Skip to comments.Deficit 'fiscal cliff' bill actually spends $330 billion more
Posted on 01/01/2013 11:43:01 AM PST by Ernest_at_the_Beach
The "fiscal cliff" deal that was designed to save money actually includes $330.3 billion in new spending over the next decade, according to the official estimate the Congressional Budget Office released Tuesday afternoon.
CBO said the bill contains about $25.1 billion in new cuts, but those are swamped by the new spending on extended unemployment benefits for the long-term jobless and other new refundable tax credits that President Obama fought for.
Of those cuts, only $2 billion are scheduled to take effect in 2013.
And CBO also warned that some of the cuts Congress is counting are from programs on which CBO never expected the money to be spent anyway such as cuts to the Consumer Operated and Oriented Plan, which was part of Mr. Obama's health care law.
All told, the bill deepens the deficit by nearly $4 trillion over the next decade, when the new tax cuts and spending are combined.
The bill also delays by two months the automatic spending cuts slated to take effect Wednesday, with a promise to reduce spending in the future to cover for them.
(Excerpt) Read more at washingtontimes.com ...
How do u think they got 89 Senators to sign up on this sham.
How much more will Bonehead and Cantor add in the house?
But But But, Obama says its “Deficit cutting” I want the names of every single Republican who votes for this crap sandwich..if the Dems love this so much let THEM pass it. ANYONE in the GOP that passes this crap I want their asses
$4 Trillion increase in the national debt.
By the way that is 330 Billion over 10 years.
H/T to the Drudge Report.
And adds $4 trillion to the budget deficit!!!! Gov’t Gone Wild!
Time for a third party...?????? The GOP is hopeless!!!!!!
“How do u think they got 89 Senators to sign up on this sham?”
the news MEDIA has complete control of everyone’s mind. there is no stupid “fiscal cliff” . what is so different now from previous years? nothing. They put so much pressure on these idiots they forced them to sign this ridiculous bs of a bill to avoid some stupid non-existant cliff . just because the media has been saying “fiscal cliff” for the past month doesn’t mean there is one.
The U.S.A is a dictatorship and the news media are the dictators.
You said I shouldn’t post the number yesterday as the media had already declared victory and they the media tricked you yesterday . so we should give up too and not voice our opinion?call GOP Congressmen in the House, tell them not to vote for this nor any deal ,there is no cliff as that cliff is media lies to force them to agree to tax increases.
Congress switchboard number: (202) 224-31
The Senate bill extends a number of tax cuts for businesses but doesn’t extend the payroll tax cut passed in 2011. As a result, the Social Security taxes taken out of your paycheck will go from 4.2% to 6.2%. This applies to everyone who makes more than $400 per year, not $400,000. Even those making minimum wage who pay no income taxes will see their take home pay go down.
The wha...? Borrowed loot to make sure consumers consume?
I also said u should mention callers call Rats, as well.
If this sham goes forward, it will be the democrats with Boneheads
blessing that carries this bill over the finish line.
You can call if it makes u feel better. I don’t think these hacks care
what we have to say. These hacks get their marching orders from
The K-street Money Changers.
Hurray for refundable tax credits! More money for the children! I suppose the concept of a negative tax liability is entrenched by now.
The payroll tax cut out of Social Security never should have happened in the first place.
Closer to bond collapse, repudiations of debts, enormous, forced spending cuts and freedom. You who are courageous and hard working enough yet dependent on government or government-connected incomes, learn to make something useful.
I got my Social Security COLA today.
And I’ll be damned if the GOP thinks tax breaks for millionaires takes precedence over helping Americans survive in this tough Obaconomy.
If spending is in a mess in this country, that is certainly not my fault!
The deficits of the next 4 years will make the last 4 look like chump change. My estimate is $7 TRILLION.