Archive for July, 2011

The problem is, that both sides could agree to raising the debt limit, both sides could agree to a balanced budget amendment,(both items contained in the cut, cap, and balance plan.) Both my Senators, one republican, and one democrat both are for a balanced budget amendment. The problem is that the president and the democrats will not agree to raise the debt limit unless they raise taxes.

The Republicans already agreed to compromise and Boehner was going to give them 800 billion in new taxes, they call it closing tax “loopholes”, tax loopholes like a reduced child tax credit, reduced or eliminated mortgage interest tax credit, no more tax credit for charitable contributions (um so instead of giving to causes that someone likes, we’ll just give it to the government), they would tax your employer health insurance benefit now(ie; your health insurance premium would go up, to say the least), and the BIG DEAL would also tax retirement savings, ie; it won’t be tax free when it is pulled from your check(401k and IRA), which actually at the time you withdraw your 401k money you will owe taxes on that money, so it would be double taxed now under the democrats plan. It also calls for a reduced or eliminated earned income tax credit. So call it what they want it, closing “loopholes” or whatever, it’s raising our taxes. All that with only reducing our spending by 3 trillion over ten years,(which wouldn’t even come close to balancing our budget.) Maybe if you cut the 1 trillion PLUS ($1,000,000,000,000+) deficit President Obama has been carrying for the last 3 years, we would really be talking about getting on a fiscally responsible track. The Democrats 1+ trillion dollar deficits make the $296 billion dollar deficit(the last deficit Bush and a republican Congress carried) seem tiny in comparison. 3 trillion over ten years is only 300 billion per year, with the 1.42 trillion dollar deficit the Democrats carried last year, 300 billion would take it down to oh,a 1.12 trillion dollar deficit. It doesn’t take a brain surgeon to see how fiscally irresponsible this is.

So after adding 800 billion in taxes, the democrats still wanted to increase our taxes by 400 billion more, and are apparently willing to default on our debt to do so.

I’d rather see a clean increase of the debt limit, than raise our taxes by 800 billion, let alone the 1.2 trillion the democrats want.