The Speaker’s Plan to Hike U.S. Debt and Taxes
Now that the Speaker’s plan is going to be voted on tomorrow, and it is in writing, we have this handy comparison chart between the cut, cap and balance plan and the Boehner Debt and Tax Hike plan, I thought we should review what the debt hike and tax hike plan does:
It does not include the Balanced Budget Amendment, just passed by the U.S. House last week, but promises another vote on what is sure to be a weaker version of the one that already passed the House.
It relegates the Ryan budget to the dust bin of history by creating a super-moderate committee that will force, by Christmas of this year, immediate tax hikes and future promises of small cuts, on the nation.
It’s “cap” on spending in 2012 is a whopping $6 billion, that’s less than the $10 billion the U.S. government spends each day.
It promises cuts that will happen over the course of 10 years, mostly in the out years. (The check is in the mail.)
The plan will increase our debt, by the next election, not decrease it.
The plan will not forestall a credit rating downgrade.
It’s pathetic and should be voted down.
By my count, Freedom Works, Heritage Action, Americans for Prosperity, Club for Growth, National Taxpayers Union, among others, are opposed to the Speaker’s plan, and tea partiers are burning up the phone lines in opposition to the Reid plan, the McConnell plan, the Boehner plan and the-never-put-on-paper Obama plan.
Of course, there is one more thing, the Boehner plan and the Reid plan contain very similar cuts in the out years — something to think about when considering just how much Republicans want to actually cut spending.
Oh, for a glimpse of the future debt of the U.S. if a debt hike fails to pass, check out the second graph from Slate.