Monday, December 31, 2012

A Budget/ Fiscal Cliff Deal

from Politico:
The emerging fiscal cliff deal is enough to leave Republicans with a major New Year’s hangover.

The package being negotiated by Senate Republican Leader Mitch McConnell and Vice President Joe Biden amounts to a defeat for the GOP on multiple fronts.

It not only raises tax rates, but also extends stimulus-era tax policy, prolongs emergency unemployment benefits, maintains targeted tax breaks derided by the party as corporate handouts and revives limits on deductions for the wealthy that have been dormant for almost a decade — all policies that the GOP has fought. It’s expected to raise $600 billion over 10 years.
Just so we all understand:
  1. This deal would reduce the deficit by $600 billion over ten years
  2. The 2012 federal budget deficit was $1.1 trillion
So this great new budget proposal would make up about half this year's deficit if it worked all of its magic this year, but it will be more like $60 billion in deficit reduction this year.

More things to know:
  1. Our taxes are going up
  2. New Obamacare taxes are being added
  3. Businesses will not be hiring
  4. The government doesn't even have a vague hope of balancing this year's budget deficit
The most important point to understand:

You idiots voted for this.

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