"Our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act."
S&P downgraded the US, in part, because of a revised expectation that the Bush tax cuts would remain in place. They assumed this because of Republicans' unwillingness to enact any measures raising revenue, and they completely slammed House Republicans--including Paul Ryan--for doing so.
"I remember Pres. Obama visiting it when he was first running, saying he'll keep that plant open," Ryan said, recounting the fact that his high school friends worked at the GM assembly plant. "One more broken promise. We used to build Tahoes and Suburbans. One of the reasons that plant got shut down was $4 gasoline. You see, the president's terrible energy policies are costing us jobs."
In fact, the plant halted production in December 2008, when Pres. Bush was in office.GM cited the low demand for SUVs and high gas prices during the Bush administration as the reason for closing the plant.
Obama did speak at the plant in Feb. 2008, and suggested that a government partnership with automakers could keep the plant open, but made no promises as Ryan suggested.
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The above quotations are from Business Insider webzine.
Click here for other excerpts from Business Insider webzine. Click here for other excerpts by Paul Ryan. Click here for a profile of Paul Ryan.
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