Skip to content

Langevin thinks Congress will avoid hurtling over the fiscal cliff

October 25, 2012

Congressman Jim Langevin doesn’t think Washinton’s prevailing hyper-partisanship will keep Congress from reaching a deal to avoid budget sequestration.

During a taping of RIPR’s Political Roundtable (set to air Friday at 5:40 and 7:40 am), Langevin predicts that President Obama will win re-election. He went on to say.

“I believe that you’ll see the Congress come together, certainly with the president’s leadership, and we will revive the talks that had occurred last summer where President Obama and Speaker Boehner almost came up with a $4.5 trillion deficit reduction package, a balanced approach with both budget cuts but also revenue increases — by closing tax loopholes on major corporations [and] also raising taxes on people that are making over $250,000 a year.”

The across-the-board cuts known as sequestration will occur if DC Democrats and Republicans can’t agree on a deal. Republicans have been sharply opposed to the kind of revenue increases cited by Langevin.

Langevin also joined us for Bonus Q+A, airing at 6:40 and 8:40 am Friday, to talk about military spending, the healthcare overhaul, Wall Street oversight, and other subjects. We’ve previously heard from his two opponents, Republican Michael Riley and independent Abel Collins.

2 Comments leave one →
  1. Mister Guy permalink
    October 25, 2012 10:20 pm

    If President Obama is re-elected, we’re likely going to go over the so-called “fiscal cliff”, which really won’t be that bad at all. If Romney wins, he will likely request that the lame-duck Congress “punt” all the relevant issues to next year by temporarily extending existing tax law & negating the previously agreed to sequestration cuts.

    Going over “the cliff” isn’t that bad because any future vote on taxes will likely be to cut them (for mostly lower to middle income people) from the “new” Clinton-era tax rates. These kind of votes will be much easier for the GOP to take, since it won’t involve violating their silly pledge to Grover Norquist never raise taxes. The impact of much of the sequestration cuts can be negated at least partially over time by coming up with a longer term deal to reduce the federal deficit. These cuts really only amount to a $40-something Billion per year cut on both the “defense” & non-defense sides of the federal budget, which is not a whole lot of money. The bad thing about these cuts is that they aren’t the smartest, most targeted kind of cuts that can easily be made to federal spending. They can, however, be budgeted for ahead of time, and I suspect that the Obama Administration has (secretly?) planned to implement them if need be.

Trackbacks

  1. TGIF: 12 things to know about Rhode Island politics + media « On Politics

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 3,262 other followers

%d bloggers like this: