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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsCongress' spending binge: $700 billion in unpaid tax cuts
Budget austerity takes a backseat as lawmakers prepare to pass nearly $700 billion in unpaid-for tax cuts (for the wealthy).
Rand Paul thinks the national debt is the greatest threat to Americas future. Donald Trump warns that the nation is at risk of becoming a large-scale version of Greece. And Marco Rubio says the debt will shackle future generations.
But on Capitol Hill this week, just hours before they jet away for the holidays, the GOP-led Congress is going on a $680 billion spending spree none of which will be paid for by budget cuts or other tax offsets. And all of which will be added to the national debt, according to budget watchdogs.
We are doing damage to the fiscal health of the country by borrowing this mind-boggling amount at a time when the debt is so high, said Maya MacGuineas, president of the bipartisan anti-debt nonprofit Committee for a Responsible Federal Budget. Its absolutely at odds with the priority Republicans are making the debt when theyre campaigning, and with the Republican budget that was passed out of the House.
For the GOP presidential candidates, the $18 trillion national debt remains a central campaign talking point. But after years of relative fiscal austerity, including enactment of relatively modest spending rollbacks, GOP lawmakers are steaming toward passing a mammoth $680 billion tax package without offsets. It would make permanent a host of temporary tax breaks commonly called extenders and is also chock-full of goodies for specific business interests and constituents.
Rand Paul thinks the national debt is the greatest threat to Americas future. Donald Trump warns that the nation is at risk of becoming a large-scale version of Greece. And Marco Rubio says the debt will shackle future generations.
But on Capitol Hill this week, just hours before they jet away for the holidays, the GOP-led Congress is going on a $680 billion spending spree none of which will be paid for by budget cuts or other tax offsets. And all of which will be added to the national debt, according to budget watchdogs.
We are doing damage to the fiscal health of the country by borrowing this mind-boggling amount at a time when the debt is so high, said Maya MacGuineas, president of the bipartisan anti-debt nonprofit Committee for a Responsible Federal Budget. Its absolutely at odds with the priority Republicans are making the debt when theyre campaigning, and with the Republican budget that was passed out of the House.
For the GOP presidential candidates, the $18 trillion national debt remains a central campaign talking point. But after years of relative fiscal austerity, including enactment of relatively modest spending rollbacks, GOP lawmakers are steaming toward passing a mammoth $680 billion tax package without offsets. It would make permanent a host of temporary tax breaks commonly called extenders and is also chock-full of goodies for specific business interests and constituents.
THE REST:
http://www.politico.com/story/2015/12/congress-spending-binge-tax-cuts-budget-deal-216883
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Congress' spending binge: $700 billion in unpaid tax cuts (Original Post)
Triana
Dec 2015
OP
Stinky The Clown
(67,799 posts)1. So they're going to once again run this play, huh?
A) They know they are going to lose the presidential election again this year
B) As they did to Obama, they create the groundwork for another Great Rec(Depr)ession.
C) They blame all the shit that will be the result of this unfunded spending on Democrats
The side effect is more transfer of wealth to the 1%.
Well played, boys. Happy Christmas! Buh Bye. Enjoy your holiday.
Fuckwads . . . . . meh.
B Calm
(28,762 posts)2. That's exactly what the republicans do!
Orsino
(37,428 posts)3. Strangle it in the bathtub, then give away the water and the tub. n/t