Senate Republicans’ plan: borrow $4 trillion from China for CEO tax cuts

Give that man a tax cut! (And that'll be $4 trillion dollars!)

The Senate GOP has unveiled its genius plan to fix the economy: double the deficit, borrow $3.9 trillion from china, slash the estate tax, and give CEOs, millionaires and billionaires $100,000 each. The benefits, you see, will trickle down to the little people and fix the economy … just like it did during the Bush years …

From the WaPo: Read on

The measure, introduced by Senate Minority Leader Mitch McConnell (R-Ky.) this week, would permanently extend the George W. Bush-era income tax cuts that benefit virtually every U.S. taxpayer, rein in the alternative minimum tax and limit the estate tax to estates worth more than $5 million for individuals or $10 million for couples.

Aides to McConnell said they have yet to receive a cost estimate for the measure. But the nonpartisan Congressional Budget Office recently forecast that a similar, slightly more expensive package that includes a full repeal of the estate tax would force the nation to borrow an additional $3.9 trillion over the next decade and increase interest payments on the national debt by $950 billion. That’s more than four times the projected deficit impact of President Obama’s health-care overhaul and stimulus package combined.

So far, the response of Senate Democrats is to scramble around like mice in search of a way to throw away the best election issue in years, in favor of caving to their Republican colleagues. Luckily, they’re not the only Democrats in town.

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One Response to Senate Republicans’ plan: borrow $4 trillion from China for CEO tax cuts

  1. NJE says:

    No they are not borrowing from China.

    The portion of the total debt owed to foreign countries is three trillion.

    Republicans are trying to borrow the various government trust accounts to death.
    For example there going to be another three trillion dollars in Social Security surpluses over the next ten years. Republicans simply borrow against that, and then claim the surpluses do not exist.

    Because the only way to pay them back is to raise income taxes,

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