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GOP leaders : we back extension of tax cuts without cutting spending... +160 billion to deficit

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posted on Feb, 13 2012 @ 03:37 PM
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Yes we can.

House GOP Leaders Pivot on Funding Payroll-Tax Cut

House Republican leaders, in a major policy shift, said Monday they would introduce a bill extending the payroll-tax break for the rest of the year without finding offsetting spending cuts.


SMRA estimates

We've heard reports that the cost of extending all of the provisions is about $160 billion, although we've seen no official scoring. That figure is in the right ballpark, based on CBO's scoring of the two-month extension passed last December.


Obama budget FY2012 : 1.327 trillion deficit + 160 billion... 1.487+ trillion deficit for FY2012... quite nice. FY2011 deficit : 1.3 trillion.

So far for 2012 : 563 billion deficit...4 months and 10 days in.

That's some nice spending cuts you've got there.
edit on 13-2-2012 by Vitchilo because: (no reason given)

edit on 13-2-2012 by Vitchilo because: (no reason given)




posted on Feb, 13 2012 @ 03:42 PM
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reply to post by Vitchilo
 


I'm not even sure the Obama administration can spell "economics" correctly. I know they have zero concept of how it works. Not to mention basic mathematics.

Didn't realize I hadn't finished my thought. This does, of course, go to show that the Republocrats are no different than the Taxocrats in the area of big government and spending. War, oil, entitlements. They compulsively spend on all three without a care as to how the income is received.

/TOA
edit on 13-2-2012 by The Old American because: (no reason given)



posted on Feb, 13 2012 @ 03:46 PM
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What else is in the bill?

The XL pipeline? It can't be a straight up bill....would be incredibly surprised if it were....there has to be some pork or something in there....there always is.

Unfortunately, the link you supplied doesn't show the whole article...have to be a member to WSJonline...which i'm not.
edit on 13-2-2012 by David9176 because: (no reason given)



posted on Feb, 13 2012 @ 03:53 PM
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reply to post by David9176
 


Also in the bill... cuts charities tax deductions from 35% to 28%... according to estimates, it's gonna cut $4 billion/year in donations...



They say there's gonna be 2.9 trillion in receipts. Impossible. 2011 receipts : 2.303 trillion. 2012 receipts : 2.469 trillion (and even that is over estimated) 2013 receipts : 2.902 trillion (yeah right... unless they pass massive tax increases)

The link to the official 2013 budget requested by the White House.
edit on 13-2-2012 by Vitchilo because: (no reason given)



posted on Feb, 17 2012 @ 11:56 AM
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Well it just passed the senate by a 60-36 vote.

"The U.S. Senate on Friday passed legislation extending a tax cut for 160 million workers and long-term jobless benefits through December, clearing the way for President Barack Obama to sign the measure into law. The Senate approval by a simple majority vote followed the House of Representatives' approval earlier on Friday. The legislation, which also extends current payment rates to doctors through the Medicare health care program for older Americans, will add $100 billion to the U.S. deficit and is aimed at further stimulating the economy."


So there ya go.



posted on Feb, 17 2012 @ 02:36 PM
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So can anyone guess what the payroll tax pays for?

Answer Social Security

Which means since its already underfunded they will pay the same benefits at reduced revenue and shift the tax burden to those evil rich yet again.

Yeah make people who don't use it pay for those who do.

Washington idiots.



posted on Feb, 17 2012 @ 02:44 PM
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By not requiring offsetting cuts in the budget, this additional loss in revenue and corresponding increase in Treasury spending to fund Social Security will ensure that the Statutory Debt Limit will be reached prior to the 2012 election,sometime in September. Republicans are setting up another debt fight just prior to the election. See, there is a method to their madness. Just wait and see!



posted on Feb, 17 2012 @ 02:46 PM
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What I can't understand...why weren't the GOP gung ho on doing this in the first place. Don't they want Medicare and SS to be in trouble so they can eventually privatize both...as all 4 GOP Presidential candidates want to do if President?



posted on Feb, 17 2012 @ 03:57 PM
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What?

Social Security and Medicaid and Medicare are already underfunded ALREADY in big big trouble the simple fact is there are more people consuming than producing the tax revenues needed to sustain them.

But pay no never mind to that the simple fact if tax cuts are even in discussion that means people are already overpaying into them but wait for it a person is only paying 6% of their income to Social Security and their employers are matching it. So that means the employer gets the shaft yet again paying more than those who they employ.

The great scam in US history is the big 3 there is nothing wrong with privatization of SS why the hell pay 50 years into a system that the Government tells you when you can receive those funds and is stagnant and does not keep up with inflation.

A pathetci Government check that is no more than 1000 bucks for that pathetic 10 to 20 years of receiving benefits plus someone loses a job and gets sick they have easy access to those funds.

But nope Liberals in their lack of infinite wisdon perceive the American citizan as being to stupid to know what to do with their money and 9 times out of ten are always better with it and don't rob from peter to pay paul

Which is the Governments motis operandi.

Cutting taxes means someone else is going to have them raised i have never in my life ever met a group of people that lacked common sense.



posted on Feb, 17 2012 @ 04:21 PM
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reply to post by neo96
 





A pathetci Government check that is no more than 1000 bucks for that pathetic 10 to 20 years of receiving benefits plus someone loses a job and gets sick they have easy access to those funds.


Yeah, my old man is one of those on SS and Medicare. Physically disabled from a horrible car accident while working.

it's all he has....and has beat cancer because of both.



posted on Feb, 17 2012 @ 05:16 PM
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reply to post by Vitchilo
 


The president's budget proposal calls for an increase in taxes for couples making over $250,000 or individuals making over $200,000. Everyone elses taxes will remain the same.



posted on Feb, 18 2012 @ 01:52 AM
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Originally posted by links234
reply to post by Vitchilo
 


The president's budget proposal calls for an increase in taxes for couples making over $250,000 or individuals making over $200,000. Everyone elses taxes will remain the same.

You and I know that it will never pass.



posted on Feb, 18 2012 @ 02:56 PM
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reply to post by Vitchilo
 


So getting upset about the numbers is pretty fruitless then.



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