Senate Democrats’ Stimulus: More Money And High Taxes
Senator Chuck Schumer previewed the Senate Democrats’ latest stimulus bill yesterday, saying it could cost taxpayers upwards of $100 billion dollars. Finance Chair Max Baucus followed up today by calling for tax hikes on American families and businesses to pay for the last failed stimulus, and other Democrat spending that added $3.5 trillion in new debt over two years.
Senator Chuck Schumer Floats A New Stimulus That Could Cost Up To $100 Billion In New Spending. “”Let’s say it costs $50 billion or $100 billion, we’re going to have to make that up to keep with the president’s goal of $4 trillion in deficit reduction over 10 years,’ Schumer acknowledged.” (Steven T. Dennis & Anna Palmer, “Debt Deal May Not Have to Be All Cuts,” Roll Call, 6/23/11)
Senate Finance Chairman Max Baucus Calls For Tax Hikes In Debt Ceiling. “U.S. Senator Max Baucus, a member of Vice President Joe Biden’s deficit-reduction working group, on Thursday said new revenues had to be part of a balanced deal to reduce spending and increase the country’s borrowing authority.” (Donna Smith, “Sen. Baucus: Taxes Must Be Part Of Deficit-Cuts,” Reuters, 6/22/11)