By Matthew Boyle
31 Dec 2012
According to the Congressional Budget Office, the last-minute fiscal cliff deal reached by congressional leaders and President Barack Obama cuts only $15 billion in spending while increasing tax revenues by $620 billion—a 41:1 ratio of tax increases to spending cuts.
When Presidents Ronald Reagan and George H.W. Bush increased taxes in return for spending cuts—cuts that never ultimately came—they did so at ratios of 1:3 and 1:2.
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Filed under: Barack Obama, Budget, Democrats, Economy, Finance, In the News, Politics, Republicans, U.S. Government, U.S. House of Representatives, U.S. Senate
They should impeach everyone in congress. They had a year to come up with a meaningful solution. Instead they took the Path of cowards. They created this mess, and refuse to do anything to correct it. Spend more, tax less, run up the debt is the calling card of our congress!
Pitiful!