Congress Approves $736 Billion Tax Increase

Congress Approves $2.9 trillion Budget
The Republican Policy Committee concludes about S. Con. Res. 21:

** FY 2008 spending: $2.96 trillion

** Tax Increases: assumes $736 billion more in taxes over five years compared to the extension of current tax law.

** Budget Enforcement: includes budget points of order that are designed to reduce the deficit through tax increases rather than spending restraint. 60 votes required to cut taxes, but only a simple majority is needed to raise taxes.

** Discretionary Spending: provides $954 billion (after cap adjustments) in discretionary budget authority for FY 2008, which is $21 billion above the President’s request.

** Mandatory Spending: includes $389.6 billion for Medicare in 2008, an increase of $24 billion (+6.6 percent) over 2007. The average annual increase in Medicare spending during the five-year budget window is 5.3 percent.

** Deficits Higher under Democrat plan: Under the Democratic plan would be higher over the next two years than the $150 billion to $200 billion the Congressional Budget Office now predicts.

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Jim Hoft is the founder and editor of The Gateway Pundit, one of the top conservative news outlets in America. Jim was awarded the Reed Irvine Accuracy in Media Award in 2013 and is the proud recipient of the Breitbart Award for Excellence in Online Journalism from the Americans for Prosperity Foundation in May 2016. In 2023, The Gateway Pundit received the Most Trusted Print Media Award at the American Liberty Awards.

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