Tea Party Leaders are expressing outrage and disappointment over the House passing a bill late New Year’s Day that allows President Obama and Congressional Democrats to raise taxes on wealthy Americans with no guarantee of future spending cuts.
“Sadly, our New Year’s predictions have all come true,” said Jenny Beth Martin, national coordinator of Tea Party Patriots. “Congress and the president had all year to do their jobs and be fiscally responsible – and, just like we said they would, they waited until the last possible moment to fail their nation miserably with a ‘fiscal cliff’ scheme to raise taxes and keep overspending.
The issue for those who believe the nation has a spending problem and not a revenue problem suddenly became a nightmare when 85 Republicans in the House joined 172 of their Democrat colleagues in supporting the measure that was sent over in the wee hours of the morning on New Year’s Day.
For the past 17 months the fiscal game of chicken rarely changed. Obama and liberal Democrats demanded higher taxes on families making over $250,000 annually and Republicans, led by House Speaker John Boehner with some assistance by presidential candidate Mitt Romney, wanted to extend the Bush-era tax cuts and reduce spending, especially on the big entitlement programs of Social Security and Medicare.
But in the end it was Obama and his team that got Boehner to go off the road as opposed to risk getting blamed for raising taxes on most every American taxpayer.
The final version that President Obama is expected to sign will extend the tax cuts for some taxpayers but individuals making over $400,000 and families over $450,000 will owe Uncle Sam more money in 2013 and beyond.
Additionally, estate and capital gains taxes will go up for the same group. The bill also extends jobless benefits for one-year and cuts Medicare reimbursements for doctors.
The Congressional Budget Office estimates the bill will add almost $4 trillion to the national debt over the next 10 years.
Judson Phillips of Tea Party Nation is even more outraged that some Republicans – including Boehner – voted in favor of the bill.