Quote:
Originally Posted by dogzilla
....Obama's deficit spending has far exceeded what Bush spent on a year to year basis. If Obama keeps up his stupid stimulus programs the deficit attributable to him will be at least double what Bush accumulated....
|
Thats not quite true. The Bush/Republican medicare prescription drug reform enacted in 2004 is projected to add over $1 trillion over ten years and the 2001/2003 tax cuts, particularly on the top bracket, adding nearly another $1 trillion. Bush also kept the Iraq war off budget, so it wouldnt count towards annual deficits.
But putting that aside, McConnell unveiled the Senate Republican tax plan earlier this week.
It would make permanent all of the Bush tax cuts that were set to expire this year and limit the estate tax to those over $5 million ($10 million/couple)....as opposed to only extending the tax cuts for the middle class.
The CBO hasnt scored it yet, but a somewhat similar proposal scored by the CBO would mean $4 trillion in lost revenue over ten years......four times the projected deficit impact of the health care reform and stimulus bill combined.
Deficits result not only from increased spending, but equally from reducing revenue.
Yet, the Republicans argue with a straight fact that cutting $4 trillion in revenue wont result in significant deficits or accumulated debt.