Thanks, Weekly Standard, for the information.
"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.If you're new here, you may not be aware of the 1974 Budget Reform Act that ensured that every federal budget since grew automatically by as much as 10%, regardless of revenue or necessity. Any talks of cutting the 10% to something smaller, say matching revenue growth or inflation, has Democrats crying "Draconian Cuts!" even though the budgets would still all be larger than the year before. So, yeah, our federal deficit is a beast and apparently is about to become a leviathon, true to Obama's standard form.
"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."
From Ben Stein over at American Spectator:
For example, when he came into office, he supposedly gave middle class taxpayers a tax cut. Fine and dandy, but if he did it, it had to have cut the revenue to the federal government and therefore added to the deficit.Yup, that's the Obama we know and either love or hate. Obama the masterful politician who gets away with murder (Libya), thanks to a liberal media who hides liberals' flaws and ignores Republicans' strengths.
But now, he says it's all the GOP tax cuts that have created the deficit. Somehow, when Mr. Obama puts a minus sign in front of the tax revenue number, that does not count at all. But when Mr. Bush did it, that does count. In a word, deficit creation by Mr. Obama is good or negligible. By the GOP, terrible.
Likewise, Mr. Obama promised he would cut the deficit by half by the end of his first term. That deficit was then running at very roughly about $500 billion, so his cut would have brought it to very roughly $250 billion. But instead, Mr. Obama more than doubled the deficit. That means he was wrong in his promise by a factor of four. He quadrupled the deficit beyond what he said it would be.
There is something very wrong here. Hardly a word was said against him for this catastrophe, and he just smiled and waved his way right through it. It was as if it hadn't happened.
Now, for Obama to get $1.6 T, my understanding is that we much go over the fiscal cliff and raise everyone's taxes. I still maintain that Obama isn't going to save the middle class from an average 5% tax increase between income taxes, fewer tax credits, and FICA going back up. Not to mention the Obamacare fees and taxes now rolled into everyone's health insurance plans. Obama will say he is for the middle class, and the Democrats in Congress probably genuinely want to save their bacon by pleasing their voters, but if Obama doesn't want the lower tax rates to continue, they won't happen. Prepare to tighten your belts to feed the glutton.