By REP. MIKE PENCE

The American people are tired of the borrowing, spending and bailouts that have been advanced by the administrations of both political parties. It’s time to end the era of bailouts and reaffirm our belief that the freedom to succeed must include the freedom to fail.

Unfortunately, under the guise of financial services reform, congressional Democrats are trying to pass a permanent bailout bill for the financial services industry, ensuring that American taxpayers would be on the hook to bail out reckless Wall Street firms well into the future. Despite claims to the contrary, even some Democrats admit that it would be a permanent bailout.

Don’t just take my word for it. California Congressman Brad Sherman, a senior member of the House Financial Services Committee, told Politico recently that the financial reform bill proposed by Senate Democrat Chris Dodd “has unlimited executive bailout authority. . .. The bill contains permanent, bailout authority.”

Specifically, the Senate bill provides for a $50 billion resolution fund, created with taxes on financial institutions. Consumers, including families, small businesses and family farms, would pay that $50 billion through higher costs for credit products. Then, regulators would be able to use this fund to pay off the creditors of those failing firms, similar to the backdoor bailout of Goldman Sachs with money the Fed gave to AIG.

Get full story here.

$15.2 Billion Tax Increase on Out of Pocket Medical Expenses

Beginning January 1, 2013, ObamaCare limits the medical expense deduction, which will raise taxes by $15.2 billion over ten years, according to the Joint Committee on Taxation.

Under current law, if out-of-pocket medical expenses, including health insurance premiums and medical procedures not covered by health insurance, exceed 7.5 percent of Adjusted Gross Income (AGI), then those expenses are fully deductible.

Americans who have high out-of-pocket medical costs or are sick take this deduction.   Even some of the most expensive and comprehensive health insurance plans – including FEHBPs – don’t cover high-cost medical procedures, such as in-vitro fertilization where the cost for the procedure and the prescription drugs can run as high as $20,000 per treatment and where families can have multiple treatments in a year.

ObamaCare increases the medical expense threshold from 7.5 percent of AGI to 10 percent on most Americans (seniors get a three-year reprieve) beginning on January 1, 2013.   The Joint Committee on Taxation estimates the new limit will affect 14.8 million taxpayers — 14.7 million of whom will earn less than $200,000 a year!

For further reading, click here.

For previous ObamaCare Flatlines, visit www.gop.gov.

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Washington, DC – U.S. Congressman Mike Pence, Chairman of the House Republican Conference, made the following remarks this morning regarding repeal of the Democrats’ government takeover of health care on MSNBC’s ‘Morning Joe’:

(Excerpts Below)

Joe Scarborough: Dick Durbin says this is the largest tax increase in history. Comment? I’m sorry. The largest tax cut in U.S. history. I’m so thrown off by it. What do you think?

Rep. Mike Pence: Well, I saw it this morning live on the treadmill, guys, and I almost tripped and flew off the back of the thing. It has $569 billion in tax increases, it mandates that every American buy health insurance, whether they want it or need it or not and it mandates that every American business buy health insurance or relegate their employees to a government-run plan. It’s going to add to deficits, add to debt. But, hey, if they want to say that the premium subsidies thrown around in here are tax cuts, more power to them. Read the rest of this entry »