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Blog Posted in avatar   Andrew Moran's Blog

Fiscal cliff budget deal to add $4 trillion to deficits for next 10 years

blog:19851:0::0
By Andrew Moran
Posted Jan 2, 2013 in Politics
Economic Collapse News | Fiscal Cliff Deal: $620 billion in revenue, $15 billion in cuts and more debt
"The Congressional Budget Office (CBO) stated that the fiscal cliff agreement will see a projected total of $620 billion in increased revenue, while only $15 billion in spending will be cut. That’s a ratio of 41:1 – a lot higher than the 1:3 and 1:2 ratio of the presidencies of Ronald Reagan and George H.W. Bush.
"The bill will now head to President Obama’s desk where he is expected to sign it.
"Although the president has vowed to cut the budget deficit in half over the course of his term, a report by the CBO suggested that the deal reached between the Republican leadership and the White House will add more than $4 trillion to the deficits over the next 10 years. Throughout the next decade, Tuesday’s arrangement will see revenues reduced by $3.64 trillion and a jump in spending by $332 billion."

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