The big news last week was what didn't happen. The United States of America didn't default on its national debt.
Senator Coburn has crafted a proposal that addresses spending in virtually every segment of government, from defense to entitlements, and targets tax deductions that have benefitted special interests on both sides of the aisle for far too long.
"Americans want reform. The Republican majority in the House of Representatives was swept into office by promising reform. The Gang of Six Solution is the antithesis of reform. "
The vaunted budget plan from the "Gang of Six" is said to be growing in popularity, but all you need to know to oppose the plan is that a "gang" is behind it. Also, President Obama and Sen. Dick Durbin both support it. But let's not stop there.
European equities and the euro did a full reversal today, rising out of negative territory as details emerged on preparations for today’s European summit. We note several positives.
Greece isn't the only country to try spending its way to prosperity -- only to find a sure way to poverty.
Now, there are glitches in this plan that cannot be overlooked. The biggest is the harsher treatment of capital gains. In a CNBC interview on Tuesday, Sen. Tom Coburn, R-Okla., told me that the investment tax rate would rise to 20 percent from 15 percent. This is a black mark. It's anti-growth. Coburn, however, also told me that the tax treatment of IRAs and 401(k)s would not change in this plan. That's good.
First, you’re allowed to ask the politician any question. Of course, they will probably give you an answer to a totally different question. You then try for a second time to ask the same question repeated a different way.
Once when George W. Bush looked to be in steep political trouble, his mother Barbara famously said that she'd seen this movie before and didn't like how it ended.
The Tea Party Senator won't vote for a plan that never balances the budget.
Rep. Paul Ryan goes on Hannity to discuss 'Gang of Six' debt plan.
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