Republicans Love Big Business So Much, They Forget About Reducing the Deficit

[applegrove]

Republicans Love Big Business So Much, They Forget About Reducing the Deficit

BY DANNY VINIK at the New Republic

http://www.newrepublic.com/article/117597/gop-requires-offset-unemployment-benefits-not-tax-breaks

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Whenever Democrats propose new legislation that requires additional spending, Republicans demand a spending offset. But the GOP has finally found something they covet so much that they're willing to break that rule: tax breaks for big business.

Two bills working their way through Congress address the more than 50 tax breaks—known as “tax extenders”—that expired at the end of 2013. These tax deductions and credits are primarily for big business. Congress has typically renewed them at the end of each year, but failed to do so at the end of 2013. Both parties are eager to extend them once again, thanks to an intense lobbying effort.

Earlier this month, Democrats on the Senate Finance Committee passed a two-year extension of all 50-odd extenders with no spending offset. It would increase the deficit by $85 billion. On Tuesday afternoon, Republicans on the House Ways and Means Committee approved a bill to expand six of these tax breaks and make them permanent. The legislation would increase the deficit by $310 billion over the next decade, plus an additional $68 billion in interest costs.

While the Democratic position is difficult to justify given their supposed concerns about the deficit, the Republican one blatantly conflicts with the party's years-long obsession with austerity. Republicans such as Senate Minority Leader Mitch McConnell have argued that past extensions weren't paid for, so this one shouldn’t be either. But the House bill will increase the deficit by nearly $378 billion—no historical precedent will change that.



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[Wellstone ruled]

1. Not suprising and this just another example of

how the Rethugs run our business. Defeatist financing,thank you said the Wall Street Bankers. Then blame those tax and spend Democrats. That's the ticket. Should ask what else is new.