Tax cuts bill more expensive than economic stimulus, according to Congressional Budget Office

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Friday, December 10, 2010 at 10:27 am

The tax cuts compromise brokered by President Obama and congressional Republicans will cost more than the 2009 economic stimulus, according to estimates from the Congressional Budget Office.

The CBO expects the tax cuts deal to cost $858 billion over 10 years, while the American Reinvestment and Recovery Act had a cost of $787 billion. A Congressional Research Service study shows that the extension of all of the Bush tax cuts for two years will cost $675.2 billion over ten years.

Influential conservative columnist Charles Krauthammer wrote in the Washington Post this morning that President Obama “won” the tax cut debate by negotiating “the biggest stimulus in American history.” Meanwhile, House Democrats in a private meeting gave a vote of ‘no-confidence’ to the tax cut deal, as the House already voted to extend the Bush tax cuts for the middle class.

Comments

4 Comments

World Spinner
Trackback posted December 10, 2010 @ 12:55 pm

Tax cuts bill more expensive than economic stimulus, according to ……

Here at World Spinner we are debating the same thing……


Kimc222
Comment posted December 12, 2010 @ 4:26 pm

If the Democratic party really want to add something of substance to the tax bill, here’s a novel idea…Please INCLUDE AN UNEMPLOYMENT EXTENSION FOR THE PRESENT 99ERS AT LEAST IN THE STATES OF HIGH UNEMPLOYMENT.
Kim – Oregon


Hercule_Savinien
Comment posted December 12, 2010 @ 8:43 pm

[QE-3] QUANTITIVE EASING THREE-[BO] Tax cuts

Quantitive Easing Part Three

Now, everyone wants the government to stop taking what they are making with their own blood, sweat, tears and labor they don’t want to be taxed to dead by either the end of the year tax bill or the nickel, dime taxing by local, county, state, or any other tax grab at their wallets. But with that being said what is this latest [BO] Bill Clinton-Obama, or [BO] Bad Odor tax cut really about, its just another [QE] Quantitive Easing of your pain scam, yes it is good that the government is cutting tax’s that’s always good news, if the paper money they are letting you keep has value, the trouble is the paper money they are letting you keep is losing its value with each passing of the paper thru the printing press’s printing the monopoly game of [QE] Economics. The money that will not be collected by the tax man, and is meant to be spent on products to get the economy rolling will in fact get the economy rolling in the countries of the [BRIC] Brazil, The Russian Federation, India, and The Democratic Peoples Republic of China and their Spheres of Influence. And, the reason for this is that is were all the job’s went after [Bubba] Bill Clinton, shipped them there with [NAFTA] the North American Free Trade Agreement, all that pressing press paper money is headed the same place the jobs went overseas.

To Print or Not to Print that is the question

The basic question is not about just printing more and more and more valueless currency, it’s about putting value back into the currency being printed. One side is saying give them more valueless currency and make them think your easing the pain, let them stay on unemployment, but give them money to spend to once again kick start the dead non-existent industrial base of the American-Israeli Military Industrial Complex, while the other side is saying no, don’t print anymore valueless currency, that is only going to once again flow overseas increasing the trade imbalance making the currency even more worthless than it already is. The problem is both argument have a certain amount of logic but neither one is going to solve the problem. The problem is there are no jobs, the actual Industrial Base of the Military Industrial Complex is Japan, and South Korea, that is it, and they are having a massive military exercise at this moment to mark a line in the sand against its main economic foe of the [BRIC] and its main holder of [IOU’s] Treasury Notes, the [DPRC] Democratic Peoples Republic of China, as the [FOOTHOLD] Far East begins to weaken, as soon the peoples of Okinawa will no longer just form human chains around the American-Israeli Military Industrial Complex bases of occupation, but will tear them down with their own hands, and become a new nation in the area of the [DPRC] Sphere Influence, the [DPRO] Democratic Peoples Republic of Okinawa, not only changing the balance of World Power but will change the entire economic reality of the [21st] Century.

Short term gain long term pain

The real deal is this [BO-QE-3] tax cut, will in the short term ease the pain only in your mind but not in the long term reality, has anyone gone to [Wally World] Wall Mart to do any shopping, the prices are going up, of course the rich cat millionaires in the government have no idea of what cost are really like when your sitting on a stack of cash, what’s a few more worthless currency to them, but when your opening your wallet and the moths fly out well that’s a different story, we saw just the other day a little old black lady with her little hand snap coin purse checking what was in it and picking up a penny off the floor she had dropped in a Von’s grocery store and going thru each of the three bags of precious groceries she had purchased, it took us back to our childhood days and our lily white grandmother doing the exact same thing in German Butcher Shops, and Jewish Mom and Pop grocery stores. So, is it about the money any longer and the answer is no, it’s about priorities, jobs, jobs, jobs, industry, industry, industry, infrastructure, infrastructure, infrastructure. What good is it to print money and then have it find its way to workers overseas, while cutting tax’s, on worthless currency, it doesn’t matter if its being given to those not working or working at jobs were they haven’t had a raise in years, or working a four day work week with a three day weekend do to a furlough day off or a furlough working day, or having a cap on their [COLA] Cost Of Living Allowance, Social Security, and/or Military Pensions, if its worthless currency its worthless currency, no amount of Wars of Economic Stimulus, Tax Cuts, or Quantitive Easing is going to change the fact that the currency value is going down and the cost will only go up on [Wally World] items, Japan and South Korea, may work for rice, but not for an empty bowl, so unless steps are taken to repair the infrastructure, create jobs, end the on going Wars of Economic Stimulus and the Cold War, and bring and end to the Military Industrial Complex, nothing will change, its about value, across the board, its about accountability, its about a little hand held coin purse in the hand of a little old lady at the store with currency of value in that purse, and not a wheel barrel of valueless currency she can’t push to the store.

HERCULE TRIATHLON SAVINIEN


“CBC: Obama’s Tax Cuts Deal “Bad for African Americans,” “Hurts the Poor”" and related posts « Most Popular News Stories
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