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The Water Cooler
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$620 billion in tax hikes, $15 billion in spending cuts.
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<blockquote data-quote="donner" data-source="post: 2040496" data-attributes="member: 277"><p>From the Tulsa World article regarding Inhofe and Coburn's position on the deal. (I also think it's amazing that some republicans in the house hoped the tax hike would take effect so that they could vote for a tax cut (even though they failed to stop the tax hike in the first place)). </p><p></p><p>“While this bill is far from perfect, it does prevent massive tax increases while making tax cuts permanent for 99 percent of Americans," said Coburn. "Congress and the president, however, have a lot of work to do to address our long-term spending problem. Our debt &#8211; which is 120 percent of our economy if you count federal, state and local debt &#8211; is still the greatest threat to our national security. We will never address that threat until Congress and the president acknowledge that the only way to save entitlement programs is to change them.” Inhofe agreed the deal is not ideal, but said “Senate Democrats have caved to making permanent the Bush tax cuts for 99 percent of Americans. The deal will cement the tax cuts for individuals making less than $400,000 a year or $450,000 for families, and permanently fix the Alternative Minimum Tax." </p><p></p><p>Inhofe said Republicans also got the better of the deal on inheritance taxes. </p><p></p><p>Inhofe downplayed concerns that the bill does not do enough to curb spending. He said the two-month reprieve for automatic cuts that will go into effect at midnight tonight unless the House of Representatives follows the Senate's lead will allow for more thoughtful attention to that aspect of deficit reduction. </p><p></p><p>"One of my greatest concerns about the fiscal cliff has been the devastating cuts that would happen to our military due to defense sequestration," Inhofe said. "This deal avoids those cuts for two months to allow for a better solution. While I would like to have sequestration addressed, I am hopeful the deal’s two-month delay will help us better prioritize deep spending cuts while protecting our military and national security."</p></blockquote><p></p>
[QUOTE="donner, post: 2040496, member: 277"] From the Tulsa World article regarding Inhofe and Coburn's position on the deal. (I also think it's amazing that some republicans in the house hoped the tax hike would take effect so that they could vote for a tax cut (even though they failed to stop the tax hike in the first place)). “While this bill is far from perfect, it does prevent massive tax increases while making tax cuts permanent for 99 percent of Americans," said Coburn. "Congress and the president, however, have a lot of work to do to address our long-term spending problem. Our debt – which is 120 percent of our economy if you count federal, state and local debt – is still the greatest threat to our national security. We will never address that threat until Congress and the president acknowledge that the only way to save entitlement programs is to change them.” Inhofe agreed the deal is not ideal, but said “Senate Democrats have caved to making permanent the Bush tax cuts for 99 percent of Americans. The deal will cement the tax cuts for individuals making less than $400,000 a year or $450,000 for families, and permanently fix the Alternative Minimum Tax." Inhofe said Republicans also got the better of the deal on inheritance taxes. Inhofe downplayed concerns that the bill does not do enough to curb spending. He said the two-month reprieve for automatic cuts that will go into effect at midnight tonight unless the House of Representatives follows the Senate's lead will allow for more thoughtful attention to that aspect of deficit reduction. "One of my greatest concerns about the fiscal cliff has been the devastating cuts that would happen to our military due to defense sequestration," Inhofe said. "This deal avoids those cuts for two months to allow for a better solution. While I would like to have sequestration addressed, I am hopeful the deal’s two-month delay will help us better prioritize deep spending cuts while protecting our military and national security." [/QUOTE]
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