Obviously leaving tax cuts in pace will increase debt.
"In remarks before signing the bill, Obama called it "a substantial victory for middle-class families across the country." He added: "They're the ones hardest hit by the recession we've endured. They're the ones who need relief right now."
Obama described the bill as "a package of tax relief that will protect the middle class, that will grow our economy and will create jobs for the American people."
"At the signing ceremony, Obama said passage of the law was propelled "by the fact that tax rates for every American were poised to automatically increase on January 1st." If that had happened, "the average middle-class family would have had to pay an extra $3,000 in taxes next year," he said. "That wouldn't have just been a blow to them; it would have been a blow to our economy, just as we're climbing out of a devastating recession."
Obama declared: "I refused to let that happen. And because we acted, it's not going to. In fact, not only will middle-class Americans avoid a tax increase, but tens of millions of Americans will start the new year off right by opening their first paycheck to see that it's actually larger than the one they get right now."
He said he would not have signed the bill if it did not include "other extensions of relief that were also set to expire." Among other provisions, he cited the extensions of unemployment benefits and tuition tax credits, as well as new tax incentives for businesses. "
Apparently Obama wasn't smart enough to figure it out either.
Why is it so hard for the Left to understand that tax cuts don't increase the deficit over spending increases the deficit.
It is time for the government to base spending on the money they actually have and not on the money they hope they will get! I hope to get a million dollars but if I try to spend that much without having it I would get into trouble!
Edit.... I did! With the last extension the tax rates didn't change so the government has the same amount of money after the extension as they did before. So if the deficit increases it can only be because the government is spending more than they have! Why is this so hard to understand. If I give you $10 and tell you to go to McDonalds and get me a hamberger, fries and coke and tell you to get something for yourself and you spend $12 that is a deficit!
Because we are spending more money, it wouldn't make a difference how much taxes are. If you don't control spending you will have a deficit.