Tuna

EXECUTIVE ORDER #004 // JANUARY 23, 2009 // AMENDING E.O. #003

By the authority vested in me as President by the Constitution and the laws of the United States of America, including the laws cited herein, it is hereby ordered as follows:

Section 2(a)(i) of Executive Order #002 is hereby amended by:

(i) striking "April 15, 2020" and replacing it with "April 15, 2009";

(ii) striking "July 15, 2020 and replacing it with "July 15, 2009";

This order will take effect immediately.

Signed,

Joseph Murphy  @JosephEMurphy

"I am pleased to announce that relief is on its way for taxpayers. The April 15th tax filing deadline has been extended to July 15. It's a small step, but our first one on the road to recovery!" 

Joseph Murphy  @JosephEMurphy

"I can also report more progress has been made tonight on the economic package. Talks are going well with SmL Vissering and SML Warwick and I am grateful for their patriotism." 

 @WhiteHouse : "President Murphy has signed into law Executive Order #003 that will extend the April 15 tax filing deadline to July 15 with no penalties or interest." 

EXECUTIVE ORDER #003 // JANUARY 22, 2009 // DELAY OF I.R.S. TAX FILING DEADLINE

By the authority vested in me as President by the Constitution and the laws of the United States of America, including the laws cited herein, it is hereby ordered as follows:

Section 1: Purpose

As it is the policy and promise of this administration to 'pursue every constitutional action available to halt and reverse the recession in our economy', I am committed to using the power of the pen to ensure the preservation of prosperity and opportunity for all Americans. Tax collection is a duty of the federal government. After consulting with the Economic Recovery Task Force Commission, I have determined that a delay in the federal income tax filing deadline would prove beneficial for millions of households and businesses across the United States. This is only a small step, but it is one in the right direction. Therefore, I hereby order the following:

Section 2: IRS Tax Filing Deadline Delay

(a) The Secretary of the Treasury is directed to extend the federal income tax filing due date from April 15, 2009, to July 15, 2009. 
(i)  Taxpayers can defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. 

(ii) This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers.

This order will take effect immediately.

Signed,

Alright, I am going to work through everything covered above tomorrow morning. A few more policy ideas for your feedback before I return to Senator Vissering:

State Fiscal Stabilization Fund: We provide $50 billion 'in aid to local school districts to prevent layoffs and cutbacks, with flexibility to use the funds for school modernization and repair.'

Allow corporations to count current losses against offset profits made in the previous five years, instead of two. This would make them eligible for tax refunds and to get some of their money back. 

Raise the Child Tax Credit's maximum allowance from $1,000 to $2,000. 

And finally, what would be the effective an interest payment tax deduction of $2,000 for every American household earning under $150,000 a year? Allow them to apply it to whatever loans they may have. 

1 minute ago, Jewell said:

OOC: Theoretically, but the issue arises with where the backstory of each family comes from and how we would determine those sorts of things.

Alright. We can figure something else out. 

Can I instead schedule visits to factories, job fairs, and other such events? 

Just now, Jewell said:

Unfortunately, Mr. President, the Secret Service would not be able to secure your safety in that situation.

Can we instead invite them to the White House for a monthly dinner? 

1 hour ago, Anthony said:

Secretary of the Treasury Laura Tyson: Mister President, to answer your first question, all of us agree that delaying the date to file federal income taxes should help most Americans in some fashion. It would be advised to create a firm and announced date to delay it to at the same time you make any announcement it.

Excellent. I will draft and prepare to issue the executive order.

1 hour ago, Anthony said:

Secretary of the Treasury Laura Tyson: With respect to the auto industry, speaking of Chrysler and General Motors in particular, there are multiple options we could take with how to deal with their situation.

The first part is deciding whether or not you'd rather them declare chapter 11 bankruptcy instead of receiving any sort of "bailout". If you'd rather not act and they file for bankruptcy and resolve their financial problems by a bankruptcy court with legal power to dissolve existing contracts, shedding costs, and debts that it can no longer afford - then the Federal government would not need to be obligated to provide any sort of bailout. There are arguments for and against both sides of that. If you prefer they not file, then the Federal government through the powers of legislation has the ability to do so.

This option is off the table. We're not letting them go bankrupt. 

1 hour ago, Anthony said:

Chair of the Economic Advisors Council Janet Yellen: If we went the route of providing Federal loans, the total amount needed by Chrysler and General Motors combined would be at least $34 million, and they've indicated privately what will probably become public in the coming days, that they need this by the end of this quarter to keep running. Chrysler needs at least $22 billion while General Motors needs at least $12 billion.

Well, Senate Minority Leader Vissering committed to backing a number nearly double that. If we were to pursue this route, do you all recommend we make it loans? Or direct investment/bailout? Furthermore, if we tied conditions to either, corporate restructuring, commitments to avoid outsourcing, and new fuel efficiency standards, how much would those dollar amounts increase? 

One other idea we have discussed in our talks is offering a $2,500 tax deduction for new automobile purchases. How much do you all think this would this help give Detroit a pulse? 

1 hour ago, Anthony said:

To answer your third question, a capital gains tax holiday for Americans earning $100,000 or less would do some, but little to help Wall Street in my estimations. A majority of Americans who pay any capital gains taxes at all earn significantly more due to personal exemptions of overall ordinary income for lower income Americans. Yes, it would allow for those below that income threshold who do actively invest in the market to do so without any tax penalties, but more investors are simply selling off or shorting rather than making purchases, and any purchases that would be made would not help the aggregate financial markets significantly.

 

Secretary of the Treasury Laura Tyson: With all due respect to the chairwoman, I disagree somewhat on two parts. First, I don't believe as strongly that we are not over the hump, I think that with any proper swift responses we can get ahead of it before anything gets worse.

Second, with respect to the capital gains tax holiday for lower income Americans, I think it would be beneficial to those families who chose to invest significantly.

 

Acting Secretary of Commerce John Sullivan: Mister President, in my opinion the best way to help markets improve would be to improve the security of those most involved in them, mainly notable companies including the auto industry as previously discussed but also lets not forget about the financial industry and housing markets which also need immediate attention.

From a commerce perspective I believe the best course of action would be to focus on the housing and financial industries in order to generate economic transactions that would move the markets and increase business confidence. Something that can be helped by addressing the auto industry, but it needs to not be our only focus.

So let's go deeper into getting the markets moving again. 

In terms of stimulus, let's say we trimmed the top rate for capital gains by 2 to 3% from 15%. Would this, coupled with CG tax freedom for middle-income and below, get the financial industries moving again?

Also, in terms of policy and restoring confidence in the banks and housing, what are the thoughts the room on the following: 

Establish the American Credit Accountability Agency to oversee the implementation of...

• Credit rating agencies may not receive funding, investment, or connections by those that they rate. Instead, holders of securities that need ratings must have their securities rated through a third party mediator, and not directly from the credit rating agency.
• Establish a comparative rating index for credit rating agencies that would rate the investment safety of loans, bonds, etc relative to others.
• Establish civil penalties for credit rating agencies for the defaulting of incorrectly graded AAA/AA loans, bonds, etc

As for housing, I am interested in your thoughts on the Housing Finance Reform and Taxpayer Protection Act of 2014. Here is a link to an overview of the bill. Senator Vissering and I am also interested in establishing a $2,500 mortgage tax deduction. Do you all believe these ideas could adequately restore enough trust and support for the housing sector?

1 hour ago, Anthony said:

Chair of the Economic Advisors Council Janet Yellen: The overall impact of the tax rate changes would most help with those reporting yearly earnings between $1 million to $18 million. The tax reduction for those making more than that are marginal at best, and would see little help to the aggregate economy and would do more to reduce Federal revenue for the next Fiscal Year than help those businesses, which is already expected to be significantly lower forcing us to either run massive deficits or bring them down by either raising revenue or decreasing spending. The tax reduction for those making less would not reach many businesses, as most businesses that file taxes while earning less than $500,000 a year file at the regular individual tax rates, the higher ends of that tax structure. For the affects that those in the range that would receive the most help would get would vary by business, but aggregately would only move the economy slightly. More than just slashing regular tax rates would be needed by way of tax provisions to stimulate economic growth or business confidence in both the short term and any long term recovery efforts. Once the affects of this crisis wore off in a few years however, if made permanent I'd believe if the restructured economy is well that those tax rates would have a better affect among the same range, and increase improvement from nonexistent to somewhat for the more higher earning filers of the corporate tax code.

This is good analysis. So the $1-18 million range would see the most impact. Unfortunately, a corporate tax break is the best bargaining chip we have to get the House GOP and Senate Minority Leader Vissering to negotiate. By approximately how much would this increase the deficit? 

1 hour ago, Anthony said:

As for the carveout listed below the potential rate changes, that would have zero affect. Most companies would never be able to qualify for any reduction by not being able to meet increasing their workforce by 5% year over year in the short term, and any tax benefit given by that wording would not be applicable until the following year, which would still require the overall economy to be better by any other areas you wish to address.

I get what you're saying. That being said, with an EO delaying tax day, perhaps we could remedy that? If we delayed the tax filing date to July and reduced that workforce percentage increase to 1.5%, could we then begin to see results immediately? Would those allay your concerns?

One other matter to discuss. Senator Vissering and I agreed in principle to an infrastructure development proposal. The total package would be $525 billion dollars over the next four years; $150 billion endowment for both 2009 and 2010, $100 billion for 2011, $75 billion for 2012, $50 billion for 2013. These investments would target roads, bridges, airports, energy, railways, etc. We are still hammering out details regarding oversight, but how wise of an investment do you all view this? 

49 minutes ago, SWMissourian said:

Thomas Lowry, Real America Media Corporation 

 

“Mr. President, without going into the details, which are obviously still being worked out, how much is your administration looking to spend on the deal?”

We are still working out details, but a cost analysis will be provided to the press once an agreement is reached and we get the numbers.

50 minutes ago, Jewell said:

Chris Jansing, MSNBC

I applaud the bipartisan effort on the Healthy Americans Act. I think it has a lot of positive ideas that are hopefully given consideration and incorporated into healthcare reform when we get there. 

1 minute ago, Jewell said:

David Jackson, USA Today

I know both Senate Democrats and Republicans are tossing ideas around the watercooler. I have heard a few of the proposals and believe there is room for common ground. I do anticipate that there will likely be a healthcare reform plan set forward at some point in the coming months. But my top priority right now is saving and creating jobs for working and middle income Americans. 

5 minutes ago, SWMissourian said:

Thomas Lowry, Real America Media Corporation 

 

“Mr. President, will the upcoming deal address healthcare policy reform? What will healthcare reform look like from your administration?”

Thank you, Thomas, it's great to see you! While I will not rule out some possible changes in the economic package that pertain to the issue, my administration intends to address healthcare reform at a later date this year. 

49 minutes ago, Jewell said:

Thank you, Mr. President. The foreign leaders you have agreed to meetings with will be reaching out in the near future to schedule visits (either through @Kemal Bora or myself). And, as a reminder, those events are due before the end of Q2.

 

Mr. Vice President (@John White), your itinerary is due by the end of Q1 and your events are due at the end of Q2 as well.

Thank you! 

I do have one request. I would like the opportunity to meet one a month at the home of an American family. Preferably middle, working, or lower class. I'd like to be able to have dinner with them at their own kitchen table and be able to tell their story to the world. Let the American people know their president hears their concerns and is one of them. I think it's imperative that we push a message of unity and a shared struggle during these difficult times. Can the Secret Service make this possible? 

A few questions off the bat for the commission: 

1.) What are the opinions of the room concerning delaying the April 15th tax filing date until a later month? Would it help alleviate the economic circumstances for the American people?

2.) How much exactly are the auto manufacturers requesting for a bailout? Senator Vissering is willing to commit to $90 billion in investments and $30 billion in loans. Possibly more. But can we can get an estimate on a sure fire number that would get Detroit out of this mess?

3.) How much of an impact would offering capital gains tax freedom for Americans earning $100,000 or less per year have on Wall Street? Would it help unfreeze the pipes and get the money moving again? Do you see the American people responding to this? Or will they continue to hold their money out of fear?

4.) Can we get some job numbers, cost estimates, and analysis of the following corporate tax reform proposal? 

Quote

 

Corporate Tax Reform

Income over $30,000,000 - 33.5%

$20,000,000-$29,999,999 - 27%

$10,000,000 - $19,999,999 - 25%

$1,000,000 - $9,999,999 - 20%

$100,000 - $999,999 - 10%

$0 - $99,999 - 5%

Startups w/less than $20,000 in assets - $0

 

Tax Cut for Hiring

Corporation earning over $100,000 may reduce their tax payment by 10% of their assigned rate if a.) their entire workforce is U.S. citizens, b.) increased their workforce by 5% on an annual basis

 

Economic Recovery Task Force Commission

Purpose: to oversee reviewing and preparing the response of the United States Federal Government to the current economic recession. The ERTFC will be chaired by the President of the United States and consist of the Vice President of the United States, the Secretary of the Treasury, the Secretary of Commerce, the Secretary of Labor, and the Council of Economic Advisors.

Responsibilities of the Economic Recovery Task Force Commission:

(i) determining the economic impact of the global recession on both American industries and the American citizens and forecast the economy over the coming month;

(ii) design, implement, and evaluate policies to promote the growth of the American economy, improve the financial and banking system, generate job creation, and improve the prosperity of the American people.

(iii) coordinate with the legislative branch to propose and enact legislation to slow and reverse the recession and put the United States back on a pathway to recovery.

7 minutes ago, Anthony said:

Catherine Lucey, The Wall Street Journal

 

Mister President, I have a two part question.

 

Have any of the conversations regarding this economic package concerned the issue of what to do with Fannie Mae and Freddie Mac, or any other major financial institutions that are in immediate trouble? And if you and Congressional leadership are unable to come to any agreement rather quickly on an overall package or two, would you set your sights on fighting the immediate fights first so to speak of dealing with some of these bigger institutions to stabilize the economy then providing for some more general economic relief?

Thank you for joining us today, Catherine! The talks are currently focused on uplifting the American people's needs and ensuring businesses can stay open and resume job creation. But make no mistake, housing and financial reform are a part of these talks. Both are on the docket of discussion. And I am confident there will be changes to both in the final agreement. We must and we will address Fannie Mae and Freddie Mac. And we will revisit and reform how our financial sector operates on Wall Street and in Washington D.C. I believe in the power of the private sector. I agree with my Republican colleagues that big government can stifle growth. But I am confident that they would also agree that there must be proper checks and balances in place to prevent the type of abuses that led to the meltdown last fall. It is our goal to restore the trust of the American people in their financial institutions so both can thrive and grow again together. Thank you." 

1 minute ago, Joseph said:

Mark Tierney, LMC

 

Mr. President, before I begin, I'd like to congratulate you on your inauguration. It's an honor and privilege to stand in this room, and work for the institution that is the American press, and I always enjoy seeing how new presidents adapt to the change.

 

Moving on however, I know you said you would not mention specifics, but how will this plan effect the small businesses of this nation? This recession has frankly ravaged our small businesses, and if a major company like Circuit City has to close it's doors for good, than that fate will unfortunately await some on main street. So, if you're comfortable with divulging that, what will this plan do for the middle class?

Thank you, Mark, the honor of being here is all mine. And great question! A central component of these talks have been assisting and investing in small businesses. About forty-seven percent of our workforce in the United States are employed by small businesses and we must remember them in this difficult time because no one else is better equipped to pick up the pieces and meet the needs of our markets than the start-up job creators in the private sector. We are all working towards making sure we provide the resources, tax relief, and investments needed for each and every small business owner to not only survive the storm but plant the seeds of growth and renewal for their company. This will be a pillar of the eventual agreement once it is reached. To put simply, small businesses are a big priority for this administration and both parties in congress. Thank you! 

1 minute ago, Jewell said:

David Jackson, USA Today

 

Thank you, David. It's good to see you! We are well beyond the preliminary stage as we have already come to an agreement on numerous policies. Out of respect for my colleagues and a desire to keep these talks going without interference or speculation, I will not comment further on specifics until we reach a final package. But yes, we have made significant progress in these talks and we have found acres of common ground upon which to continue growing this plan. Thank you." 

24 minutes ago, SWMissourian said:

Name of Media Organization: Real America Media Corporation 

Link to Media Organization's Post Thread: 

Name of Credentialed Reporter who will be attending WH Briefings: Thomas Lowry

2 minutes ago, RexMcAllister said:

Mr. President, Simon Jackson, Bally Magazine 

 

Sir, I have two questions, if that's alright. First, one of the most pressing issues right now in the news is the majority of automakers being on the brink of bankruptcy. How committed are you to using federal funds to prop up the auto industry? Second, obviously one of the top concerns to most American's is the possibility of facing layoffs, job losses, and foreclosures. What, so far, has been the most talked about solution to getting immediate relief to the American people in these meetings you've had with both Senate leaders?

"Thank you, Simon. It's great to see you. The American auto manufacturing sector is an essential part of our economy. For the millions of blue-collar and middle-income Americans, companies like General Motors, Chrysler, and Ford are a way of life. The auto industry in Detroit is as American as apple pie and baseball. My administration is committed to the preservation of the big three in Detroit. We will take every action available to assist them in avoiding bankruptcy. I am also pleased to say that both Senators Vissering and Warwick have expressed their commitment to ensuring the resurgence of auto manufacturing in the United States. I am very confident that we will be able to provide the necessary resources and policy to uplift Detroit and protect working and middle class Americans. 

As for your second question, this is the most important component of the package we are working on: direct economic relief to the American people. Specifically, we can to give middle and working class folk the resources not only to survive this crisis but to be the spark that lifts this entire nation out of it. I have discussed several ideas with Senators Warwick and Vissering that would unfreeze the pipes of our financial system by empowering middle and working class Americans with tax relief, investments, and job creation in both sectors. In particular, we are working on one idea to incentivize investments by middle and working class Americans by lifting their tax burden. The American people have given our strength and backbone through this recession. We know that if we empower them, they will deliver and lift us onto the road to recovery. That's what we are seeking to do. Thank you." 

18 hours ago, Jewell said:

Q2 2009

Public Events Post with Speech Required

• Business Council Policy Meeting
• National Conference of State Legislatures Legislative Summit
• National Governors' Association Winter Meeting
• National Prayer Breakfast

Public Events Post with Brief Remarks or Press Conference Required

• Meeting with Brazilian President Lula da Silva
• Meeting with British PM Gordon Brown
• Meeting with Canadian PM Stephen Harper
• Meeting with German Chancellor Angela Merkel
• Visit to France
  • Meeting with French President Nicolas Sarkozy
  • D-Day 60th Anniversary Celebration
• Visit to United Kingdom
  • G20 London Summit
  • Meeting with Queen Elizabeth II

Public Events Post Required; No Speech or Remarks Required

• White House Easter Egg Roll
• Meeting with the 2008 World Series Champion Philadelphia Phillies
• White House Father's Day Barbecue

President Murphy commits to the following events this quarter. @Jewell

 @WhiteHouse : "Tune In to President Murphy's press conference regarding the economy." 

Press Conference

of

 President Joseph E. Murphy

January 22, 2009

"Good afternoon,

I want to begin by thanking you all for joining me here. I will deliver a short update on the economy and answer a few questions from the press afterword. As we all know, the news regarding Circuit City is disheartening for many in our society. More than thirty-thousand Americans will lose their jobs with these closures. Our hearts and prayers go out to them, but we must offer more than words and platitudes. In this present economic crisis, action is required. I am here today to report to the American people on the actions taken thus far by this administration to slow and reverse the recession so we can begin anew on the road to recovery and job creation.

Over the last few days, negotiations have begun between myself and leadership in both parties concerning an economic recovery package. I have sat down and discussed proposals with both Republican Senate Minority Leader Cindy Vissering and Democratic Senate Majority Leader Cynthia Warwick. I commend them both for their eager willingness to work together and overcome this crisis. While we are still going back and forth regarding specifics, I am optimistic that an agreement will be reached. We are all committed to ensuring that the end result of these talks is one that benefits the American people just as much as it does industry. The true strength of this country is the people who have endured through these difficult times. On behalf of Senators Vissering, Warwick, and myself, I promise you that we will do everything in our power to alleviate the burdens of this recession and create hope and opportunity for you and your family over the coming weeks. 

In the meantime, I have issued an executive order establishing the Economic Recovery Task Force Commission to oversee the efforts by the federal government to overcome this crisis. This commission will work with congress and the executive branch to forecast the recession and pave the road to recovery. Already we have begun examining alterations to both our tax collection methods and policy to provide temporary relief to struggling families. I also trust that this commission will play a key and pivotal role in assisting Republican and Democratic leadership as we work towards an economic recovery plan. 

These times are difficult. I know many watching at home are fearing for their job security. I see you. I hear you. And your pain is my pain. Your struggle is my struggle. Your burden is my burden. We will walk this road together as one nation out of the valley of darkness and up into the light of a new day. It will be a long road ahead. But I know the resiliency, strength, and character American people will guide us to recovery and renewal. Thank you all, I will now take questions from the press.”

(Credentialed members and AB members of the White House Press Corps may now ask questions of President Murphy for the next 12 hours IG from 3:22 PM EST to 3:30 AM. EST)

 @WhiteHouse : "President Murphy will soon deliver remarks concerning the economy in the press briefing room and will answer questions from the media."

8 hours ago, Elliot Davis said:

Name of Media Organization: Politics Today

Link to Media Organization's Post Thread: Here

Name of Credentialed Reporter who will be attending WH Briefings: Jodie Hill