualties.
Full Updates and Analysis at Israellycool
