John McCain Ardently OPPOSING Bush Tax Cuts (3/18/03)

John McCain now supports the Bush tax cuts- that he twice opposed- and will increase the deficit and let the national debt swell with his irresponsible tax cuts, betraying his career in the Senate as a "deficit hawk."

"Even without assuming the costs of these various contingencies, particularly the war in Iraq and the responsibilities we will have in that country following the cessation of hostilities,the increase in the Federal budget deficit envisioned over the next 10 years ought to concern greatly every member of Congress. In the first 5 months of fiscal year 2003, the United States Government has already run up a $195 billion deficit. The Congressional Budget Office estimates that even without the President's tax cuts and without further increases in spending for the remainder of the fiscal year, the total budget deficit for 2003 will reach $246 billion. If we add the projected costs this year of the President's tax cuts the deficit would reach $287 billion. Most alarming, are the deficit projections for the next 10 years, incorporating the President's proposed tax cuts, released by CBO last week: $1.8 trillion. That's a pretty staggering sum, and it does not include any of the costs of our imminent actions in Iraq."

"We should be concerned about deficits, Mr. President. They limit economic expansion by reducing the amount of national savings available for investment. This raises both interest rates and interest payments on the national debt. Deficits constrain our ability to respond effectively to unanticipated fiscal events. If we do not reduce them, projected long term deficits will reach dangerous levels, lowering the national income and standards of living for future American generations. That said, Mr. President, I would still be open, at some point, to proposals to stimulate the economy with tax cuts. But not now. We should, Mr. President, take a pause in our efforts to increase spending on non-defense needs and to reduce taxes."

Category:

News & Politics

Tags:

• John
• McCain
• Double
• Talk
• Betrayal
• Bush
• Tax
• Cuts
• Federal
• Budget
• Deficit

[Bugaleena4]

Obamas Plan: Good job!!

Makes a $634 billion down payment on fixing health care that will go a long way toward paying for a more efficient, more affordable health care system that covers every single American.3

Reduces taxes for 95% of working Americans. And if your family makes less than $250,000, your taxes won't go up one dime.4

Invests more than $100 billion in clean energy technology, creating millions of green jobs that can never be outsourced.5

(see other post)

[billionaireby16]

This was the Senator McCain who put Our Country First...

Now... He has sold his soul to the very type of politics he despised.... This is sad...

I was rooting for him back in 2000....

Nevertheless... I am voting for Senator Barack Obama in 2008...

Go get em' kid...

Obama 08 BABY!!!

[durhamdf]

@WesSeid Our entitlement spending has gone through the roof since 96' due to skyrocketing healthcare costs and the baby boomers retiring. The CBO estimated In january 09' that the total deficit for 09' would be $1.2 Trillion without any additional legislation under Obama. This was largely because of increased unemployment payments and decreased revenues due to the recession. The CBO forcasted deficit for 2011 is 1.26T. And we should be spending more in a recession than in the boom of the 90's!

[WesSeid]

@durhamdf Government is already spending 2 TRILLION DOLLARS more a year than it did in 1996. And we have to spend even more to create a job? Get out of here with that nonsense.  BS Keynesian "stimulus" spending got us a soon-to-be 16+ trillion debt.

Was Democrat hero JFK wrong on wanting to cut taxes? Go ahead and say it. JFK: Tea Party Terrorist Hobbit.

[WesSeid]

@durhamdf Bush and the Republican Congress spent too much, and Bush and the Dem Congress spent even more. Tax cuts weren't and aren't the problem. Want to fix the budget and debt right now? Go back to Clinton-era budget levels. That would cut 2 TRILLION DOLLARS right now and create a real surplus. If we did that, I'd even compromise and say go back to Clinton-era tax levles too. But the big spenders in Washington on both sides will never reduce spending that much if they can help it.

[WesSeid]

@durhamdf What economics class should people have taken? Oh, sounds like a Keynesian one that is now proven (again) to suck. Go watch the video of Ron Paul predicting the housing bubble in 2003. Where were all the "smart" Keynesians during the giant collapse? They're morons. They've proved it over and over. Even Bernanke finally admitted he's clueless on the economy.

[WesSeid]

@durhamdf If morons like you would look at some facts, you'd see revenues went UP after the tax cuts. Clinton borrowed from other areas of government. Did the debt ever go down under Clinton? No, it did not, so there was never a real surplus. Besides, the "Clinton surplus" was from a Republican Congress that dragged him kicking and screaming into it. And like I said, if JFK was alive today, he'd be considered a "Tea Party terrorist hobbit" with his tax cuts.

[durhamdf]

@WesSeid (CONTD)...see how moronic imposing Austerity is in a recession. Look what happened in the great depression when we implemented Austerity in 37' after 4 years of . We double dipped immediately back into the depression unemplyment shot up by 5% in one year and we couldn't get out untill the massive government spending campaign of WW2.

[durhamdf]

@WesSeid (CONTD)... they would know that expansionary policy (cutting taxes and increased govt. spending) is the correct policy in a recession. Not after a decade of unsustainable growth and inflation as bush did. It is like you morons are economically dyslexic. You worry about the debt in recession when revenues are deflated, and inflate bubbles with expansionary policy when the economy is running hot and you should be paying down the debt. Take ONE freakin economics class and you will (CONTD).

[durhamdf]

@WesSeid Bush's increases in spending were overshadowed completely by the decrease in revenues because of the Bush tax cuts. Not including any additional legislation signed by Bush the Tax Cuts added 3.7 trillion to the debt. Clinton left Bush a 300 billion dollar budget surplus and every year since he implemented the tax cuts we have had 300 billion to 1.4 trillion dollar deficits. The stimulus was laughably inadequate. If the GOP had taken a single economics class in college (CONTD)...

[WesSeid]

Everyone who thinks tax cuts are a bad idea go look up what JFK had to say about them back in the 60s. I guess JFK would be considered a Tea Party Terrorist Hobbit today.

[WesSeid]

@durhamdf People keeping more of the money they earn doesn't add to the debt. Government spending too much adds to the debt.

Even Obama laughed at how all the "shovel-ready jobs" weren't shovel-ready. The stimulus may arguably have been worth the cost of it if the money had been used better. But it was not, and the stimulus by pretty much all accounts that take cost into the equation, is a failure.