Officials: Obama Ready to Veto a Bill Blocking ‘Fiscal Cliff’ without Tax Hike for Rich – Washington Post “President Obama is prepared to veto legislation to block year-end tax hikes and spending cuts, collectively known as the ‘fiscal cliff’ unless Republicans bow to his demand to raise tax rates for the wealthy, administration officials said.” Don’t forget that this is the President, who constantly screams about the lack of bipartisanship by the Republicans!
Welfare Spending Jumps 32 Percent in Four Years – Washington Times “Welfare spending has grown substantially over the past four years, reaching $746 billion in 2011 — or more than Social Security, basic defense spending or any other single chunk of the federal government — according to a new memo by the Congressional Research Service. The steady rise in welfare spending, which covers more than 80 programs primarily designed to help low-income Americans, got a big boost from the 2009 stimulus and has grown, albeit somewhat more slowly, in 2010 and 2011. One reason is that more people are qualifying in the weak economy, but the federal government also has broadened eligibility so that more people qualify for programs.”
From JFK To Bush, Treasury Swelled After Tax Cuts – Investor’s Business Daily “The centerpiece of his economic plan are tax cuts,” Obama said at Tuesday’s presidential debate in New York. ‘That’s what took us from surplus to deficit.’ He called Romney’s tax plan ‘sketchy,’ because it promises to raise revenues while slashing personal tax rates from top to bottom. Stronger economic growth expanded the tax base and brought in so much revenue that Bush more than halved the deficit over that period. Revenues weren’t the source of the problem. Deficits came from the other side of the ledger: spending, which outstripped new revenues.” Of course, this is the EXACT OPPOSITE of what President Obama stated in the first two debates!
The 7-Eleven Presidency – Weekly Standard “In the wake of the Treasury Department’s newly released summary of federal spending for 2012, it’s now possible to detail just how profligate the Obama years have been. Here’s the upshot: Under Obama, for every $7 we’ve had, we’ve spent nearly $11 (or, to be more exact, $10.95). That’s like a family that makes $70,000 a year — and is already knee-deep in debt — blowing nearly $110,000 a year.
Yet Obama — who recently showed that he apparently has no idea how big our national debt is — amazingly says of that debt, ‘[W]e don’t have to worry about it short-term.’ In other words, if you have $7, spend $11 — let future generations of Americans worry about it.”