Monthly Archives: March 2011

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Bankrate.com


Here are stories published today

CD rates for March 10, 2011 | 2011-03-11

Here are the average CD rates from Bankrate‘s weekly survey of large banks and thrifts.

http://www.bankrate.com/finance/cd/national-cd-rates-for-march-10-2011.aspx?ec_id=brmint_newsalert_20110310

Make the most of a debt consolidation loan | 2011-03-11

A debt consolidation loan can turn around your financial life, if you know how to avoid the traps.

http://www.bankrate.com/finance/debt/first-steps-to-a-debt-consolidation-loan.aspx?ec_id=brmint_newsalert_20110310

Home equity loan rates for March 10, 2011 | 2011-03-11

Here are the average home equity rates from Bankrate’s weekly survey of large banks and thrifts.

http://www.bankrate.com/finance/home-equity/national-home-equity-loan-rates-for-march-10-2011.aspx?ec_id=brmint_newsalert_20110310

Auto loan rates for March 10, 2011 | 2011-03-11

Here are the average auto loan rates from Bankrate’s weekly survey of large banks and thrifts.

http://www.bankrate.com/finance/auto/national-auto-loan-rates-for-march-10-2011.aspx?ec_id=brmint_newsalert_20110310

National mortgage rates for March 10, 2011 | 2011-03-11

See rates from our survey of CDs, mortgages, home equity products, auto loans and credit cards.

http://www.bankrate.com/finance/mortgages/interest-rate-roundup-for-march-10-2011.aspx?ec_id=brmint_newsalert_20110310

Debt woes may impact couple’s joint assets | 2011-03-11

When dealing with debt issues, determine how your spouse’s credit and assets could be affected.

http://www.bankrate.com/finance/debt/debt-woes-may-imperil-spouse-s-assets.aspx?ec_id=brmint_newsalert_20110310

Credit card interest rates for March 10, 2011 | 2011-03-11

Here are the average credit card rates from Bankrate’s weekly survey of large banks and thrifts.

http://www.bankrate.com/finance/credit-cards/national-credit-card-rates-for-march-10-2011.aspx?ec_id=brmint_newsalert_20110310

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Islamaphobia: The Lyin’King

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Yesterday, Rep. Peter King (R-NY), the chairman of the House Homeland Security Committee, held a four-and-a-half hour hearing titled, “The Extent of Radicalization in the American Muslim Community and that Community’s Response,” which targeted the entire Muslim American community for supposedly aiding and abetting domestic radicalization. Many in the civil rights community urged King to not focus exclusively on American Muslims, noting that doing so would not only serve to shore up animosity against America’s law-abiding Islamic community and empower extremists, but that it would also ignore the deep threat to America from non-Muslim terrorists. But King ignored these criticisms and continued with his hearing anyway, using it as a platform to claim that Muslims are failing to cooperate with law enforcement and homeland security officials. Yet Democrats on the committee, as well as several of the witnesses testifying, turned the tables on King, debunking his smears and demonstrating the fact that the Muslim American community is an ally in the fight against terrorism, not an enemy.

THE BACKGROUND: King, who became the chairman of the House Homeland Security committee in January, announced the hearings months ago. Since then, a broad coalition of civil rights advocates, national security experts, and other Americans who want an America that is both secure, free and tolerant have come together to condemn the hearings and the singling out of the Muslim American community. As time went along, panelists chosen by King began to drop like flies, as Americans realized the extremism that these figures represented. Ayaan Hirsi Ali, who asserted that “we are at war with Islam,” was the first to go. Next, Walid Phares was dropped from the witness list following an investigation of his past as a member of a violent Lebanese Christian militia that was implicated in atrocities. And of course, King himself was a vocal supporter in the past of the Irish Republican Army, which engaged in terrorism that led to the deaths of countless people, including one American. Throughout the process of putting together his panel, King claimed that his goal was to single out the Muslim American community because “it makes no sense to talk about other types of extremism, when the main threat to the United States today is talking about al Qaida.” Yet a January 2011 terrorism statistics report from the Muslim Public Affairs Council compiled using publicly available data from the FBI and other crime agencies — finds that terrorism by Muslim Americans has only accounted for a minority of terror plots since 9/11. Since the attacks on the Twin Towers and the Pentagon, Muslims have been involved in 45 domestic terror plots. Meanwhile, non-Muslims have been involved in 80 terrorist plots. King’s hearing failed to look at some of the root causes of Muslim radicalization, like the exploitation of Muslim grievances about U.S. foreign policy by extremists, the social marginalization of extremists, and ways to prevent radicalization — which involve close cooperation and introspection within and between Muslim American communities and law enforcement. By excluding such issues, King’s hearing exposed itself as nothing more than a witch hunt before it had even begun.

KING’S FALSE CLAIMS: King’s own words at the hearing were full of misstatements and outright lies. In his opening statement to the committee, King claimed that the reason he decided to single out Muslim Americans is because the threat from them was particularly unique. He explained, “Indeed, by the Justice Department’s own record, not one terror-related case in the last two years involved neo-Nazis, environmental extremists, or anti-war groups.” King’s statement would be surprising to residents of Fall River, MA. This past December, white racist and neo-Nazi sympathizer Justin Vieira “broke a natural gas line and threatened to blow up a three-decker” house and was arrested shortly after by police. Additionally, there have been at least four other neo-Nazi or neo-Nazi sympathizer terror plots since September 2009. Throughout the hearing, King’s Democratic colleagues — including Reps. Bennie Thompson (MS), Sheila Jackson Lee (TX), and Laura Richardson (CA) — brought up the fact that the congressman said in 2007 that there are “too many mosques in this country,” prompting him to say that he “never said” such a thing, a clear lie as ThinkProgress documents in a video fact check.

TOLERANCE FIGHTS BACK: Throughout the hearings, King’s Democratic colleagues and the witnesses called before the committee spoke eloquently on behalf of the American Muslim community and its contributions to battling radicalism. Rep. Keith Ellison (D-MN), the first Muslim ever elected to Congress, made headlines when he gave his emotional testimony in which he recounted the story of Muhammad Hamdani, a Muslim first responder who gave his life saving people trapped in the Twin Towers on 9/11. “Muhammad Salman Hamdani was a fellow American who gave his life for other Americans. His life should not be defined as a member of an ethnic group or a member of a religion, but as an American who gave everything for his fellow citizens,” said Ellison. Hamdani’s mother, Talat Hamdani, told Politico last week that she along with two other family members of 9/11 victims had been promised a meeting with King — where she planned to urge him to cancel the hearings — but that he failed to show up at the meeting. In addition to pointing out that King himself has expressed extreme anti-Islamic sentiments before, many of King’s Democratic colleagues expressed solidarity with American Muslims. Jackson Lee said the effort was nothing more than “an effort to demonize” Muslims. Rep. Richardson said the hearings were “discriminatory” and “questioned why other House committees weren’t holding hearings on threats to American children involving other religions, a veiled but some say clear reference to the sex abuse scandal in the Catholic Church.” One of King’s own handpicked witnesses, Abdirizak Bihi, who was an uncle of a radicalized Muslim son, essentially debunked the chairman’s assertion that Muslim Americans are not cooperating with law enforcement, recounting one story of how the Somali Muslim community stepped forward to report its own radicalization, saying, “We the Somali community should get the credit!”

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TGIF …&some News


It has been a tough week. I spent a lot of time wondering why people are blaming my President for everything in sight telling us this President hasn’t done enough and the bottom line is the last guy did way too much and FYI here we are people, get a grip. The President can only do so much and in some cases whatever he does needs to be timed, done with NATO or the UN or both and on the local level folks have forgotten that Congress not only makes the laws they tweak them manipulate them and pass them, not our President. We all know the crap that got passed in the Republican led House of Representatives probably will be torn to shreds in the Senate and if not the VETO Pin will be unleashed. I definitely am convinced after watching the “Muslim hearings”; Americans need to fight back against the nonsense that Rep. Peter King laid before the vast viewers in America. I believe he used this platform to promote fear to continue the fear mongering his Political Party started in 2008 and yes it is possible he abused his position and power as chairman at homeland security. There were no real experts from the Department of Homeland Security and though a police officer was there no one from an actual government agency was which gave this viewer pause. I want to know how this was tolerated to begin with, happy that Representatives such as Sheila Lee and others spoke up and out against the hearings and its intent. I urge anyone reading this to lodge a complaint because the days of McCarthyism should have been a warning, a deterrent yet this man who had ties to the IRA has a mission, an agenda and it did not make me feel safer, proud or more American. I was upset, offended, and embarrassed that a narrow view such as his was able to get on a national level. I know that the various fathers and family felt they needed to speak out about their experiences. I think it was a part of the process but as the police officer stated the problem was small and with that comment the public should get it. The obvious is this first meeting accomplished absolutely nothing but scare people, Representative Peter King intends to keep holding more of these hearings stating his next one might be about the radicalization of Muslims in our prisons . These hearings should worry all Americans as the regression back to the days when discrimination was accepted as the norm is being forced on all our lives on some level by those who vote right of center.

 We all know life goes on or gets in the way. Today, around 4am I woke in a start did the usual then thought better turn on the radio and TV? First, I hear that our President definitely will be holding a press conference then word of Japan’s earthquake of 8.9 and the Hawaii Tsunami warnings only to realize better go local and yep California and the West Coast had been warned. I do not live on the Coastal Water Ways but family and friends do so let the worrying commence. I hope everyone who does live near the San Juan islands, Grays Harbor, Santa Barbara have moved to higher ground.

I live near water but it is a manmade lake … did not think I’d ever be happy about that but I am.

The change we hoped for and believed in was just one lobbyist , one huge insurance company like AIG or bank between Americans wanting great health care, green energy and educational reform rather than settle for the mediocre or privatization like the Republicans are trying to force upon us right now. The downfall of our economy did not just happen contrary to what folks continue to push on us. I still wonder at what point did someone anyone see the problem for what it was and flag it. I still wonder about the time it took to expose the corruption our system had and did the house of bush know or was he just too busy playing with a surplus, waging 2wars and when you think about it what could he have done for Americans that could have prevented the economic crisis and didn’t.

We all need to remind folks who slowed down the stimulus, who said let’s stop, do tax cuts but who had no type of plans for an economic recovery. Now, almost 3yrs later we find out after the Republican Tea Party engaged in blocking, stalling, making the democratic party scale back bills and or attaching foul language to great amendments that no one could vote for in good faith that those jobs, jobs, jobs they talked about were actually public service jobs, union jobs. Those American jobs our American jobs-Union jobs are the Republican Tea Party target they want to destroy not created with the intent to privatize them if they can. The warnings came from our own President and no one listened cared or decided to listen but to the wrong people, now our lives as we all use to know it could be in trouble because elections have consequences.

This Country is in more trouble now since the midterm elections and even though both political parties should try to solve the crisis Americans are now facing the truth is out, Americans now know who our real enemy is, and it is the Republican Tea Party. Republicans are acting as if the USA is a playground and they symbolize some jerk child who has drawn a line in the sand instead of agreeing to help solve the problem putting your their self-interests aside for once which could get this Country back on its feet.

We are in a fight for our lives and like I stated before –We now know who our enemy is and it is the Republican Tea Party.

Other News …

**Japan suffers 8.9 earthquake Hawaii and the whole West Coast is subject to Tsunami

**Libyan forces are taking more land and oil

**S.C. Senate oks bill to criminalize immigration -fake docs

**Saudi protests scheduled on Friday

**S.Palin calls the union thugs .. she is such a moron

**IPad 2 goes on Sale Friday

**Markets fall in response to Japan’s equake

**Wis Republicans officially cut collective bargaining

**Unions believe collective bargaining is a right not a privilege

**Indonesia volcano erupts

**Airfares are going up

**Retail sales rise for 8th straight month

CSPAN

White House to Brief on Rising Energy Prices

U.S. oil reserves to remain untouched

http://c-span.com/Events/White-House-to-Brief-on-Rising-Energy-Prices/10737420167/

House Inspects Food and Drug Safety Budget

http://c-span.com/Events/House-Inspects-Food-and-Drug-Safety-Budget/10737420161/

U.S. to Meet with Libyan Rebel Leaders

http://c-span.com/Events/US-to-Meet-with-Libyan-Rebel-Leaders/10737420159/

Congress’ Accountant Clarifies GAO Report to Lawmakers

http://c-span.com/Events/Congress-Accountant-Clarifies-GAO-Report-to-Lawmakers/10737420160/

White House Press Secretary Jay Carney said the White House is close to speaking more publicly about its strategy for dealing with domestic terrorist threats. This came in response to a House Homeland Security Committee hearing on the subject of Muslim Americans. At this briefing we also hear more about NATO’s latest moves to pressure the Gadhafi regime in Libya.

http://c-span.com/Events/White-House-Briefing-with-Press-Secretary-Jay-Carney/10737420139/

House Minority Leader Nancy Pelosi held a news conference marking the first anniversary of health care law, which was signed by President Obama on March 23, 2010. She was joined by Rep. Diana DeGette (D-CO) and Debbie Wasserman Schultz (D-FL).

http://c-span.com/Events/House-Democrats-Press-Conference-on-Health-Care-Law/10737420153/

President Obama and First Lady Michelle Obama along with the Department of Education, and the Department of Health and Human Services welcomed students, parents, teachers and others to The White House for a Conference on Bullying Prevention. The conference brought together communities from across the nation who have been affected by bullying as well as those who are taking action to address it. http://c-span.com/Events/President-Obama-Remarks-at-Conference-on-Bullying/10737420138/

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what’s going on in Congress …Republican led House eliminates FHA


CURRENT HOUSE FLOOR PROCEEDINGS

LEGISLATIVE DAY OF MARCH 11, 2011

112TH CONGRESS – FIRST SESSION

3:38 P.M. –

The Speaker announced that the House do now adjourn. The next meeting is scheduled for 12:00 p.m. on March 14, 2011.

3:37 P.M. –

The House convened, returning from a recess continuing the legislative day of March 11.

3:02 P.M. –

The Speaker announced that the House do now recess. The next meeting is subject to the call of the Chair.

3:01 P.M. –

The House received a communication from Darrell E. Issa, Chairman, Committee on Oversight and Government Reform. On March 3, 2011, Chairman Issa had notified the House formally, pursuant to Rule VIII of the Rules of the House of Representatives, that the Committee on Oversight and Government Reform had been served with a subpoena for documents issued by the United States District Court for the District of Columbia in a case pending before that Court. The notification referenced the pending case as a civil case, but was in fact a criminal case.

2:06 P.M. –

SPECIAL ORDER SPEECHES – The House has concluded all anticipated legislative business and has proceeded to Special Order speeches.

1:05 P.M. –

ONE MINUTE SPEECHES – The House proceeded with one minute speeches.

Mr. Cantor asked unanimous consent That when the House adjourns on Friday, March 11, 2011, it adjourn to meet at 12:00 p.m. on Monday, March 14, 2011, for Morning-Hour Debate. Agreed to without objection.

H.R. 836:

to rescind the unobligated funding for the Emergency Mortgage Relief Program and to terminate the program

12:33 P.M. –

The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 830.

Motion to reconsider laid on the table Agreed to without objection.

12:32 P.M. –

On passage Passed by recorded vote: 242 – 177 (Roll no. 174).

12:26 P.M. –

On motion to recommit with instructions Failed by recorded vote: 182 – 238 (Roll no. 173).

12:10 P.M. –

The previous question on the motion to recommit with instructions was ordered without objection.

11:57 A.M. –

DEBATE – The House proceeded with 10 minutes of debate on the motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with amendments which provide a continuation of the provisions of the program for military veteran homeowners.

11:56 A.M. –

Mr. Connolly (VA) moved to recommit with instructions to Financial Services.

Mr. Connolly (VA) moved to recommit the bill, H.R. 836, to the Committee on Financial Services with instructions to report the same back to the House forthwith with the following amendment: ¢ In section 3(b), before “shall continue” insert the foloowing: “, and an y amounts made available for use under such Program pursuant to subsection (d),”. ***

11:55 A.M. –

The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union.

The previous question was ordered pursuant to the rule.

11:54 A.M. –

The House rose from the Committee of the Whole House on the state of the Union to report H.R. 836.

On agreeing to the Waters amendment Failed by recorded vote: 185 – 237 (Roll no. 172).

11:32 A.M. –

UNFINISHED BUSINESS – The Chair announced that the unfinished business was on the question of adoption of amendments which had been debated earlier and on which further proceedings were postponed.

11:24 A.M. –

Mr. Hensarling raised a point of order against the Sanchez, Loretta amendment Mr. Hensarling stated that the provisions of the amendment exceed the scope of the bill and the amendment is therefore,not germane. The Chair sustained the point of order.

11:19 A.M. –

DEBATE – Pursuant to the provisions of H.Res. 151, the Committee of the Whole proceeded with debate on the Loretta Sanchez amendment number 7 under the five-minute rule, pending the reservation of a point of order.

Amendment offered by Ms. Sanchez, Loretta.

An amendment numbered 7 printed in the Congressional Record to provide that the bill take effect on the first date occurring after enactment on which the Current Population Survey of the Bureau of Labor Statistics of the Labor Department, as released monthly, identifies that the unemployment rate for the United States is equal to 7.5% or less.

11:18 A.M. –

POSTPONED PROCEEDINGS – At the conclusion of debate on the Waters amendment, the Chair put the question on adoption of the amendment and by voice vote, announced the noes had prevailed. Ms. Waters demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a time to be announced.

10:49 A.M. –

DEBATE – Pursuant to the provisions of H.Res. 151, the Committee of the Whole proceeded with debate on the Waters amendment number 4 under the five-minute rule.

Amendment offered by Ms. Waters.

An amendment numbered 4 printed in the Congressional Record to direct Housing and Urban Development Department to publish on its website, no later than five days after the bill’s enactment, to “contact your Member of Congress for assistance.”

10:48 A.M. –

On agreeing to the Neugebauer amendment Agreed to by voice vote.

10:46 A.M. –

DEBATE – Pursuant to the provisions of H.Res. 151, the Committee of the Whole proceeded with debate on the Neugebauer amendment number 3 under the five-minute rule.

10:45 A.M. –

Amendment offered by Mr. Neugebauer.

An amendment numbered 3 printed in the Congressional Record to include m ilitary servicemembers and veterans who have service-related injuries, as well as survivors and dependents of such individuals, in a study on use of the Emergency Mortgage Relief Program.

On agreeing to the Canseco amendment Agreed to by voice vote.

10:26 A.M. –

DEBATE – Pursuant to the provisions of H.Res. 151, the Committee of the Whole proceeded with debate on the Canseco amendment number 5 under the five-minute rule.

Amendment offered by Mr. Canseco.

An amendment numbered 5 printed in the Congressional Record to provide that all unexpended balances rescinded and permanently canceled by the Emergency Mortgage Relief Program’s termination be retained in the General Fund of the Treasury for reducing the federal government debt.

9:13 A.M. –

GENERAL DEBATE – The Committee of the Whole proceeded with one hour of general debate on H.R. 836.

The Speaker designated the Honorable Lynn A. Westmoreland to act as Chairman of the Committee.

House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 151 and Rule XVIII.

Rule provides for consideration of H.R. 836 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be read by section. Specified amendments are in order. It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill.

Considered under the provisions of rule H. Res. 151.

9:02 A.M. –

ONE MINUTE SPEECHES – The House proceeded with one minute speeches.

PLEDGE OF ALLEGIANCE – The Chair designated Mr. Connolly of VA to lead the Members in reciting the Pledge of Allegiance to the Flag.

9:01 A.M. –

The Speaker announced approval of the Journal. Pursuant to clause 1, rule I, the Journal stands approved.

9:00 A.M. –

Today’s prayer was offered by the House Chaplain, Rev. Daniel Coughlin.

The House convened, starting a new legislative day.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

The Senate will Convene on March 14, 2011 at  2:00pm

Following any Leader remarks, there will be a period of morning business until 4:30pm, with senators permitted to speak therein for up to 10 minutes each.

At 4:30pm, the Senate will proceed to Executive session to consider the nomination of calendar #10, the nomination of James Boasber, of the District of Columbia, to be U.S. District Judge for the District of Columbia. There will be up to 1 hour for debate equally divided prior to a vote on the nomination.

Votes:

Senators should expect 2 roll call votes at 5:30pm in relation to the following items:

– Confirmation of the nomination of James Boasber, of the District of Columbia, to be U.S. District Judge for the District of Columbia, and

– Cloture on the motion to proceed to S.493, SBIR and STTR Reauthorization Act of 2011.

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Economy: A Sensible Budget Alternative


Yesterday, the Senate nixed two budget-cutting proposals — the House GOP budget bill and the Senate Democratic alternative — and exposed “the fault lines within the Republican and Democratic parties over fiscal issues.” Three Tea Party Republicans “who want deeper cuts” joined all Democrats in a 44-56 vote against the GOP bill. But 11 Democrats joined all Republicans in a 42-58 vote the Democratic plan, with some arguing it cut too little and others arguing it cut too much. The government is currently funded until March 18, after which most federal services will cease if a new funding bill for the remaining six months isn’t passed. White House budget director Jacob Lew said the rejection of the two bills “made it abundantly clear that we are going to need to work together on a bipartisan basis.” But a look at the GOP’s idea of compromise reveals an aggressive need to balance the budget on the backs of the disadvantaged while simultaneously impairing economic recovery. At the Center for American Progress yesterday, Democratic leader Sen. Chuck Schumer (NY) advocated an “all of the above” approach that “incorporate[s] mandatory cuts and revenue raisers into the mix” rather than “continuing the fixation on domestic discretionary cuts” in order to reign in the deficit responsibly. While recognizing there are tough decisions ahead to reach budgetary goals, Americans are signaling support for a progressive proposal that can responsibly avoid stymieing economic growth and hurting middle-class families at the same time.

THE SLASH AND BURN: Intent on fulfilling their pledge, House Republicans plowed through the federal budget to reach $57 billion in spending cuts in H.R. 1, their continuing resolution to fund the government through 2011. Bypassing pragmatic cuts to outdated programs and subsidies, the House GOP took their ax to vital public investments and our nation’s most vulnerable populations. It would leave 10,000 low-income military veterans and 10,000 long-term disabled people without housing assistance, nearly one million low-income students without academic support, numerous pregnant women and mothers without food and health care assistance, 11 million patients without health care received at Community Health Centers, and at least 5 million children without access to anti-poverty services when the number of children in poverty is at a record high. While leaving the Pentagon’s record-high budget request intact, Republicans still jeopardized national safety by cutting funding to food safety regulators, local law enforcement, and air transportation safety. And despite making job creation their top priority, the House GOP turned H.R. 1 into a job-killer out to kneecap economic competitiveness by drastically reducing investment in public infrastructure, cutting nearly 50 percent of federal job training funding and potentially driving the unemployment rate “up to 9.7-10 percent.” Federal Reserve Chairman Ben Bernanke and numerous economists have stated that the GOP bill could “cost about 700,000 jobs through 2012.” H.R. 1 ended up being so detrimental to “the drivers of long-term economic growth and job creation” that President Obama promised to veto the bill if passed. “This is a highly politicized slash-and-burn budget,” Sen. Patty Murray (D-WA) said after it failed. “This debate is about more than dollars and sense. It’s about real people with real lives.”

THE RESET: The Democratic budget proposal “coalesced around a spending bill that cuts government funding by $6 billion in 2011” — a far less damaging alternative. However, as The Washington Post’s Ezra Klein indicates, the Democratic baseline still fails to “accelerate our economy” because it focuses solely on deficit reduction without offering any spending on economic investments. In a speech at the Center for American Progress yesterday, Schumer called on Congress to “reset” its approach to deficit reduction. “We need to stop falling into the trap of measuring fiscal responsibility in terms of willingness to cut government, and instead focus on what matters — reining in the deficit,” he said and proceeded to offer a more responsible way to do so. First, Schumer revived his proposal from last year to institute a surtax on millionaires and billionaires — a proposal, he noted, that was “the most popular proposal” among Americans in a recent poll. He also advocated for closing the tax gap by going after tax dodging and income sheltering by big corporations, a gap that “has gotten as high as over $300 billion a year this past decade.” Pointing to mandatory spending as “the largest contributor to the deficit,” Schumer also suggested Congress reduce unnecessary subsidies handed out to industries that don’t need them every year. In an interview with ThinkProgress‘s Pat Garofalo, Schumer said oil and gas subsidies “stick[] out like a sore thumb” because “the entire rationale for it is gone.” With the price of oil at $100 a barrel, “the subsidy, in economic terms, doesn’t mean anything other than to make some people wealthy who are already wealthy,” he said. Sen. Bernie Sanders (I-VT) agreed, advocating similar millionaire surtaxes and elimination of tax breaks for oil companies to address the deficit. Schumer pushed back hard against cuts to Social Security. “Social Security doesn’t have any problems until 20 years from now,” he said, adding that the deficit needs to be reduced long before then.

THE MAIN STREET VIEW: While House Speaker John Boehner (R-OH) might think “Americans don’t have a clue” about the problems facing our economy, the perspective from outside the beltway is pretty clear. Most Americans want to see a compromise on the federal budget to avoid a government shutdown, but 56 percent of Americans chose creating jobs over cutting spending as the more important government priority. Fifty-nine percent of Americans favored repealing the Bush tax cuts, and 49 percent thought defense spending should be a top priority for cuts, “even if it means eliminating programs that bring jobs to your state.” However, Americans “across all ages groups and ideologies said by large margins that it was ‘unacceptable’ to make significant cuts to entitlement programs in order to reduce the federal deficit.” What’s more, a sizable majority supported making wealthier Americans share more of the sacrifice — be it through reduced Social Security and Medicare payments or, the most popular option, a surtax on millionaires. Overall, Americans overwhelmingly rejected cuts to social programs. The progressive plan outlined by the Center For American Progress’s Michael Ettlinger, Michael Linden, and Reece Rushing “brings the budget into primary balance by 2015 and brings our deficits to sustainable levels” through pragmatic cuts in 2015, including “eliminating roughly $35 billion in corporate subsidies” and “targeting $60 billion in specific defense cuts for a 7 percent overall reduction.” Coupling responsible cuts at a more economically viable time while raising revenues — such as “applying a new 2 percent surtax to adjusted gross income above $1 million” — will help achieve important budget goals “while protecting middle-class families, continuing vital economic investments, and adequately funding other national priorities.” While tough choices must be made, “proposing to balance the budget only on tax increases or only on spending cuts” while the economy is still fragile “is both unrealistic and bad public policy.” Any feasible deficit reduction plan will balance both the budget and the sacrifice to avoid crippling the economy and hurting struggling middle-class families.