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The Democrats made the rounds over the weekend with their new talking point that they’ve already made substantial spending cuts. Here’s how it goes:
The Democrats are counting $917 billion from the Budget Control Act, passed in the summer of 2011, as proof that they’ve cut spending. By pitting it against the $620 billion in tax revenue hikes from the Fiscal Cliff deal last week, the Democrats are able to say that the ratio of spending cuts to tax hikes has been a 3:2 ratio so far.
The results of this math? The Democrats are poised to ask for further tax increases, because it’s “not enough”. Don’t forget, Obama said that the rich still weren’t paying their fair share in his January 3rd video.
What’s more, both Ben Cardin of the Senate Finance Committee and Chuck Schumer want to include interest savings in calculations, suggesting that the spending cuts so far have been somewhere between $1.1 trillion and $2 trillion — making the ratio seem even larger.
The narrative is shaping up for a new tax fight with the impending debt ceiling debate. The Democrats are going to repeat this “talking point” as a justification for new taxes — saying that the past deals have been tilted toward cuts. Get ready to hear the Democrats repeat these numbers ad nauseum.