[lonevoice]

He’s actually right. The Bush tax relief sunset was factored into the figures in this bill. If they’re not renewed, the taxes will markedly increase. If they are renewed, then — by CBO’s calculations — that will create a $5T hole that will need to be filled. And (correct me if I’m wrong here) if the Gang of 12 doesn’t agree on a budget-cutting remedy, tax hikes will occur as a result of a “trigger.”

Wow... some victory for the Tea Party.

Thanks, Republican “leadership.” Get bent, the lot of you.

You speak for me and millions of others. This is where we find ourselves today.

[Round 9]

From Keith Hennessey.com

If this new Joint Committee legislative process fails to result in a law, then there will be no tax increases and there will be triggered $1.2 T of across-the-board spending cuts in discretionary spending, Medicare, farm subsidies, and a few smaller entitlements. These triggered spending cuts would hit defense more deeply than other types of spending.
The additional deficit reduction could include tax increases, but only if:
7 of 12 Members of a new Joint Committee of Congress agree to raise taxes, including at least one Republican Member of the Committee;
and a majority of the House and Senate vote for the Committee’s recommendations;
and the President signs the bill into law.