In principle, Saturday’s vote to keep the government open should be the perfect curtain-raiser for the political debates between now and the 2016 election. As their price for averting a government shutdown, Republicans demanded and got a gutting of one of the most important provisions of the Dodd-Frank Act, preventing banks from speculating with government insured money.
Agencies hated by Republicans such as the Environmental Protection Agency took big cuts, and a rider was inserted permitting “mountaintop removal” coal mining once again. Another extraneous provision demanded by conservatives permits massive increase in individual campaign contributions.
The IRS enforcement budget lost $345.6 million. This will only increase public deficits, since most IRS enforcement is directed at upper-bracket tax cheats. The IRS collects about seven dollars for every dollar it spends on audits.
The bill also cuts Pell grants for lower income college students, diverting money to the for-profit companies that function as collection agencies for student loans. And it allows companies to cut pensions for current retirees, even those that are contractually guaranteed.
These Patrons make the Fowler Show possible ($20+ monthly donation on Patreon.com/FowlerShow) & we couldn’t do it without them!
Truthservers.com
Are you a fan of The Fowler Show? Become a Patron & help support independent media! Learn more here:
http://www.patreon.com/fowlershow
Want to help out but don’t have any money to donate? Donate your account & help us get our stories out on social media. Learn more here:
http://www.donateyouraccount.com/fowlershow
If you liked this clip, share it with your friends and hit that “like” button!
1,500 Subscriber Behind The Scenes Reward Video –
http://www.youtube.com/watch?v=LT9x1PvQTBU
Subscribe to our Podcast on iTunes for free!
https://itunes.apple.com/us/podcast/the-richard-fowler-show/id510713880
@fowlershow
@richardafowler
http://www.facebook.com/richardfowlershow
http://www.fowlershow.com
http://fowlershow.tumblr.com/
STORY:http://www.huffingtonpost.com/robert-kuttner/the-budget-deal-and-the-r_b_6324650.html