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October 24, 2008

Frank Calls for Major Defense Cuts, 'Eventual' Tax Hike

@ 10:21 am by Hill Staff

Rep. Barney Frank (D-Mass.) said Democrats will push for a stimulus package after the November election, and called for a package reducing defense spending by 25 percent while saying Congress will "eventually" raise taxes.

Frank told the editorial board of the SouthCoast Standard-Times that he wanted to reduce defense spending by a quarter, meaning the United States would have to withdraw from Iraq sooner.

"The people of Iraq want us out, and we want to stay over their objection," he said. "It's extraordinary."

Frank also said the post-election stimulus package will focus on spending for building projects, extending unemployment benefits, and further supporting states' healthcare costs. "We'll have to raise taxes ultimately," Frank said. "Not now, but eventually." Frank told the Standard-Times that if Democrats cannot secure the votes they need in November, they will try again in January, when they will likely have stronger majorities in the House and Senate.

Frank, the Chairman of the House Financial Services Committee, was an instrumental figure in engineering the bailout legislation to the U.S. financial industry, and indicated a new package may seek to ameliorate fears about investing. "The psychological problem is even worse than the real problem," Frank said.

-Michael O'Brien

Archived under: Campaigns, Economy & Budget, Lawmaker News, News, Presidential Campaigns

47 Comments »

The Hill welcomes comment from anyone and will almost always post it whether it is favorable or critical, as long as it is substantive and advances debate.

If raising taxes when times are bad is a bad idea, why is it ever a good idea?

Comment by Hershblogger — October 24, 2008 @ 2:56 pm
this man should be in jail.

Comment by ray — October 24, 2008 @ 4:03 pm
How does cutting the defense budget play in with the "over stretched military" argument?

Comment by robert verdi — October 24, 2008 @ 4:12 pm
I don't believe that "The psychological problem is even worse than the real problem," because Barney and his cohorts are the real problem and they are in control - nothing could be worse!

Comment by Rick — October 24, 2008 @ 5:10 pm
Back off Barney. Fannie and Freddie were a done deal. $700b was greed. Insider info runs rampant on your cel and it's sinking pretty low to make money on this kind of pain.

Comment by Ann — October 24, 2008 @ 6:30 pm
Cut defense spending: Loss of defense-related jobs, loss of ability to react quickly to threats.

Raise taxes: Loss of jobs, especially in small businesses, lower standard of living for most, lower economic growth.

Leave Iraq quickly: Risky, may require reinsertion later at a higher cost, could destabilize the entire region.

Great Barney, got any more bright ideas?

Comment by Steve-o — October 24, 2008 @ 6:35 pm
I am so disgusted with Barney Frank. He is so corrupt and full of crap. Pelosi, Dodd, Schumer, Reid and the democratic congress are just horrible. They have done nothing for us. They don't work for the people, they work for themselves to stay in office for their own personal gain. They are so guilty in this housing crisis and they are holding hearings on themselves, really. It is a joke. They need to be arrested and jailed. I think we should vote OUT all of these lazy, money, power hungry incumbant politicans and get all new blood in the house and senate.Giving them a filibuster proof senate would be a disaster. Look what they have done thus far…sank the economy!They allowed this to happen for their personal gain with Freddie and Fannie. We need to push back real hard and show them who is boss! WE ARE. Lets send a strong message and get rid of as many congress/senate lames as possible. 2008 and 2012, will do the job. Lets all send a forceful message, we the people are hell to reckon with when we need to be.And the need is NOW…

Comment by Shelley — October 24, 2008 @ 6:38 pm
Shelley, that's a nice sentiment, however America sealed her fate when she decided killing babies for the sake of convenience was a "good thing".

50,000,000+ and counting. Rolled over and ignored the demonetization of Christians and Christian ideals, ignored the indoctrination of youth to the unnatural homosexual agenda.

The rewriting of history to suit the lefts agenda, not the least of which is the "separation of church and state" argument.

Removal of reference to God from public conscience is a very bad idea. Tell the kids there is no God, no moral absolutes etc. Methinks the money issue with the left is going to be the least of our worries.

May God have mercy on our souls.

Comment by Kirk — October 24, 2008 @ 7:18 pm
Barney doesn't get it. None of them do. You can't raise taxes in a bad economy. You get less money not more. As their misguided policies cause the economic crisis to deepen the libs will pay for their idiocies by printing money. The dollar will be worth half of what it is now in a year or so.

Comment by skep41 — October 24, 2008 @ 9:44 pm
If McCain is not elected and we have Obama in office. Look forward to having unemployment rates back up into the double digits, interest rates up around and over 20%, and the loss of millions of more jobs. McCain is no Bush, But Obama is the second coming of Jimmy Carter!! Look out America!! I hope we don't wave the white flag in Nov.

Comment by satwoods — October 24, 2008 @ 9:54 pm
Socialists/Democrats want to weaken USA military strength. The leftist has been working for Red
China and Russia. As Biden predicted, during 6 months of Obama's administration, Russia will invade Eastern Europe and former Soviet Union states. Red China will invade Taiwan and other Asian neighbors knowing for sure that Obama will not do anything. Iran will invade other Arab countries. Everyone knows Obama is no match to Russian leader and Chinese Communist leader.
It's unfortunate time for USA when majority of country doesn't know about the danger of Russia, Red China, and Iran.

Comment by Richard Nguyen — October 25, 2008 @ 12:08 am
So, now Barney Frank and Chris Dodd, looking to deflect their own direct involvment with this Financial Meltdown at Fannie and Freddie are calling Alan Greenspan on the carpet? Since he is retired and no longer directly involved, you watch and see if they don't end up pinning this on him. Frank and Dodd and Pelosi (this witch is the worst) and lets not forget Reid should all be on the carpet to the American Public…These idiots have forgotten just WHO they work for!. Changing the President is a start but the real change must come at the congressional level. Please people, for our nation's sake VOTE. My God man! For our children's sake….VOTE. Vote them right the hell back home in disgrace.

Comment by Knothead — October 25, 2008 @ 12:39 am
yea Nazi Germany didn't want us there either:

"The people of Iraq (Germany) want us out, and we want to stay over their objection," he said. "It's extraordinary."

you are all fuc*ed

Comment by LastAmerican — October 25, 2008 @ 1:17 am
Barney Frank: Cut Military Budget

Barney Frank, Chairman of the House Financial Services Committee, is planning for the future of our country run by democrats. Among other things, he says they will cut military spending. Read about it below and see a photo and a video.

Barney Frank
Th…

Trackback by Blue Star Chronicles — October 25, 2008 @ 4:44 am
Representative Frank should be burned in effigy in the streets throughout the nation

Comment by Conservative Hispanic — October 25, 2008 @ 8:04 am
So is anyone now ready to repeal the 16th Amendment (income tax without qualifiers) and institute a fixed income and fixed sales tax via amendment? Are you folks that are complaining really Federalists? Federalists are for limited government (do away with Dept's of Education, Energy, etc.) limited federal taxation, limited involvement of the federal judiciary, limited…. everything the current politicians aren't.

The only way to get rid of them is to prevent it from being profitable. Realistically, if you want to get rich in America, what is one of the surest ways? Become a national politician.

Who is ready to make a difference. Please realize it means personal responsibility, helping the less fortunate out of OUR own altruism, becoming involved in the public arena and DOING the right thing without compulsory confiscation of someone elses income.

Who's ready?

Comment by Charlie — October 25, 2008 @ 9:32 am
Here we go again…the military gets the cuts worst of it when we have more threats. Barney Frank & co just don't understand that cutting the military is like not maintaining your car, the mechanics adage "pay me now or pay me later"

Comment by Tom — October 25, 2008 @ 1:55 pm
1. If Mr. Franks wants to extend unemployment benefits again how long does he wish to see the total length of time to be with another 13 week period that takes it up to a year for unemployment.

2. If he gets his was a cut support for our Great Military personnel. How is he going to treat them what they get paid in some cases is not high to there equals outside. Some young service personnel are on food stamps.

3. Is he going to treat other business like he did Fannie Mae & Freddie Mac giving them sweet deal and push to give then special treatment or you must deal with them or else you will be investigated or have problem with your licensees.

So what about these questions Mr. Franks

Comment by Moose — October 25, 2008 @ 6:04 pm
In 1959, Jan 1st, Fidel Castro made his triumphant entrance in Habana, Cuba. Everybody went totally berserk for this man. Specially, the very young. Castro promised us everything you can imagine, and much more. In less than two years, the island of Cuba was in total shambles. The once beautifull city of Habana is today a shameless, pathetic, less than a third world capital. If you want to experience what Senator Barack Obama is going to do to the U.S. take a brief trip to Cuba, let't say stay there for six months, and experience a way of life that will bring tears to your eyes, and keep you in a perpetual feeling of depression. You may come very close to committing suicide, like many others living under a regime like this passing itself as paradise lost.

Comment by Gabriel Ramis — October 25, 2008 @ 7:59 pm
Annie get you're gun. When the terrorist are given the word they will strike without mercy. They are already here waiting on the word. I'd guess 50,000 or more. They will bath our streets in blood. They will kill all Middle Easterners settled in America all Christians of any religious faith. They will kill anyone and everyone that doesn't follow the teaching of Muhammed. Those of us who still have our guns and ammo that survive by fighting the terrorist can turn our attention as well to those who got us in this mess and help the terrorist out by taking out those who were responsible for getting us in this mess; we know who you are and we are not obligated to help save your sorry a** for the grief you will have caused this proud nation. Then we will have to get back to business and fight the terrorist to ensure our families survival, as well as our country what is left of it.

Comment by Rampuser — October 25, 2008 @ 10:09 pm
The department of defense gets a blank check every year. We can't continue to afford both guns and butter it is time to choose. Our own the record defense spending is 711 billion dollars. A 25% cut gives us a budget 533.25 billion dollars. The entire EU spends 312 billion on defense.

Comment by adam — October 26, 2008 @ 12:11 am
Barney Frank, speaking of the people of Iraq, says, 'they want us out of their country'. This is the same lie that was promulgated by Senator John Kerry in the 1970's which led to the premature withdrawal of troops from Vietnam, the fall of Saigon and its infamous imagery, the tens of thousands which fled Vietnam - and the tens of thousands who remained and whom were slaughtered. When will the Democrats ever learn.

Comment by Victoria Bingham — October 26, 2008 @ 10:33 am
Comrades, a 25% reduction in US defense spending from the 2009 budget levels is a cut of 128 Billion Dollars, equivalent to taking one entire branch of the US Armed Forces completely out of service.

Comment by John-X — October 26, 2008 @ 10:50 am
The Democratic Party is more to blame now for what is happening than the Republicans. We can thank �Joe the plumber� for finally bringing Obama�s �Socialist like� beliefs to light for all Americans. I am one Democrat/former Hillary along with millions of other supporters who are now backing McCain/Palin. Simply stated I believe the Democratic Party has dramatically changed, for the worse, since the beginning of the primary debates in 2007. Democrats are now, for the most part, far left in their thinking and actions. I do not follow far left or far right policy. As far as I am concerned McCain/Palin are as close to the center in their beliefs as Hillary was. Obama is no Hillary and McCain is no George Bush! Finally for now, I truly believe Hillary needs to put country first, like McCain/Palin over party. Unfortunately she has not and I do not really support her now. I am really disappointed in her because I thought she was bigger than trying to save her stature in the Party over country. These are just for starter reasons why I support McCain/Palin now over the Democratic Party.

Comment by Mary O'Bryan — October 26, 2008 @ 6:50 pm
Barney is lost - it is amazing how someone as ignorant of the issues can rise to a position of relative power. Scary indeed. Rasies taxes in a down turned economy throws gas on a raging fire. Barney and his friends on both sides of aisle allowed this to get out of hand and now they want to start the partisan talk and get the taxpayer to bite. I feel sorry for those who have donated money to Barack, thinking that somehow they would see their "sowed seed" would deliver them from the problems at hand. It is amazing to see John Q Public giving away their money for a bunch of promises and a little charisma…

Comment by Rick B — October 27, 2008 @ 5:20 am
Every time I see Barney Frank on television he looks as though he hasn't bathed in months! The guy just looks like he's nasty!

Comment by Lisa W — October 27, 2008 @ 6:26 am
Once again, a Democrat speaks what really will happen when their in charge. Also, Frank says "the psychology of the problem is worse than the real problem"; didn't Democrats rip apart Sen. Phil Graham for say basically the same thing? Also, wouldn't that lead one to believe that the fundementals of the economy are sound, and it is just more about emotion?

Comment by steve mieczkowski — October 27, 2008 @ 9:02 am
Well Barney has now confirmed what any person with a small degree of intelligence already knew. The left coast will rule the world.

There are two outcomes should BHO be elected:

1. We become France, or
2. The american people will come to their senses and the left wing of the democratic party will be in shambles (unfortunately will be in 2 years - next congressional election).

The three stooges (Reid, Potosi and Frank) will only have this two years to do what they want. Hopefully, they can't enact all the legislation in a couple of years to stop the next election.

If anyone is foolish enough to think Obama will run anything, I have a bridge to sell them. The three stooges tell Obama what he is going to do (after all Obama by his present votes in Illinois proved he is not much of a standup kind of guy).

P.S. FYI there was a fourth stooge, wonder who fills that role - Biden or Obama?

Comment by C Eaton — October 27, 2008 @ 9:16 am
Osama Bin Laden, Abinajad, and other terrorist leaders want you to vote for Obama.
A vote for Obama means open borders for terrorists to get in for more attacks, the military out of Iraq so their soldiers can come back here to attack us instead of dying there on their own soil.
The military will be weakened by the democrat defunding of their defenses. Yes, your sons and daughters in the military will be going to battle without ammunition, without protective armor, and without the resources they need to defend themselves and their country. Obama and the left WANT them to lose. They have no interest in having a strong military, they would rather use your tax dollars to prop up the lazy welfare population so they can feel good about themselves as if there's any good in them. Obama and his followers are slime that needs to be flushed into a dark corner of the earth to subject each other to their treason, and get them away from real Americans.

Comment by Lee B — October 27, 2008 @ 10:04 am
In response to Franks' cutting defense spending which I think will happen if Obama becomes President. One of our founding fathers said that they were afraid in the future people would be more loyal to their party then their country. This reminds me of Hillary. After the way the liberal and the DNC treated her makes me wonder why she stays loyal to them instead of herself. Where is her self respect? I can understand her not defecting to the other side, but going out and campaigning for Obama? In my oppion Hillary wasnt choosen for VP simply because she was a women. I would have went back to Washington and did my job for the people of NY. A weak economy,no moral compass,greed, and a weak military can surley lead to the down fall of our country. Should we be so arrogant to think this can't happen? We should always have a strong military in good and bad times. Our military people and their familys should be taken care of all aspects of life, better pay,medical and mental care. Get rid of some of social programs that make people lazy and more dependent on the government. These same people could join the military and have a more worthwhile life. Barney Frank is so wrong especially in these times of terrosim all over the world in cutting defense spending, it should be the opposite!

Comment by ell — October 27, 2008 @ 10:22 am
I have a better solution for Barney Frank and all of Congress, how about cutting your pay, and pension that would save the tax payers millions. Isn't funny how little ole me can think of better ways to cut spending than all these so called educated leaders of our country. Oh yea and other wasteful spending inside the beltway. They need to start living within their means also,like shopping at Wal-Mart,K-Mart and other discount stores. Stop living off the miserys of the American people. Where are the true statesmen?

Comment by ell — October 27, 2008 @ 10:45 am
Seems clear we all agree that Barney Frank was willing to look the other way while others brought America to the brink of economic extinction.

So, how do we ensure that he is serving his last term? How do we protect ourselves from his incompetence? Where is his district and how do we get the real message across?

Comment by Steven James — October 27, 2008 @ 11:06 am
When is the American public going to wake up and realize that it's time to take this government back from the politicians and bureaucrats — by force, if necessary?!?

Scum like Barney Frank, Harry Reid, and Nancy Pelosi would better serve this country by being six feet under.

Sic Semper Tyrannis!!!

Comment by Lawrence Standifer Stevens — October 27, 2008 @ 1:11 pm
Barney is hoping for extension of unemployment benefits because he knows he'll be without a job in 2 years..this guys is a joke and should be in jail. Here is real economic stimulus for real people…extend student loan forgiveness programs, get rid of the capital gains tax and make the Bush tax cuts permanent. People need to SPEND money in order get the economy going. November 5th will be the worst day on Wall St. if Obambi is elected. By the way…there is no truth to the rumor that people were chanting, "Socialists Unite" in Denver yesterday…they were saying, "Hey, hey, ho, ho, capitalism has got to go"

Comment by Mike — October 27, 2008 @ 3:37 pm
Unbelievable! Maybe we need to send Frank into Afghanistan to face the Taliban, who are 10 thousand strong with only the 300 US ground forces, in groups of 8, on a pack donkey, with the old Russian maps and broken down equipment our government supplied! He wants to cut more? I want to know which country is Frank representing? Impeach the Bastard!
Signed
One Pissed Off Mother

Comment by JB — October 27, 2008 @ 4:37 pm
"HOPE" equals the end of Liberalism. The next four years is likely to bring such a mess that it will be the last time a Liberal Democrat is elected to the Presidency for a very, very long time. Say goodbye to Pelosi, Reid, Clinton, Frank, Dodd, and Obama.

The 60's anti-war radicals are nearing the end of their active lives. They will be replaced by those that matured during the Reagan years. Socialism is dying in France and Canada (recent elections in Canada saw overwhelming defeat of the long standing liberal party - WAY TO GO CANADA!), and should die in Germany once the people of that country decide not to tolerate unemployment rates between 9% and 11% anymore (Source: 2008 CIA Factbook)

This Socialist experiment will also die, as it did in November of 1968 and November of 1980. True, these lessons come hard. Yet, it is our duty to ensure that these lesson sink-in. We must expose these frauds for who they are.

Comment by Steven James — October 27, 2008 @ 4:47 pm
you mean he said, "it's extwaowdinawy"

Comment by MitchJ17 — October 27, 2008 @ 5:13 pm
Since Frank was one of the authors of the financial crash (Fannie Mae and Freddie Mac)why would any sane person accept economic advice or planning from him?

Comment by MikeyJ — October 27, 2008 @ 5:57 pm
To comment 21: (Adam)
1)Current US DOD spending (With fighting on 2 fronts, and maintaining a large brdenshare in the EU) is only 4.4% of GDP :1: From CBO 20% as per GAO-08-524CG.

2)Canada is still lower about 2.2% of GDP and EU approx 2% GDP

3) China is spending in the double digit of GDP.

Comment by Bruce — October 27, 2008 @ 9:04 pm
Reply to comment 21: (Adam)
1: Defence spending is 4.4% GDP. Historically one of the lowest even accounting for inflation. The GAO says 20% for defence and 40% for medicade, medicare and, social scurity.
***GAO-08-524CG***
2: The EU depends heily on US funding. The EU is at a high for the last decade rounding up to 2% GDP.
Bear in mind that the US maintains on average (conservatively 200,000 troops) in the EU
***Check GAO burdensharing for 2008***
Canada also around 2.2% GDP.
3: With China spending in the double digits on defence, do you really think there is not enough for Guns and Butter.

Comment by Bruce — October 27, 2008 @ 9:12 pm
This fag needs to go. He and "that one" will ruin this country as we know it. Cut our military while we're in two wars! Just freakin' brilliant. This fag needs to be in jail for he and his fellow demoRATS for bringing down the Fannie and Freddie. It was not the republicans it was the demoRATS who did this to us.

Comment by Rene' C. — October 28, 2008 @ 8:19 am
Frank is completely right. Americans are scared of taxes because they immediately scream "socialism!!". If you want any hope of decreasing the huge deficit, cutting military spending is the only option.

Comment by Ana — October 30, 2008 @ 3:47 pm
I cant understand why people get mad about defense spending cuts and don't get mad about the trillions lost in defense wasteful spending and missing money. Like when Rumsfeld lost 2.03 trillion, and hud lost 58 billion, and so onnnn

Comment by Mitch — November 5, 2008 @ 1:53 pm
Our economy needs help but how is firing thousands or people going to help the economy? What the American people do not realize is that when they cut defense spending they are actually cutting jobs, because the armed forces will still by that missile still buy that tank still buy that ship and still do their mission, so the first to go when defense gets cut is jobs. thousands of govt. employees� will be fired because we will not have the budget to pay them, the ramifications of such act is this, the military service person who is already working 80 plus hours a week will work even more hours to make up for the lack of government employees that used to do that job, also the servicemen will end up buying tools and supplies with their own money because the units will not have the money to do so. I know for a fact this will happen because I went through it once before while I was active duty and it was not pretty it did not help our economy and it dang sure did not help the servicemen and women. This is a bad idea and you would think they would have learned that after the last time they cut the budget this drastically.

Comment by Robert — November 5, 2008 @ 8:04 pm
If our country is going to be run by ppl like Rep.Barney Franks then were in big trouble, this man is a J.O.K.E. And personally I'm disgusted with him even after him demanding names today from Edward Libby CEO of AIG in open forum.
This man was hired, why is he "NOT" been FIRED yet! if our new President Obama is going to get anything done for the people who hired him 'the people of the "United States" of America when he is ging to have to be (transparent) as the president likes to say' this is an on going JOKE and makes us all look like fools.
If we a person working in this country does below average work we are replaced, (fired) from our jobs, then why are we nt firing all these people who have gotten us into this mess.
Instead of trying to save face, why does the president not fired them all? I wonder
And if he doesnot "we the people of the United States of America have the right to fires our new president himself and replace him.
As I remember the government of this country works for us, right the american people.

"If they get hired they can surely get fired"!!

Comment by Thomas Mr. Odd — March 18, 2009 @ 9:58 pm
NYC Letter: "A World Without Nuclear Weapons"…

Day 76 of CHOPE I will cut investments in unproven missile defense systems. I will not weaponize space. I will slow our development of future combat systems. … I will set a goal of a world without nuclear weapons. To……

Trackback by E-nough! — April 7, 2009 @ 2:16 pm
I keep hearing about this stuff. Really interesting. I have looked online and found some other blogs that offer some information, but not as much as on this site. Your blog is definitely going in my subscription program!

Comment by Paul Serrat — June 23, 2009 @ 12:38 pm

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October 24, 2008

Frank Calls for Major Defense Cuts, 'Eventual' Tax Hike

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