Sessions: Obama’s cliff plan is a debt weight

[Draggingtree]

Daily Caller:

Sessions: Obama’s cliff plan is a debt weight

1:41 AM 12/07/2012 Neil Munro

The White House’s latest deficit-reduction budget plan will boost spending and debt over the next decade, and also do little for the annual deficits, says Sen. Jeff Sessions, the GOP’s Senate budget chief.

The president’s proposed $1.6 trillion tax hike, if enacted, would only trim $400 billion from planned borrowing because most of the extra revenues would be used for new spending, the Budget Committee’s ranking member said.

“If we end up with $1.6 trillion in tax increases over 10 years, we can expect that the [10-year] deficit would go up $8.6 trillion, instead of [the] $9 trillion” expected under the current 10-year plan, Sessions said in a Dec. 6 floor speech.