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Thursday, July 03, 2008

New budget may mean deficit, higher taxes

Marc Levy of the AP reports that the new $28.2 budget agreement may, according to Senate officials (both Republicans and Democrats), result in a budget deficit of $1 billion - or even up to $2 billion - over the next twelve months. (HT: Tony Phyrillas)

Such a deficit would require a tax increase, or spending cuts (HA! who would suggest such a thing?).

Is this why there are so few budget details being released?

1 comment:

RINO Hunter said...

Imagine your family was alerted to a potential reduction in income over the next 12 months, would you A) decrease your spending and credit card debt, or B) increase your spending and credit card debt. The correct answer is B, of course, but somehow our “leaders” in Harrisburg can’t come to the same conclusion.

What’s even more troubling is the fact that the Senate Republicans recognize the potential for a $1-2 Billion deficit and still plan to vote for a budget that increases spending and debt. That is just flat out irresponsible. My wife would bounce me out of the house if I budgeted for my family the way these spendthrifts budget for the taxpayers.

Let’s hope Folmer and Eichelberger do the right thing at least. Hopefully they recognize that it would be a criminal act to support a budget that increases spending with a looming billion dollar+ deficit. The rest of the go-along-to-get-along Senate RINOs have been acting criminally long enough to not expect much.