Republicans in Congress are under tremendous pressure to cave in to President Obama’s demand for tax hikes by December 31. These tax hikes are projected to generate $823 billion in additional revenues, and save another $127 billion in interest payments, for a cumulative reduction of $950 billion in the national debt over 10 years, according to the left-wing Center for Budget and Policy Priorities.
Ten-year budget projections are notoriously unreliable, but the White House estimates budgets for five years. By 2017, the administration projects that the national debt will be more than $21 trillion but these tax hikes will have generated just $307 billion, reducing the debt by a miniscule 1.44 percent.
If Republicans fail to increase revenues, “sequestration” – automatic spending cuts – will go into effect, cutting up to $1.2 trillion from federal spending over the next 10 years. These cuts, we are told, will slash essential programs “across the board.”
BUNK
In reality, sequestration is not a spending cut at all, but a slight reduction in the growth of spending.
In the worst-case scenario, cutting $1.2 trillion over 10 years means cutting $120 billion from each year’s spending over a decade. Without sequestration, the Obama White House projects that federal spending in 2017 will exceed $4.5 trillion – some $736 billion (19 percent) more than 2012’s $3.8 trillion budget.
Read More at Human Events . By Mark LaRochelle.
Photo Credit: Donkey Hotey (Creative Commons)
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Of course we need to drain the private economy of more capital via taxation. Somebody has to pay Obama’s bundlers and his union thugs. There are hundreds of green ideas (bundler ideas) yet to be funded. So many companies yet to go bankrupt with the taxpayer’s money. Isn’t it obvious? And even Graham, King and Chambliss agree. Why is this even a question? Raise them taxes!!!
NO. From a practical standpoint taxes are going up due to Obama care and the preBush reversion. Increasing taxes as a compromise is wrong and will hurt the economy. Obama is so fond of saying millionaires and billionaires, if they do compromise it should only be on those making more than an adjusted annual income of over 1 million per year and perhaps another rate for those making over a billion per year. I make well over 250K per year and I’m nowhere close to a millionaire. This is total bunk.
The last thing Republicans should do is cooperate with obongo on anything. The slimeball love of liberals and freeloaders has no good policies–only continued decline of the United States.
lets let it go over the fiscal cliff. i feel that after the spineless rhinos get done giving away the farm the cliff we will at least include all of us not just the conservatives holding the short end of the stick as usual
“Should the GOP cave on Taxes.”
Who really cares anymore. I mean c’mon, the GOP or as it come to be known since the last election debacle, the old guard republican establishment run by such stalwarts of republicanism/conservatism as, John Boehner and Mitch McConnell, has no credibility, none whatsoever. They are the quintessential doers of compromise. Of course they will cave on taxes just as they will cave on everything the Demoncraps demand. I really don’t know why they bother to show up except to draw their paychecks and enjoy their cushy perks. With few exceptions they are useless, worthless, selfish politicians who just want to go along to get along so they can get reelected and continue to enjoy their perks. The last thing they want is to draw attention to themselves so the Obama Media can criticize them and call them racists. Again with a few exceptions, I wouldn’t give two cents for all the republicans in Congress. They certainly don’t represent me nor I dare say the majority of patriotic American conservatives.
The Republicans are sissies, afraid of their own shadow and are intent upon caving to anti-American Communists, while they fill their pockets with ill-gotten gains! I no longer consider myself a republican, I’m a Constitutionalist. I took an oath to support and defend the Constitution against all enemies both foreign and DOMESTIC, along with tens of millions of other patriots. Our oath is sacred and will never be violated, I pity the fools that try to destroy America! We have been trained to engage the enemy and sadly the enemy is within and they know not what wrath they have sown! Semper Fi!
Let her go…we need the cuts anyway and this is probably the only way we’re gonna get them.it’s only a cut in growth,not the operating budget(what budget?)