Wednesday, April 13, 2011

CUTS in SPENDING in the new screwy budget this April are DWARFED BY BUSH TAX CUTS

This title (in bold below) says it all. Part of what screwed up the USA and global economy in the past dcade was virtually ignored by the so-called reconciliation budget. We are really a bunch of losers if we continue to ignore the facts–the Bush cuts, bad government oversight on banks and financial institutions, and 3 or 4 wars have ruined the USA economy and budgeting. –Kevin A. Stoda, your candidate for President or Congress in 2012!!!!


While the details of the deal are still emerging — the agreement would cut $13 billion from programs at the Departments of Labor, Education and Health and Human Services, $1 billion more in an across-the-board cut from domestic agencies and $8 billion in cuts to the State Department and foreign aid — the New York Times reports that negotiations came down to the wire, as Republicans sought to move the goal posts on negotiation and press for greater cuts. On Thursday night, for instance, Obama believed that he “had made a breakthrough in the negotiations, when he told Mr. Boehner that he would sign on to spending cuts of roughly $38 billion — $5 billion more than he had offered two days earlier.” But the following morning, Boehner reneged, saying that he would demand “north of the amount we’d offered the night before.” The demand led to a heated exchange between Obama and Boehner in which the President said, “I’m the president of the United States, you’re the speaker of the House. We’re the two most responsible leaders right now. We had a conversation last night, and what I’m hearing now doesn’t reflect that.” The final agreement of $38.5 billion in spending cuts, however, ia still dwarfed by the lost revenue from extending the Bush tax cuts, which the Republicans loudly championed. That policy deprives the government of roughly $150 billion in revenue over a similar period of time. As Alex Seitz-Wald points out, “So while they very nearly shut down the government to extract painful spending cuts, Republicans had already wiped out those spending cuts many times over with the revenue lost from extending the Bush tax cuts.”



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