Congress' spending binge: $700 billion in unpaid tax cuts
Budget austerity takes a backseat as lawmakers prepare to pass nearly $700 billion in unpaid-for tax cuts (for the wealthy).
Rand Paul thinks the national debt is the “greatest threat” to America’s future. Donald Trump warns that the nation is at risk of becoming “a large-scale version of Greece.” And Marco Rubio says the debt will “shackle future generations.”
But on Capitol Hill this week, just hours before they jet away for the holidays, the GOP-led Congress is going on a $680 billion spending spree — none of which will be paid for by budget cuts or other tax offsets. And all of which will be added to the national debt, according to budget watchdogs.
“We are doing damage to the fiscal health of the country by borrowing this mind-boggling amount at a time when the debt is so high,” said Maya MacGuineas, president of the bipartisan anti-debt nonprofit Committee for a Responsible Federal Budget. “It’s absolutely at odds with the priority Republicans are making — the debt — when they’re campaigning, and with the Republican budget that was passed out of the House.”
For the GOP presidential candidates, the $18 trillion national debt remains a central campaign talking point. But after years of relative fiscal austerity, including enactment of relatively modest spending rollbacks, GOP lawmakers are steaming toward passing a mammoth $680 billion tax package without offsets. It would make permanent a host of temporary tax breaks commonly called “extenders” — and is also chock-full of goodies for specific business interests and constituents.
THE REST:
http://www.politico.com/story/2015/12/congress-spending-binge-tax-cuts-budget-deal-216883
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