The result is the most precarious budget situation we have seen in years. We now have an annual budget deficit of almost $300 billion, not counting more than $180 billion we borrow every year from the Social Security Trust Fund.
It is not the debt that is most troubling. The bulk of the debt is a direct result of the President’s tax cuts, 47.4% of which went to the top 5% income bracket.
We can eliminate tax credits that have outlived their usefulness & close loopholes that let corporations get away without paying taxes. We can restore a law that was in place during the Clinton presidency--called Paygo--that prohibits money from leaving the treasury without some way of compensating for the lost revenue.
The result is the most precarious budget situation we have seen in years. We now have an annual budget deficit of almost $300 billion, not counting more than $180 billion we borrow every year from the Social Security Trust Fund.
It is not the debt that is most troubling. The bulk of the debt is a direct result of the President’s tax cuts, 47.4% of which went to the top 5% income bracket.
We can eliminate tax credits that have outlived their usefulness & close loopholes that let corporations get away without paying taxes. We can restore a law that was in place during the Clinton presidency--called Paygo--that prohibits money from leaving the treasury without some way of compensating for the lost revenue.
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| 2012 Presidential contenders on Budget & Economy: | |||
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Democrats:
Pres.Barack Obama(IL) V.P.Joe Biden(DE) Republicans: Gov.Mitt Romney(MA) Rep.Paul Ryan(WI) |
Third Parties:
Green: Dr.Jill Stein(MA) Libertarian: Gov.Gary Johnson(NM) Justice: Mayor Rocky Anderson(UT) Constitution: Rep.Virgil Goode(VA) Peace+Freedom: Roseanne Barr(HI) Reform Party: André Barnett(NY) AmericansElect: Gov.Buddy Roemer(LA) | ||
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