Congressman John Campbell's Blog - Green Eyeshade Blog

Tuesday, March 31, 2009

Posted by: John Campbell at 9:19 AM

President Obama's Budget passed through the House Committee on the Budget, of which I am a member, late Wednesday night on a party line vote. It will come to the House floor late next week, and I expect it to pass. Like the ‘non-stimulus package,’ I expect that not a single Republican will vote for it, and a few moderate Democrats will also likely oppose it. This budget quickly moves America to the sort of place that Pastor Rogers described in yesterday's quote.

I usually give you lots to read, but today I'll give you a few things to watch. Here is my opening statement on the budget debate. It explains some of the reasons why I oppose this budget with such vigor. It is 3 minutes long.

If you want to see what a 30% tax increase looks like, take your paycheck and multiply the total taxes deducted by 1.3. Then, subtract that from your gross income and that will be close to your new net income. So, if you made $3,000 gross and $2,000 net, you will now only net $1,700. Oh, and that won't include the cuts your employer has to make in order to pay for their tax increases. By the way, this budget includes all kinds of things that are minor in the grand scheme of things, but big to certain people. For instance, it would repeal the use of the ‘Last In, First Out’ (LIFO) inventory accounting method. This will dramatically raise taxes on all retail businesses who carry inventory.

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maggie writes:	Tuesday, March, 31, 2009 10:53 AM
We're screwed.
Pray that Pence and the Republicans get their plan seriously considered by the blue dogs and some level headed Democrats. Thanks for putting this video up to make it more clear.
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John writes:	Tuesday, March, 31, 2009 1:15 PM
But what about the promises?
Remember, only the people making over 250,000 dollars will feel any pain. The rest us will get a tax cut. Every campaign promise broken at warp speed. This does not include the cap and trade rules that will take $3,000 a year out of average American households, according to CBO estimates.
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xpressit writes:	Thursday, April, 02, 2009 4:05 PM
Dateline Feb 21, 2004
"The deficit is going to be a symbol of their credibility problem, and the budget is going to be the document we use" to make that argument, said Rep. Rahm Emanuel, D-Ill., a member of the House Budget Committee who in the 1990's was a White House political aide to President Clinton.
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vladimir estragon writes:	Thursday, April, 02, 2009 4:52 PM
Wrong again
Geeze, you're keeping us busy today, John, making all this stuff up. "Every campaign promise broken at warp speed. This does not include the cap and trade rules that will take $3,000 a year out of average American households, according to CBO estimates." You need to read a little more than three or four right-wing internet sites to be at least MINIMALLY informed. http://www.washingtonmonthly.com/archives/individual/2009_0 4/017568.php
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About John Campbell

John Campbell is a member of the House Financial Services Committee, and has taken a leadership role in addressing the country's top economic issues. Campbell serves as a member of the Joint Economic Committee, and House Committee on the Budget. He has a Bachelor's Degree in Economics from UCLA and a Master's Degree in Taxation from USC.