Of course you realize that of the $3.97 trillion the CBO projected over ten years, $3.6 trillion of that comes from reinstating tax cuts for income up to $450K.
Exactly! So how in the world can it be said that "Obama adds $4 trillion in deficits" when it is clearly against what Obama wanted? The Republicans are the ones who had to have it their way on this point, letting the tax cuts expire only on those making $450,000 as opposed to the $250,000 Obama had been insisting on for months.
What's the deal? Are you complaining about tax cuts now?
Hilarious, isn't it? And this is the kind of stuff that should make the News headlines; the idiotic hypocrisy of the Republican party. Here is another example. Remember when Mitt Romney bitched and moaned that Obama had cut $700 billion from Social Security? He and his Republican apologists spoke of it as if it were the most heinous thing a man could do, and it was all based on a lie. But here are the Republicans today insisting that entitlements be cut before they allow taxes to go up on their wealthy constituents.
I thought you conservatives wanted even more tax reduction.
For the wealthy Krose, only for the wealthy. Notice that in this deal the Democrats were unable to extend the payroll tax cuts. That's because Republicans know that this will hit the working class, which they care nothing about.
You guys are very confusing.
No, just intellectually dishonest.
This business about a $4 trillion in added deficits is just a charade that is getting way too much mileage in the media. So much for the "elite liberal media." This misleading, Right Wing talking point has taken over the airwaves everywhere. I bet the following details won't show up anywhere in bcapsace's list of "most trustworthy News sources."
http://money.cnn.com/2013/01/01/news/economy/fiscal-cliff-deal-cbo/?hpt=hp_t1
The fiscal cliff deal approved by Congress will increase deficits over the next decade by close to $4 trillion, according to the Congressional Budget Office.
That estimate is relative to a benchmark where all the Bush tax cuts expire and the the fiscal cliff stays in place. Technically, that's what would happen if Congress had done nothing to avert the cliff.
But that was never a likely scenario. For one thing, most economists said that such abrupt fiscal tightening would hurt economic growth in the near term.
Plus, few expect Congress to stick to such a strict fiscal regimen anyway.
Instead, most expected Congress to largely preserve the Bush tax cuts and cancel or weaken the rest of the fiscal cliff.
Compared to that more realistic scenario, the fiscal cliff bill will actually reduce deficits somewhat -- various estimates suggest by roughly $600 billion, and more with interest savings. The CBO did not offer a cost estimate for the Senate bill relative to this more realistic scenario.
The legislation, approved by the House late Tuesday, will avert much of the fiscal cliff's negative near-term economic impact by extending the Bush tax cuts for the majority of Americans, protecting the middle class from having to pay the Alternative Minimum Tax and retaining a number of tax breaks for businesses and individuals.
The bill also extends long-term unemployment benefits that were set to expire and avert a scheduled pay cut to Medicare doctors, among other spending provisions.
As a result, the CBO estimates that the bill will reduce revenues over 10 years by $3.64 trillion and increase spending by $332 billion