Reid to drop cap-and-trade from new energy bill

Really, though? Democrats, who are already terrified of losing Congress, are going to surf into the midterms with an eleventh-hour push for a hugely expensive new bill related to … global warming? With the GOP already armed with ad-ready video of Obama talking about how it’ll make energy prices “skyrocket”?

Senate Majority Leader Harry Reid (D-Nev.) will bring a limited package of oil spill response and energy measures to the floor next week, delaying action until at least this fall on a broader proposal that would impose greenhouse gas limits on power plants, senior Senate Democratic aides said.

Aides insisted Reid’s decision is a nod to the packed floor schedule the Senate faces before it leaves in two weeks for the August recess, and that he he has not abandoned plans to try and bring up a broader climate and energy plan later in the year…
For now, the limited package expected on the floor this month will likely allow Democrats to push through a response to the Gulf of Mexico oil spill — such as tougher rig safety requirements — and perhaps some energy provisions that members of both parties could support.

Mind you this is only a scheduling move until September, how much do you want to bet they push this through a lame-duck session after elections?  I'm pretty game.

Tax Cuts Stimulate Economies...when governments shrink spending

Officials are now concerned about saving the Bush tax cuts after years of saying tax cuts caused this mess.  Despite the evidence contrary to the myth.  Currently, Germany's recovery is attributed to that economic method as well as the sttes of VA and NJ.  But on to the story...

Some Democrats are now arguing forcefully that a delay is a win-win plan that would help the federal budget without hurting the economy.

Wealthy families would not have an incentive to cut back on spending and budget writers could assume an inflow of tax funds in future years, making five- and 10-year budget projections look less scary.
Rep. John Yarmuth (D-Ky.), a member of the Ways and Means Committee, which has jurisdiction over taxes, said some of his Democratic colleagues have discussed the idea out of fear of impeding the nation’s economic recovery.
“I’ve heard some sentiment about raising the rate but not making it effective until 2012,” he said.
During the 2008 presidential campaign, President Obama said he would not extend the Bush-era tax cuts for families earning more than $250,000.
Obama promised that families earning less than $250,000 would not see their taxes increase.
But vulnerable Democrats in Congress are worried about talk of raising taxes, even on the wealthiest families, when the national economic recovery has slowed.
“I think the recovery is sufficiently fragile that we ought to leave tax rates where they are,” said Rep. Gerry Connolly, a freshman Democrat from Virginia.
Connolly said Democrats should not allow the 2001 Bush tax cuts to expire for anybody.

My God.  Ignoring the lie that "families earning less than $250,000 would not see their taxes increase" (current taxes will not increase but the mandate is a NEW tax, and that's one...), let's take a step back.  So there's a limit to taxing the "rich"?  Allowing to tax cuts to expire WOULDN'T increase tax revenue?
I'm being sarcastic......sigh, I'm posting something about how government's work at building revenue, and where the money comes from.  Here's a refresher on how businesses make money in the meantime.