Congress, or the dems I should say, did this.
Before jetting off for Memorial Day recess, the House passed two spending bills that will -- surprise -- increase the deficit. The Wall Street Journal notes that Democrats "approved another $116 billion in new welfare and other spending, raised $82 billion in new taxes on investment and business, and increased the national debt by another $54.7 billion. None of this was offset with spending cuts." The original "jobs bill" was priced at $191 billion -- a bit steep for Democrats facing voters this fall. So the leadership split the bill in two. One to extend welfare spending supposedly paid for by $82 billion in business tax hikes passed with 215 votes. Second came the infamous "doc fix" bill that raised Medicare reimbursement rates for doctors, which passed with 245 votes. The bill's $21 billion price tag was lower than originally planned because, instead of extending the fix for four years, the extension is good for only two years.
No new taxes some say? Well I have shown another new tax in addition to cap and trade they want. Tax on electronics they want. The VAT is still out there but they are being tight lipped about it. I expect it will come soon enough. But for those who said there would not be any new taxes...........remember I said there would. And here they are. More to come. Just wait.
With all the oil distractions
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