All of a sudden, Tea Partied House Representatives want to extend the payroll tax and unemployment benefits for one year. It sounds good on televised sound bites, BUT the reality is…
1. It will, ALSO, extend tax cuts for the wealthy for a year. (President Obama asked Congress to pay for the payroll tax cuts and other emergency measures by boosting the income tax of millionaires.)
2. There is NO twelve month revenue mechanism to pay for it. (The Senate’s two month extension would be offset by an increase in fees that new home buyers with federally-backed mortgages will pay to Fannie Mae, Freddie Mac and the Federal Housing Administration.)
The question is, WHICH ‘Peter’ will Tea Partied House Republicans ROB to pay ‘Paul’ when the coffers run dry in two months?
1. It will, ALSO, extend tax cuts for the wealthy for a year. (President Obama asked Congress to pay for the payroll tax cuts and other emergency measures by boosting the income tax of millionaires.)
2. There is NO twelve month revenue mechanism to pay for it. (The Senate’s two month extension would be offset by an increase in fees that new home buyers with federally-backed mortgages will pay to Fannie Mae, Freddie Mac and the Federal Housing Administration.)
The question is, WHICH ‘Peter’ will Tea Partied House Republicans ROB to pay ‘Paul’ when the coffers run dry in two months?
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