"Sequester, CR, and Little Long-Term Deficit Reduction"
The $85 billion sequester took effect on March 1, 2013 because the grand bargain it was supposed to prompt didn't happen. Democrats wouldn't agree to entitlement spending cuts, and Republicans refused to allow any more tax increases beyond the $620 billion FY13-FY22 hike on taxpayers with incomes over $300,000 ($250,000 singles) embodied in the American Taxpayer Relief Act of January 2, 2013 that made permanent $3.6 trillion of Bush tax cuts and cut spending by a meager $22 billion to postpone the sequester two months. On March 21, the Congress passed a continuing resolution (CR) to fund the government through September 30 within the spending caps agreed to in 2011. Nowhere was there any long-term deficit reduction. The outlines of a $2 trillion grand bargain have been openly discussed, and there's a small chance it could ride the debt limit bill in late July or early August, but the odds are very much in favor of kicking the can down the road without addressing our dire long-term fiscal outlook.
Pete Davis advises Wall Street money managers on Washington policy developments that affect the financial markets. President of his own consulting firm since 1992, Davis Capital Investment Ideas, he draws on 11 years of experience as a Capitol Hill economist with the Joint Committee on Taxation (1974-1981), the Senate Budget Committee (1981-1983), and Senator Robert C. Byrd (1992). He worked in the House and Senate, and for Republicans and Democrats. Davis brought the first computer policy model, the Treasury Individual Income Tax Model, to Capitol Hill in early 1974, when he became a revenue estimator on the Joint Committee on Taxation. He formulated the 1975 rebate, the earned income tax credit, the 1976 estate tax rates, the 1978 marginal tax rates, and the Roth-Kemp tax cut. He left Capitol Hill in 1983 for the Washington Research Office of Prudential-Bache Securities, where he advised investors for seven years. Davis has long written a newsletter on the Washington-Wall Street connection for his clients; the blog Capital Gains and Games is his first foray into the blogosphere.
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