More "Kick the Can"?

Fiscal Deal Would Do Little To Shrink U.S. Deficit

The last-minute tax and spending deal being discussed in the Senate would do little to reduce the deficit, and could actually expand it, leaving difficult choices about Medicare, Social Security, and the country's borrowing limit until next year. .

.. This weekend, with talks moving closer to the deadline, the only item being discussed that would reduce the deficit is a White House proposal to let the Bush-era tax cuts expire for upper-income households. White House officials believe raising tax rates on income above $250,000, combined with changes in capital-gains, dividend, and estate-tax rules, would raise roughly $950 billion over 10 years, a level that is short of their $1.2 trillion goal. That means the White House is likely to try and pursue more tax increases as part of any subsequent budget debate in 2013.

According to its own budget estimates, that tax change would raise only between $50 billion and $60 billion in new revenue in its first year, less than 10% of the projected budget deficit.
Comment: The Washington way! “Never put off until tomorrow what you can do the day after tomorrow.” ― Mark Twain

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