Claim $1
trillion in deficit reduction if cut
According
to a new report by the Congressional Budget Office, the single
greatest contributor to the public debt are the Bush tax cuts.
Letting
them expire would add $823 billion in revenue and $127 billion in
interest – for a cool $1 trillion in ten-year deficit reduction.
The
House of Representatives voted in favor of extending the cuts, but
President Obama has threatened to veto the measure after the
elections, though he supports extending the cuts for the middle class
– or those making less than $250,000 per year. The President is on
record for returning to the tax rates used during the Clinton
Administration, which left office with a budget surplus.
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