Thursday, January 3, 2013

New Fiscal Cliff Bill: For Every $10 in Tax increases only $1 in spending cuts

According to the Congressional Budget Office estimate, the bill will add almost $4 Trillion to the national debt over the next ten years.

And how does that compare with Presidents from the past?
When Presidents Ronald Reagan and George H.W. Bush increased taxes in return for spending cuts—cuts that never ultimately came—they did so at ratios of $3 of spending cuts to $1 in tax increases and $2 of spending cuts to $1 in tax increases.
Read the full article HERE.

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