The U.S. House is due to take up a new $190 billion spending bill this week, and they had to put seven words in the title to avoid using the S-word. Instead of another stimulus, we are getting the American Jobs and Closing Tax Loopholes Act. Because, you know, tax loopholes are the reason the economy is stuck in neutral.
Keith Hennessey has a better name for it: The Hypocrisy Act of 2010, because it violates the ruling Democrats’ ballyhooed pay-as-you-go rules by adding $134 billion to the deficit. How do they justify this violation? House Ways and Means Chairman Sander Levin (D., Mich.) says the deficit spending comes from “emergency provisions.”
So, it’s been 15 months since the passage of the big stimulus bill, which has since been increased by $75 billion to a total of $862 billion and which, to hear Democrats tell it, has been a great big success. Yet, we’re still talking about “emergency” deficit spending in a single bill that nearly equals the entire federal deficit for 2007. With that kind of success, it’s no wonder they didn’t want to call this one another “stimulus.”
What’s in this bill? Aside from about $55 billion in unemployment benefit extensions, the bill includes:
When people ask how I can blame President Obama and the Democrats for the deficit, this is what I’m talking about. You don’t stop digging by continuing to dig.
May 20, 2010
H.R. 4213 American Jobs and Closing Tax Loopholes Act
The "American Jobs and Closing Tax Loopholes Act" makes significant investments in American jobs and cuts taxes to help the nation continue along the path of economic recovery and job growth. The economy has added 573,000 jobs since December-this bill includes provisions to continue that growth.
The American Jobs and Closing Tax Loopholes Act includes provisions to:
Click here for information on H.R. 4213 the Tax Extenders Act of 2009 that passed the House on December 8, 2009.
Promoting American Job Creation
Relief for Working Families
Closing Tax Loopholes