Incorrigible Wastrels Throw More Money Down D.C. Black Hole

The incorrigible wastrels in Washington D.C. have postponed this fiscal cliff in lieu of a higher one down the road.  And as usual these phantoms of irresponsibility used the dark of night on a holiday to mask their crimes.  Here is the booty our elected conspirators have managed to confiscate from the job creators, as reported by the Daily Caller: 

The cliff deal passed by the Senate would increase the 10-year baseline deficit of $2.9 trillion by $4 trillion, says the CBO in a report released Tuesday. That’s a nearly $7 trillion increase in debt by 2022.

The deal would increase the deficits during Obama’s second term by $1.7 trillion, in addition to the $1.7 trillion deficit already projected by the CBO, creating a four-year deficit of $3.4 trillion.

That $3.4 trillion in new debt by 2017 would increase the current federal debt from $16.4 trillion to almost $20 trillion in January 2017.

That’s an debt increase of almost $10 trillion during Obama’s two terms. The higher deficits would be primarily due to the extension of lower tax rates, known as the Bush-era rates, for individuals making under $400,000 and couples making under $450,000.

But hey, those evil rich people aren’t the only ones who’ll have to pony up.  The Social Security loophole has been closed as well.    

Both sides lamented their failure to reach a significant deficit-cutting agreement. But neither much mentioned another omission: The immediate expiration of a two-year, 2-percentage-point cut in the Social Security payroll tax.

That break, which put an extra $1,000 in the wallets of typical families earning $50,000 a year, was an Obama priority two years ago as a way to boost consumer spending and spark the flagging economy, but it fell victim this time to other priorities.

It is being reported that this bill has a 41:1 ratio of tax increases to spending cuts. Only the gullible would believe Congress will cut spending.

Listen.  Listen real close.  Can you hear that huge sucking sound?  That’s your future being swallowed by that D.C. black hole.

Source: http://www.charlotteobserver.com/2013/01/01/3759999/not-solved-yet-gop-wants-more.html#storylink=cpy

  http://dailycaller.com/2013/01/01/senate-cliff-deal-would-push-debt-to-20-trillion-by-2017/#ixzz2GoT61aTN

http://www.breitbart.com/Big-Government/2012/12/31/Fiscal-cliff-deal-41-1-in-tax-increases-to-spending-cuts-ratio