Politics
Out of context: Reply #17385
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- ukit20
Found this funny...doing nothing will slash the deficit by 2/3 in 2 years
http://www.nytimes.com/2012/02/0…
"Unless Congress passes new legislation changing the course on spending or taxation — changes that are a distinct possibility, but no basis for a forecast — projected deficits would “drop markedly” starting next year and for a decade to come.
That is because current laws would allow the Bush-era tax cuts to expire, the alternative minimum tax to reach ever more taxpayers and federal spending to decline modestly under newly imposed spending caps, at least until the aging of the population and rising costs for health care tilt the balance of spending upward again.
If Congress leaves current law unchanged, the report said, the deficit will fall to $585 billion in 2013 and $345 billion in 2014. In other words, doing nothing might be the most straightforward way for Congress to slash the deficit, a goal espoused by lawmakers in both parties."
Of course, Congress will probably extend the Bush tax cuts, and all the Republican candidates are calling for even more tax cuts on top of that.