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dbucfan

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: February 28, 2013, 04:03:38 PM

sequestration was going deliver immediate impact - with various administration officials explaining the release of illegals, firing of teachers, firemen, police...

By STEPHANIE CONDON / CBS NEWS/ February 26, 2013, 3:01 PM
Sequester impact won't be "overnight," but will be real, Obama says

President Obama speaks during an event at Newport News Shipbuilding February 26, 2013 in Newport News, Virginia. Obama painted a devastating picture of looming government budget cuts, at a fabled shipbuilding yard in Virginia that provides the US Navy's nuclear powered aircraft carriers. / BRENDAN SMIALOWSKI/AFP/GETTY IMAGES


The word "sequester" is bad enough, but the effects of the policy -- huge budget cuts set to start Friday -- will be even worse, President Obama warned today.

"The impact of this policy won't be felt overnight, but it will be real," Mr. Obama said at the Newport News Shipbuilding company in Newport News, Va. "The sequester will weaken America's economic recovery, it will weaken our military readiness, and it will weaken the services people depend on."

Virginia's shipyards would see some of the biggest impacts of the sequester, which would cut around $85 billion in federal spending this year and around $1.1 trillion more over the next 10 years. Mr. Obama visited the shipyard today to drive home his point that the sequester takes a "meat cleaver" to government spending.

As part of his visit, the president toured part of the Supplemental Module Outfitting Facility (SMOF), a large building at the Newport News shipyard. The SMOF supports the building of large sections of Virginia-class nuclear attack submarines and specializes in the construction of the Bow or front sections.

On sequester, Boehner tells Senate to get "off their ass"
The sequester: A Q&A
As sequester looms, public attention flags
Mr. Obama has been urging Congress to replace the sequester with a "balanced" plan for deficit reduction that includes some spending cuts as well as new revenues from closing tax loopholes and certain tax breaks.

"All we're asking is that they close loopholes for the well-off and the well-connected," Mr. Obama said. "I do not think that is too much to ask, I do not think that is partisan."

If there are Republicans who don't like every detail of his plan, he said, he's ready to compromise.

The president noted that there are politicians from both parties who want to do the same -- including Rep. Scott Rigell, R-Va., who accompanied Mr. Obama on his tour of the shipyard today.

However, Mr. Obama said, "There are too many Republicans in Congress right now who refuse to compromise even an inch when it comes to closing tax loopholes. That's what's holding things up right now."

Rigell represents Virginia's 2nd congressional district, which has the highest concentration of men and women in uniform, active duty and retired, in the country. He said that closing the door completely on any new tax revenues is a bad idea.

"I've... shared with my colleagues that I believe that a position that says we will reject a proposal if it has even a dollar increase in revenue, I don't think that's a wise position and I don't hold that value," Rigell said today. "Our country has a spending problem. We need to grow our economy and raise revenues that way. I also believe that revenue has to come up a bit, first by growing the economy, but also by tax reform which also includes eliminating lobbyist inspired lobbyist written loopholes. I am in favor of that."

House Speaker John Boehner, R-Ohio, and Senate Minority Leader Mitch McConnell, R-Ky., have both said that they are against any new tax revenues. The Senate is expected to vote this week on two competing plans to replace the sequester, but neither is expected to win enough support to pass the Congress. Boehner, meanwhile, said today, the Senate needs to "get off their ass" and do something.

Mr. Obama noted today that "already the uncertainty around these cuts is having an effect." He seemed to acknowledge, however, that it's unlikely Congress will agree to a plan to avert the cuts before they start to take effect on Friday. "The longer these cuts are in place, the greater the damage," he said.

2013 CBS Interactive Inc. All Rights Reserved.

\"A Great Coach has to have a Patient Wife, A Loyal Dog, and a Great Quarterback. . . . but not necessarily in that order\" ~ Coach Bud Grant

dbucfan

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#1 : February 28, 2013, 04:32:02 PM

Carney taking abuse from White House reporters over the impact and sources of sequestration reports... lol bad day. 

\"A Great Coach has to have a Patient Wife, A Loyal Dog, and a Great Quarterback. . . . but not necessarily in that order\" ~ Coach Bud Grant

VinBucFan

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#2 : February 28, 2013, 04:36:01 PM

Seems all things sequestration are as they have been made to seem.

dbucfan

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#3 : February 28, 2013, 04:55:42 PM

I am for letting it play out - I don't believe the CBO determination that the impact of sequestration will be negative on jobs. 

\"A Great Coach has to have a Patient Wife, A Loyal Dog, and a Great Quarterback. . . . but not necessarily in that order\" ~ Coach Bud Grant

VinBucFan

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#4 : February 28, 2013, 05:16:26 PM

If it makes them take the issues seriously great. They deserve all the heartburn they get and more

dbucfan

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#5 : March 01, 2013, 03:35:42 PM

This is a 2% decrease in the increased baseline budgeting - isn't that correct?  You would think their USA credit cards had exceeded their limit and the bank shut them off....  I think letting this run on would be the correct action - or inaction - and we can see where this goes.  Read where CBO has provided costing information showing 150 Billion a year in waste and duplicative spending.  Read where the AG and head of FBI have been enjoying personal travel on US airplanes costing tens of thousands.  And most will recall the "g2g's"/conventions for governmental employees.  I sense the ability to tighten the collective belt might be needed right now, in spite of the manner of cutting being "stupid".

\"A Great Coach has to have a Patient Wife, A Loyal Dog, and a Great Quarterback. . . . but not necessarily in that order\" ~ Coach Bud Grant

VinBucFan

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#6 : March 01, 2013, 03:44:51 PM

If you raise revenue but leave ever expanding budgets below you don't really solve anything. If it takes forced cuts or a shut down, so be it.

John Galt?

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#7 : March 07, 2013, 01:51:16 PM

Quote
Virginia's shipyards would see some of the biggest impacts of the sequester, which would cut around $85 billion in federal spending this year and around $1.1 trillion more over the next 10 years. Mr. Obama visited the shipyard today to drive home his point that the sequester takes a "meat cleaver" to government spending.

As part of his visit, the president toured part of the Supplemental Module Outfitting Facility (SMOF), a large building at the Newport News shipyard. The SMOF supports the building of large sections of Virginia-class nuclear attack submarines and specializes in the construction of the Bow or front sections.


Okay, why do we need Virginia-class nuclear attack subs? Who are we going to attack with nukes?? $85 billion less debt this yr and $1.1 trillion over 10 yrs means less inflation and lower I-rates. I will take that over only having the ability to nuke some crap-hole country 28 times over instead of only 14 times over.

We can cut the military by $150 billion and still be the biggest-baddest mo-fos on the planet.

And boo-hoo if some of the National Parks don't get solar powered toilet seats or if we have to build overhead walkways to toll booths instead of underground tunnels or if Belle Glade doesn't get a new $300 million VA clinic for its 17 war vets or if the Dept of Labor can't upgrade all 137,000 laptops to Windows 8 or if the DoT has to drive 4 yr old Crown Vics instead of getting new ones after 3 yrs.

Use the damn meat cleaver and trim that FAT


dbucfan

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#8 : March 08, 2013, 12:13:50 AM

Match that up with the new fighter jet for the services and you have a conundrum I suspect JG?  While I like being ahead of potential enemies - perhaps not so far ahead as this financial compost pile is converted to fertilizer...

\"A Great Coach has to have a Patient Wife, A Loyal Dog, and a Great Quarterback. . . . but not necessarily in that order\" ~ Coach Bud Grant

VinBucFan

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#9 : March 08, 2013, 11:13:05 AM

Meat cleaver? At this point nail clippers would be progress

Pewter Pirate

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#10 : March 09, 2013, 07:44:34 AM

If you raise revenue but leave ever expanding budgets below you don't really solve anything. If it takes forced cuts or a shut down, so be it.

Surprisingly I finally agree with you

CBWx2

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#11 : March 15, 2013, 05:04:34 PM

"Slashing government spending and adding more decreased wages and unemployment in the middle of a steep recession is an excellent idea", said no economist ever.


spartan

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#12 : March 15, 2013, 05:12:45 PM

"Slashing government spending and adding more decreased wages and unemployment in the middle of a steep recession is an excellent idea", said no economist ever.

But we are not in a recession! The President says so.

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#13 : March 16, 2013, 12:49:19 PM

It doesn't really matter what you call it. Recession. Recovery. Whatever. It's not a good thing to slash spending in the current economy. I happen to agree on the points made in the thread about the cuts, except for the whole characterization of the National Parks cuts. A few less solar toilets is quite the bogus understatement. But as far as defense spending, I agree with the sentiment 100%. But now is not the time to do it, and there isn't an economist worth his salt that would disagree.


VinBucFan

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#14 : March 17, 2013, 02:13:55 PM

It doesn't really matter what you call it. Recession. Recovery. Whatever. It's not a good thing to slash spending in the current economy. I happen to agree on the points made in the thread about the cuts, except for the whole characterization of the National Parks cuts. A few less solar toilets is quite the bogus understatement. But as far as defense spending, I agree with the sentiment 100%. But now is not the time to do it, and there isn't an economist worth his salt that would disagree.

lol
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