Further proof that new taxes won't do anything

75% of Obama's proposed tax increases go to NEW SPENDING

http://www.weeklystandard.com/blogs/...ng_666067.html

Seventy-five percent of the new revenue pulled in by President Barack Obama's "fiscal cliff" plan would go toward new spending, not toward deficit reduction, the Republican side of the Senate Budget Committee contends. Here's a chart, detailing how money from the new tax hikes would be distributed:



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."

I thought this was about righting the ship?

Originally Posted by Act of God

75% of Obama's proposed tax increases go to NEW SPENDING

http://www.weeklystandard.com/blogs/...ng_666067.html



I thought this was about righting the ship?

C'mon you silly rational thinking taxpayer! It's not about righting the ship...it's about what feels good. You dig?

lol

Well NO shite the Republican side of the Senate Budget Committee is going to say that.

The horror.

Originally Posted by evolved

lol

Well NO shite the Republican side of the Senate Budget Committee is going to say that.

has Obama said otherwise? Is it going to be 75% deficit reduction and only 25% new spending?

Isn't he pushing another stimulus? Guess what, no amount of taxes can support a 4 trillion dollar/year budget. NO AMOUNT.

Good