National Debt: No wonder President Obama has so heartily endorsed the “Gang of Six” deficit plan. Just like everything Obama has offered so far, it’s short on details and long on tax hikes.
Soon after the “Gang of Six” — a bipartisan group of senators that has been trying for months to put together a deficit reduction plan — issued its new proposal, President Obama praised it as “a very significant step” that represents “the potential for bipartisan consensus.”
What it really represents is Washington at its worst.
The “plan” Obama was praising isn’t a plan at all, but a few pages of bullet points with vague concepts, promises of future cuts, and confusing, and at times contradictory, numbers.
And what details it does contain show that the gang has employed some of the most egregious budget tricks available to make the spending cuts look bigger and tax hikes smaller than they actually are.
The best example of this is the plan’s tax proposal, which alternately boasts that it cuts taxes by $1.5 trillion and raises them by $1 trillion, but which more likely will result in taxes going up by more than $3 trillion.
Back in Black: A Deficit Reduction Plan – Tom Coburn, M.D., United States Senator from Oklahoma
http://coburn.senate.gov/public/index.cfm/back-in-black-a-deficit-reduction-plan
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