This is why Republicans should listen to Marc Theissen (see below) and let President Obama own the ‘Fiscal Cliff’ since he proposed it and signed it into law. As John Boehner said today, President Obama just isn’t serious about his promise of a balanced approach moving forward.
You see, 75% of the tax hikes President Obama has proposed in a fiscal cliff deal, are planned to go toward new spending.
Our kids are screwed as many more years of multi-trillion dollar a year deficits are planned. Marc Theissen is 100% right about the stance the GOP should take in the fiscal cliff talks.
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.
“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 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 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 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 law currently calls for.”
Read more at this link.