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Tuesday, January 1, 2013

CBO: Senate Fiscal Cliff Bill Raises National Debt By $4 Trillion

Not reported in the news so far is that the CBO has Scored the fiscal cliff compromise bill which passed the Senate last night. According to the report this bill adds $1.7 trillion to the debt over the next four years and almost $4 trillion over the next ten years. See Below

What is it with these people in Washington DC? Don't they know the National Debt is already over $16.5 trillion?  Its been in all the papers?  How could they come up with a bill that adds so much to the deficit?  Where are the spending cuts that were supposed to go with the tax cuts?

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 CBO release this afternoon. 

According to the estimate the bill contains about $25.1 billion in new cuts, but those are overwhelmed by the new spending on extended unemployment benefits for the long-term jobless and other new refundable tax credits that President Obama demanded.

Folks I don't know about you...but right now I prefer the cliff.

Please don't talk to me about compromise.  The purpose of the bill that created this fiscal cliff was to reduce the federal deficit.  By raising some of the tax rates the GOP compromised on the execution. By supporting a bill that raises the national debt by $4 trillion goes beyond compromise and becomes a political capitulation that makes this country's economic situation worse. 

The full report is below:

American Taxpayer Relief Act-2

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