"Defense Firms Open to Higher Taxes to Avert Cuts" at WSJ

[applegrove]

Defense Firms Open to Higher Taxes to Avert Cuts

Washington Wire and WSJ

http://blogs.wsj.com/washwire/2012/07/18/defense-firms-open-to-higher-taxes-to-avert-cuts/?mod=WSJBlog&utm_source=twitterfeed&utm_medium=twitter

"SNIP.........................................

Two top defense contractors told a House committee Wednesday that Congress should consider including increasing taxes as part of a package of changes to reduce the deficit, a sign that industry fear over the impact of spending cuts next year could challenge party orthodoxy.

Top executives from Lockheed Martin, Pratt & Whitney, EADS North America, and Williams-Pyro told the House Armed Services Committee that the $50 billion in projected military spending cuts set to begin in January already has had a chilling impact on military planning, delaying projects and raised the possibility of layoffs before the end of 2012.

The spending cuts were set by the Budget Control Act, which passed last year as a way to clear the way for lawmakers to raise the debt ceiling. Now, some members of both parties are trying to find a way to undo the cuts, known as the “sequester,” but both parties are at odds over how to proceed.

.......................................

“You can’t just be concerned with only your slice of the pie,” said Rep. Tim Ryan (D., Ohio.).

..............................................SNIP"

[elleng]

1. Listened to some of the testimony,

but didn't hear this. Wish I had.

[Schema Thing]

2. lol, you don't say?

[msongs]

3. gouge everybody any way you want, just don't cut into our huge slice of the pie lol

[Igel]

6. Yup.

"I want what I'm getting. If you need to raise taxes on everybody to help me get what I'm used to, by all means raise taxes."

[alcibiades_mystery]

4. The R's have two choices: Eat the sequester, including Pentagon, or deal on top bracket

It's pretty simple: eat or deal.

But Obama "lost" that fight in getting the Super Committee set up, right? They were going to end Social Security and Medicare, right?

Eat the sequester, or deal on top bracket.

What's it going to be House and Senate GOP?

[phleshdef]

5. I'm pretty sure Obama was betting on this. I mentioned it when the cuts deal was first made.

I said it would pit defense interests against wall street interests and my bet was, the defense lobby will ultimately win that fight.