Stunner. Obama Proposes $600 Billion in New Taxes in Debt Deal Negotiations
Barack Obama increased the national debt by over $3 trillion in just over 2 years.
Obama tripled the deficit in one year with his failed stimulus plan.
The Obama deficit this year may reach $1.65 trillion. (The Captain’s Comments)
Barack Obama and Democrats also added over One Trillion Dollars to the Federal Budget in the last 4 years.
That’s at least a 30% increase in federal spending in just 3 years.
But he’s not through yet…
Today Barack Obama proposed $600 billion in new taxes to pay for his historic spending.
President Barack Obama threw the talks on the debt ceiling crisis into turmoil on Monday afternoon by proposing a $600 billion tax hike before even meeting with Republican Senate leader Mitch McConnell.
Just as Democrats and Republicans seemed to be inching toward an agreement that would stave off the prospect of a default on the nation’s debts, Obama introduced a measure that is sure to have the GOP howling in opposition.
The new wrench in the works drew scorn from conservatives.
“The Democrats’ insistence on touting their desire to ‘end tax breaks to oil and gas companies’ is becoming quite tiresome,” wrote Andrew Stiles at the National Review’s website. “It’s basically their only specific new tax proposal, but would amount to saving of just $21 billion over a decade. That’s a long way to $600 billion.”
Other conservatives ridiculed the idea that the White House could be taking such a proposal seriously.
“The White House has proposed raising about $600 billion in new tax revenue, including ending subsidies to oil and gas companies, an idea that failed in the Senate,” wrote Bryan Preston at the conservative PJ Tattler blog on Pajamas Media.
“It failed in a Democrat-controlled Senate, and with good reason: It’s a terrible idea. I was at first tempted to post a hoary old Admiral Ackbar – “It’s a trap!” graphic on this story, but it doesn’t really merit that,” Preston continued. “Calling it a trap at least implies that the GOP might fall for it. Honestly, I don’t see that happening. So if it’s not a trap, what is this? For one thing, it’s the Democrats’ answer to everything. For another, it’s class warfare, which is also the Democrats’ answer to everything.”