Appearing as a guest on Thursday’s Last Word with Lawrence O’Donnell on MSNBC, the Huffington Post’s Sam Stein suggested that the budget plan that the House Republican leadership is trying to pass would harm the economy, and, as if the government did not take in lots of tax revenue already, referred to the absence of a tax increase as "no revenues." Stein:
It’s going to be a bill with no revenues in it. It will be a bill that if you're a Keynesian economist or just a general economic observer you would think would actually hinder the recovery effort. So, you know, let's not overplay the Democratic victory that seems possibly at hand at the last moment here because this legislation is very much a Republican-drawn bill.
Below is a transcript of the relevant portion of the Thursday, July 28, Last Word with Lawrence O’Donnell on MSNBC:
LAWRENCE O’DONNELL: Sam, as we all know, the truth of how governing is done in Washington, is that when nothing seems to be happening to us, or nothing is happening in front of our cameras, that's when something interesting is happening, because it all happens in the room behind closed doors. Sam, I want to go to you on the issue. There's a group that has not been heard from lately at all. That is House Democrats. They are the ignored force in this dynamic. What are they feeling as they watch the President reach out and accept the possibility of a Reid bill moving that has absolutely no balancing tax revenue in it to balance the spending cuts? The debate seems to move and shift every day in a way that doesn't ever consult with House Democrats.
SAM STEIN: Yeah, and it's ironic because, in the end, they're, or a portion of that caucus will end up making the deciding vote, in all likelihood. And one of the points that’s worth, not, you know, we don't want to lose this point because this is probably the overwhelming point, which is that while the Democrats may seem poised to win this last-minute standoff with John Boehner who’s having troubles with members of his own party. You know, in the broader theme, in the broader war, it's very much a war drawn on Republican turf. And regardless of what actually gets passed, it's going to be a bill that slashes about $1 trillion plus or minus a few hundred billion from the government spending roles in the next 10 years. It’s going to be a bill with no revenues in it. It will be a bill that if you're a Keynesian economist or just a general economic observer you would think would actually hinder the recovery effort. So, you know, let's not overplay the Democratic victory that seems possibly at hand at the last moment here because this legislation is very much a Republican-drawn bill.
