Dec 11, 2012 No Comments ›› Chuck Biscuits
Excerpted from The Weekly Standard: Seventy-five percent of the new revenue pulled in by President Barack Obama’s “fiscal cliff” plan would go toward new spending, not toward deficit reduction, the Republican side of the Senate Budget Committee contends. Here’s a chart, detailing how money from the new tax hikes would be distributed:
According to the minority side of the Senate Budget Committee, $1.2 trillion of the proposed $1.6 trillion in tax hikes would go toward new spending, while only $400 billion would go toward deficit reduction.
“The [president's] plan called for $1.6 trillion in new taxes, twice what the president asked for in the campaign. He asked for $800 billion during the campaign. Now he wants $1.6 trillion in new taxes,” said Senator Jeff Sessions, the ranking member on the Senate Budget Committee, last week on the floor.