Should The GOP Cave On Taxes?

Republican Elephant 2 SC Should the GOP Cave on Taxes?

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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Comments

  1. VirgoVince says:

    NO! NO! NO! 21 trillion times, NO!!!!

    • no,no,no. Stand firm and let the dice fall. "The gov. will just spend MORE money. Let the muslim be seen for what he is. And pelosi , reid and all of the demorats

  2. Absolutely not!

  3. No…no…no…absolutely not…

  4. NO RAISE IN TAXES until the usurper gets out a BUDGET, cuts entitlements and bailouts to all his friends, cuts the number of shadow-government employees (i.e. Czars) cuts MOUCHELLE's spending etc. etc.
    The Congressmen who want to break their Pledge about not raising taxes are just true to the RINO values : i.e. NO values : promise one thing and then break your promise. Who cares? Bunch of liars!

  5. Edwardkoziol says:

    No but they will you already have Grahamnesty,McQuack McCain, Tom "the snake" Coburn and a few other republicans ready to jump ship.I expected it from the 2 RINO John & Lindseed but not from Tom.

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