Moody's warned Tuesday that it will cut the U.S. credit rating unless
Washington passes a plan next year to stabilize the debt, which means
regardless of who wins the White House, the issue must be confronted.
The two fiscal visions on offer in November reflect starker differences than usual. Quite simply, more is on the line.
President Obama's plan is to raise taxes on the better-off to keep the government funded at a historically high level. Mitt Romney would constrain the size of government to allow for pro-growth tax reform.
Yet voters must choose between Obama's tax and spending blueprint, which the Senate rejected 99-0, and Romney's broad policy outlines.
Moving Left From '08
Obama's tax proposals are well to the left of where they were in 2008. Back then, he intended to use the revenue from the Bush upper-bracket tax cuts to pay for his plan to expand health coverage.
Instead, ObamaCare funding relied on other revenue sources, including the individual mandate tax, a Medicare tax hike for higher earners, a tax on expensive health care policies and taxes on health equipment providers.
Read more: http://news.investors.com/091112-625377-spending-tax-plans-define-bottom-line-in-presidential-race.aspx
The two fiscal visions on offer in November reflect starker differences than usual. Quite simply, more is on the line.
President Obama's plan is to raise taxes on the better-off to keep the government funded at a historically high level. Mitt Romney would constrain the size of government to allow for pro-growth tax reform.
Yet voters must choose between Obama's tax and spending blueprint, which the Senate rejected 99-0, and Romney's broad policy outlines.
Moving Left From '08
Obama's tax proposals are well to the left of where they were in 2008. Back then, he intended to use the revenue from the Bush upper-bracket tax cuts to pay for his plan to expand health coverage.
Instead, ObamaCare funding relied on other revenue sources, including the individual mandate tax, a Medicare tax hike for higher earners, a tax on expensive health care policies and taxes on health equipment providers.
Read more: http://news.investors.com/091112-625377-spending-tax-plans-define-bottom-line-in-presidential-race.aspx
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