When it comes to cutting spending the Republican establishment is as bad as the Democrats.
The tax extender bill – a series of billion dollar tax breaks for big business that is moving through Congress – exposes the hypocrisy of House leadership. The bill gives tax breaks for Hollywood studios, NASCAR race tracks and a host of special interests among other giveaways.
An editorial in USA Today sheds light on the Republican double speak:
Fiscal hard-liners in Congress have insisted on offsetting the cost of virtually every proposal that would increase the deficit — a temporary extension of benefits for the long-term unemployed, for example, or an increase in Medicare payments to doctors.
But that discipline only goes so far. House Republicans have declared that when it comes to offsets, tax cuts don’t count — budget be damned. Last week, the Republican-led House Ways and Means Committee voted largely along party lines to make six temporary tax cuts permanent, at a cost of $310 billion in lost revenue over the next 10 years. Total offsets: $0 over the next 10 years.
Read more here.