| Republican policies over the last decade, and the cost of the two wars, added far more to the deficit than initiatives approved by the Democratic Congress since 2006. |
| [Headline extracted from "As G.O.P. Seeks Spending Cuts, Details Are Scarce" By DAVID M. HERSZENHORN - NY Times - October 19, 2010]
Calculations by the nonpartisan Congressional Budget Office and other independent fiscal experts show that the $1.1 trillion cost over the next 10 years of the Medicare prescription drug program, which the Republican-controlled Congress adopted in 2003, by itself would add more to the deficit than the combined costs of the bailout, the stimulus and the health care law. At the same time, most Republicans are calling for the permanent extension of all Bush-era tax cuts, which would add $700 billion more to the deficit over the next 10 years than President Obama and Democratic leaders have proposed by continuing only some of the lower rates. Republicans are calling for a repeal of the health care law, a step that would actually increase the deficit by more than $100 billion over 10 years, according to the Congressional Budget Office, by eliminating some cost-saving provisions — a fact that typically goes unmentioned. Source: "As G.O.P. Seeks Spending Cuts, Details Are Scarce" By DAVID M. HERSZENHORN - NY Times - October 19, 2010 Deficits rose through the 1980s and played a role in the election of 1992. It receded during the Clinton administration, turning — briefly — into a surplus, before rising again under George W. Bush. The economic meltdown of 2008 led to a spike in borrowing, as tax revenues fell and the government stepped up stimulus spending. Source: "U.S. Federal Budget OVERVIEW" - NY Times - Updated: July 23, 2010 |
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