You knew this was coming.
After blowing a trillion dollars on a failed stimulus plan the Obama Administration believes the best way to cut the record deficit is to raise taxes.
Timothy Geithner: We Need ‘Revenue Increases;’ Cutting Deficit by Spending Cuts Alone ‘Irresponsible’
CNS News reported:
Obama increased the national debt by over $3 trillion in just over 2 years.
Obama tripled the deficit in one year with his failed stimulus plan.
The Obama deficit this year may reach $1.65 trillion. (The Captain’s Comments)
Barack Obama and Democrats also added over One Trillion Dollars to the Federal Budget in the last 4 years.
That’s at least a 30% increase in federal spending in just 3 years.
Now the Obama Administration wants to increase taxes to pay for their failed spending programs.
UPDATE: The Foundry has more on America’s fiscal nightmare, via Memeorandum.