Mar 7, 2013 No Comments ›› Jake Hammer
Excerpted from CNS NEWS: – House Minority Leader Nancy Pelosi (D.-Calif.) said today that the government must cut spending, and then explained that: “Tax cuts are spending.”
“Our whole budget is what $3.5 trillion,” Pelosi said at a Capitol Hill press conference. “So, when we talk about reducing spending, we certainly must, and we certainly have–$1.6 trillion in the previous Congress, $1.2 of it in the Budget Control Act.
“But spending is also related to tax cuts,” said Pelosi. Tax cuts are spending. Tax expenditures, they are called. Subsidies for big oil, subsidies to send jobs overseas, breaks to send jobs overseas, breaks for corporate jets. They are called tax expenditures. Spending money on tax breaks. “And that’s the spending that we must curtail as well,” she said.
In fiscal 2006, the last full fiscal year before Pelosi became House Speaker, the federal government spent $2.65 trillion, according to the U.S. Treasury. In fiscal 2011, the last fiscal year that started when Pelosi was speaker, the federal government spent $3.59 trillion. Thus, from fiscal 2006 to fiscal 2011, annual federal spending increased by about $940 billion—or 35 percen