Tuesday, December 7, 2010

But I Thought They Cared About The Deficit?

Here's how the NY Times describes the way the Obama/GOP deal to extend the Bush tax cuts will be funded:

WASHINGTON — President Obama announced a tentative deal with Congressional Republicans on Monday to extend the Bush-era tax cuts at all income levels for two years as part of a package that would also keep benefits flowing to the long-term unemployed, cut payroll taxes for all workers for a year and take other steps to bolster the economy.

...

The package would cost about $900 billion over the next two years, to be financed entirely by adding to the national debt, at a time when both parties are professing a desire to begin addressing long-term fiscal imbalances.

Hey, wait - didn't Obama just freeze the salaries of federal workers, including some making as little as $25,000 a year, because of concerns over the national debt?

And didn't Republicans run the midterm races talking about deficit concerns and warning of dire consequences to come if the debt isn't taken care of?

And yet they're funding the tax cuts by adding $900 billion to the debt?

Another fantastic example of hypocrisy in action in Washington D.C.
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3 comments:

  1. Michael FiorilloDecember 7, 2010 at 7:27 PM

    He's also enabling further attacks on Social Security down the line, since he and the Republicans are also cutting the SS withholding, which will undermine the system's finances. This will be used to further the Big Lie that Social Security is financially endangered.

    In fact, when you think about it, it's probably the most solvent part of the federal ledger. It's got a huge surplus, and if the limit on withholding was raised on high earners, it would be funded into the foreseeable future.

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  2. PogueDecember 7, 2010 at 9:10 PM

    Hopefully, Bernie Sanders and some Dems with balls and integrity can filibuster this rotten tax cut deal.

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  3. reality-based educatorDecember 7, 2010 at 10:16 PM

    It's scary, Michael, because I don't think people saw the attack on Social Security coming from this angle. The Catfood Commission was the bigger worry.

    But never fear, Obama is here...

    I think the House might be an even tougher climb, Pogue. There are some real pissed off libs in the House - remember, many of the Blue Dogs went done in Nov. So the people who are left - well, let's just say they're not jumping for joy with this.

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