As suspected all along, the President not only asked for twice the tax increase he campaigned on, but now it would seem the broken promise goes even farther down the rabbit hole. Obama is pushing for twice as much in new tax revenues, to the tune of $1.6 trillion, and of that increase he wants 75% going towards new spending. That's right, not only are we making what amounts to no reductions in the debt but we are increasing it at an even faster rate than he agreed to in 2011:
According to the minority side of the Senate Budget Committee, $1.2 trillion of the proposed $1.6 trillion in tax hikes would go toward new According to the minority side of the Senate Budget Committee, $1.2 trillion of the proposed $1.6 trillion in tax hikes would go toward new spending, while only $400 billion would go toward deficit reduction. spending, while only $400 billion would go toward deficit reduction.
"The [president's] plan called for $1.6 trillion in new taxes, twice what the president asked for in the campaign. He asked for $800 billion during "The [president's] plan called for $1.6 trillion in new taxes, twice what the president asked for in the campaign. He asked for $800 billion during the campaign. Now he wants $1.6 trillion in new taxes," said Senator Jeff Sessions, the ranking member on the Senate Budget Committee, last week the campaign. Now he wants $1.6 trillion in new taxes," said Senator Jeff Sessions, the ranking member on the Senate Budget Committee, last week on the floor. on the floor.
"Spending under that plan would increase $1 trillion above the levels agreed to in the Budget Control Act, as signed into law. We agreed to the "Spending under that plan would increase $1 trillion above the levels agreed to in the Budget Control Act, as signed into law. We agreed to the Budget Control Act 16 months ago, in August 2011, and we raised the debt ceiling and agreed to reduce spending. We raised the debt ceiling $2.1 Budget Control Act 16 months ago, in August 2011, and we raised the debt ceiling and agreed to reduce spending. We raised the debt ceiling $2.1 trillion and agreed to reduce spending $2.1 trillion. The President's plan would take out over $1.1 trillion of those spending limitations that are in trillion and agreed to reduce spending $2.1 trillion. The President's plan would take out over $1.1 trillion of those spending limitations that are in current law. I repeat, spending will increase more than $1 trillion above the already projected growth in spending," Sessions added. current law. I repeat, spending will increase more than $1 trillion above the already projected growth in spending," Sessions added.
"Our spending is growing. It is not decreasing. It is already projected to grow, but the President's proposal is to have it grow even faster than the "Our spending is growing. It is not decreasing. It is already projected to grow, but the President's proposal is to have it grow even faster than the law currently calls for." law currently calls for."
That's right kids, the way to solve the insurmountable debt and deficit that stretches to infinity is to make it bigger.
No comments:
Post a Comment