WASHINGTON, Sept. 18 – President Barack Obama plans to call for a new minimum tax rate on millionaires Monday, dubbed the “Buffett Rule” after Omaha, Neb., billionaire investor Warren Buffett, as part of his plan to create new jobs and rewrite the U.S. tax code. The President plans to deliver his speech on deficit reduction and job creation at 10:30 am from the White House Rose Garden.
Despite voicing some initial willingness to work with President Obama on the jobs plan that he outlined last week, Republicans appearing on Sunday talk shows were quick to condemn the tax increase idea as more “class warfare” that would only hurt those that stand the best chance of creating jobs.
Appearing on Fox News Sunday, House Budget Chairman Paul Ryan, R-Wisc., said that class warfare “makes for good politics, but makes for rotten economics.”
On NBC’s Meet the Press, Senate Republican Leader Mitch McConnell, R-Ky., told host David Gregory that raising taxes is a bad thing to do in the middle of an economic downturn. But if Warren Buffett, who has long pointed out that many of his employees pay a higher effective tax rate than he does, “is feeling guilty about it, I think he should send in a check. But, we don't want to stagnate this economy by raising taxes.
Former President Bill Clinton played the role of “defender in chief” Sunday, backing the president’s tax plan during an appearance on CBS’s “Face the Nation.”
“If you look at the group that has had the biggest income increase and the benefit of most of the tax cuts of the previous eight years before the Obama administration took office, those of us in that income group, we’re in the best position to make a contribution to changing the debt structure of the country.”
Clinton called for a long-term deficit reduction plan, along the lines of Simpson-Bowles and others that have been offered, that contain a mixture of spending cuts and revenue increases.
Despite the fact that millions remain unemployed, lawmakers don’t appear eager to jump on the President’s jobs plan this week. Speaking on CNN, Sen. Dick Durbin (D-Ill.) said the Senate would focus on a number of “related issues” to the $447 billion job-creation legislation this week. But he noted that the measure is more likely to be debated in October.
The U.S. Senate is slated to be in recess Sept. 26-30, returning for legislative business on Oct. 3.
The legislation “is ready…and poised,” Durbin said. “But it’s more realistic it’d be next month,” Durbin said.
For more hearings and events this week, see the list below:
Monday, September 19, 2011
11:30 a.m., Secretary Vilsack will address the National Restaurant Association Board of Directors, JW Marriott Hotel in Washington DC
10:00 am MDT (12:00 pm EST), House Small Business Committee Subcommittee on Agriculture, Energy and Trade will hold a hearing entitled “Are Excessive Energy Regulations and Policies Limiting Energy Independence, Killing Jobs and Increasing Prices for Consumers?” City Hall Auditorium, 250 North 5th Street, Grand Junction, CO 81501.
President Barack Obama will travel to the United Nations general Assembly Monday afternoon to greet staff prior to other meetings this week.
USDA Reports: Milk Production, Crop Progress
Tuesday, September 20, 2011
President Barack Obama will meet with the chairman of the Transitional National Council, Mustafa Abdul Jalil, which the U.S. has recognized as the legitimate government of Libya. Later in the day, the President will also meet with President Karzai of Afghanistan and President Rousseff of Brazil. The U.S. and Brazil are launching a new “Open Government Partnership Initiative” along with six other countries. After that event, the President will meet with Prime Minister Erdogan of Turkey.
10:30 a.m., Secretary Vilsack will speak at Growth Energy’s 2nd Annual Legislative Conference, Hyatt Regency, Washington, DC
USDA Reports: Catfish Processing, Catfish Feed Deliveries
Wednesday, September 21, 2011
President Barack Obama will address the U.N. General Assembly. After that meeting he will meet with Prime Minister Noda of Japan and several other allies.
10:00 a.m., House Committee on Energy and Commerce markup on “H.R. 2250, the EPA Regulatory Relief Act of 2011.” 2123 of the Rayburn House Office Building.
10:00 a.m., House Committee on Transportation and Infrastructure, Subcommittee on Water Resources and Environment, “The Economic Importance and Financial Challenges of Recapitalizing the Nation's Inland Waterways Transportation System.” 2167 Rayburn House Office Building.
10:15 a.m., House Judiciary Committee Markup of (continued): H.R. 2885, the "Legal Workforce Act"; and H.R. 2847, the "American Specialty Agriculture Act." 2141 Rayburn House Office Building.
1:00 p.m., House Small Business Committee will hold a full committee hearing entitled, "Eliminating Job-Sapping Federal Rules through Retrospective Reviews – Oversight of the President’s Efforts." 2360 Rayburn House Office Building
2:30 p.m., Senate Committee on Energy and Natural Resources, National Parks Subcommittee will hold a hearing to consider a recently released report by the National Park Service: A Call to Action: Preparing for a Second Century of Stewardship and Engagement. Dirksen Senate Office Building, Energy Committee Hearing Room - SD-366
USDA Reports: Hop Stocks, Broiler Hatchery, Wheat Data, Feed Grains Database
Thursday, September 22, 2011
9:30 a.m., House Committee on Ways and Means, Joint Hearing on Energy Tax Policy and Tax Reform. Room 1100 of the Longworth House Office Building.
10:00 a.m., Joint Select Committee on Deficit Reduction will hold a hearing entitled “Overview: Revenue Options and Reforming the Tax Code." 2123 Rayburn House Office Building.
Secretary Vilsack will speak at the “Food Dialogues” event hosted by the U.S. Farmers and Ranchers Alliance
USDA Reports: US Export Sales, Potatoes, Stone Fruit: World Markets and Trade, Cold Storage, Citrus Fruits, Chickens and Eggs
Friday, September 23, 2011
USDA Reports: Cotton Ginnings, Livestock Slaughter, Dairy Products Prices, Peanut Prices, Cattle on Feed, Turkeys Raised
Saturday, September 24, 2011
12:00 p.m. CDT, House Committee on Agriculture, Subcommittee on Rural Development, Research, Biotechnology, and Foreign Agriculture will hold a public field hearing, “To review the Role of Broadband Access in Rural Economic Development.” University of Illinois, Springfield
This page was updated at 3:40 p.m. on 9/21/2011.
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