DeFazio speaking on the floor now - no revenue in the bill, no jobs. n/t

[slipslidingaway]

[gateley]

1. Love those Oregonians! Shelia Jackson Lee up now. nt

[slipslidingaway]

3. Yes and that was it - recess until noon. n/t

[cascadiance]

6. I sent a note to Defazio asking for a recommendation for David Wu's replacement...

amongst other things. The guy is awesome. One of the few good investments I made in donations last election. Only hope we can replace Wu with someone with half of DeFazio's stature here in the Oregon delegation.

[sabrina 1]

23. I love Fazio too. He has morals and principles. Rare in DC.

I hope he votes against this deal.

[florida08]

2. He's right

It's not a priority apparently..except for lip service

[slipslidingaway]

7. And he said the only specific cut in the bill - student loans ...

TITLE V—PELL GRANT AND STUDENT LOAN PROGRAM CHANGES

Sec. 501. Federal Pell grants.
Sec. 502. Termination of authority to make interest subsidized loans to graduate
and professional students.
Sec. 503. Termination of direct loan repayment incentives.

http://rules.house.gov/Media/file/PDF_112_1/Floor_Text/DEBT_016_xml.pdf

[florida08]

9. republicans have always hated funding education

You know they are defunding the government so as to put domestic programs in harms way. They know they can't outright repeal them without an outcry from the people. We all know this..we just don't know what we can do about it. The goal is to privatize as much as possible.

I know someone whose representative will not help his area pay for a football/baseball field for the kids. The school field they use now charges them $500 each time for practices and $1000 for games. Predatory capitalism dictates that only the middle class pay taxes but we are not to benefit from a dime. That's needed to bailout the 'job creators'.

[OneGrassRoot]

10. What is the change in Pell Grants and loans?

If you know, thanks in advance. And when would this take effect?

[slipslidingaway]

19. Here is some info, DeFazio said 'we don't need any new doctors' ...

reductions are for graduate and professional students.

Wording for changes starts on page 71 (of 74 pages) in the new bill.

http://rules.house.gov/Media/file/PDF_112_1/Floor_Text/DEBT_016_xml.pdf

"SEC. 502. TERMINATION OF AUTHORITY TO MAKE INTEREST SUBSIDIZED LOANS TO GRADUATE AND PROFESSIONAL STUDENTS...

...for any period of instruction beginning on or after July 1, 2012— ..."


Today from CBO...

http://cbo.gov/ftpdocs/123xx/doc12357/BudgetControlActAug1.pdf

"Student Loans.

As required under the Federal Credit Reform Act of 1990, most of the
costs of the federal student loan programs are estimated on a net-present-value basis.2
The bill would make two changes to the student loan programs. CBO estimates those
changes would reduce direct spending by $9.6 billion over the 2012-2016 period and
$21.6 billion over the 2012-2021 period. The legislation would:

 Eliminate the subsidized loan program for graduate students. Beginning July 1,
2012, the bill would eliminate the interest subsidy on subsidized student loans for
almost all graduate students while a borrower is in school, in the post-school grace
period, and during any authorized deferment period. (Certain post-baccalaureate
students would still be eligible.) The current annual and cumulative loan limits for
unsubsidized loans would be adjusted to permit students to borrow additional
funds in the unsubsidized loan program. CBO projects that, over the 2012-2021
period, the provision would shift approximately $125 billion in loan volume from
the subsidized to the unsubsidized loan program. Because borrowers would be
responsible for the interest accrued on those loans while in school, CBO estimates
that this provision would reduce direct spending by $8.2 billion over the 2012-
2016 period and $18.1 billion over the 2012-2021 period.

 Eliminate loan repayment incentives. Beginning July 1, 2012, the bill would
terminate, with one exception, the Secretary of Education’s authority to make
incentive payments to borrowers to encourage the on-time repayment of their
federal loans. Specifically, the bill would eliminate the Secretary’s authority to
offer a partial rebate of the origination fee but would still allow the current interest
rate reduction for borrowers who agree to repay their loans through electronic
debiting.3 Because borrowers would effectively pay a higher upfront origination
fee, CBO estimates this provision would reduce direct spending by $1.4 billion
over the 2012-2016 period and $3.6 billion over the 2012-2021 period..."


http://money.cnn.com/2011/08/01/news/economy/debt_ceiling_deal_cbo/

"...In terms of education spending, the bill would increase funding for Pell Grants by $17 billion between 2012 and 2015. It would also cut student loan funding by $22 billion over 10 years..."

[OneGrassRoot]

28. Thanks very much. So upsetting. :( n/t

[Doctor_J]

4. That's what the Repukes were hoping for, and the president served it up

Only question: Weak, appeasing patsy, or co-conspirator?

[slipslidingaway]

18. Obama Pledges Reform of Social Security, Medicare Programs

http://www.washingtonpost.com/wp-dyn/content/article/2009/01/15/AR2009011504114.html

"President-elect Barack Obama pledged yesterday to shape a new Social Security and Medicare "bargain" with the American people, saying that the nation's long-term economic recovery cannot be attained unless the government finally gets control over its most costly entitlement programs..."

[sabrina 1]

24. Wow, a blatant lie, straight from the president. Where are those

who claimed he never lied about SS now? How will they spin this lie?

SS costs the Govt NOTHING! Unbelievable from a Democratic President.

[slipslidingaway]

27. There were a few articles around that time talking about entitlement reform...

for the most part they were dismissed here on DU.

Yes, SS does not add to the deficit, think the administration has been more carefully about their choice of words.

[Skidmore]

5. No jobs. I'm sick of hearing this.

Jobs are being held hostage by corporations. The only thing that should be in legislation is a penalty for those who move jobs out of the nation or to the banks and corporations for withholding investment. That is why there is precious little job creation.

[lumpy]

8. I'll go along with that. I find it hard to believe that government

creates jobs in the private sector.

[Tennessee Gal]

11. There should be tax incentives tied to job creation.

Instead, as you say, corporations are finding it more profitable to move jobs out of the country.

[lumpy]

15. I don't think tax incentives for corps. is the answer. Thay have

a lot of those already. What is needed is regulation and penalties for moving jobs using cheap foreign labor.

[sabrina 1]

25. Exactly, thanks for saying it. Anyone who takes jobs overseas

should be taxed to the max. Their country is going under, anyone who thinks only of profit at a time like this needs to get a rude awakening and if they won't do it voluntarily, we cannot afford to carry these corporate welfare queens any more.

[gratuitous]

13. We could always work on public roads and schools

You know, that pot-holed strip of macadam that wears out your car's suspension every six months or so? And maybe re-wire every school in the country for high speed internet access, upgrade a few facilities, build some brand new schools?

But then, these aren't "real" jobs, so no sense in doing that! Nobody would want to work at a job that wasn't real.

[slipslidingaway]

20. + 100 nt

[chill_wind]

12. K & R. n/t

[florida08]

14. when they begin tax reform

We'll see even more of this. Top will get a reduced rate..while middle class will see an increase probably in the form of lowing the standard deduction and personal deductions. We have never gone long form because we don't make the salary but also don't have the deductions to qualify. A little bit of a refund because we overpay during the year. Guess we should start gambling?..B-)

[slipslidingaway]

21. Yes, we'll need to keep the job creators happy! nt

[florida08]

22. :thumbs up:

:hi:

[amborin]

16. kr

[amborin]

17. kr

[slipslidingaway]

26. Video link - DeFazio on debt deal and balance

6 minutes
http://www.youtube.com/watch?v=fKhp-QPLRgA