Shocker: “Fiscal Cliff” Deal Includes $330 Billion In New Spending, Adds $4 Trillion To Deficits

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About those “spending cuts” that supposedly balance the $620 billion in tax hikes in the “fiscal cliff” deal passed by the Senate last night. Turns out, the bill increases both national spending and the ten-year window of budget deficits significantly.

The “fiscal cliff” deal that was designed to save money actually includes $330.3 billion in new spending over the next decade, according to the official estimate the Congressional Budget Office released Tuesday afternoon.

CBO said the bill contains about $25.1 billion in new cuts, but those are swamped by the new spending on extended unemployment benefits for the long-term jobless and other new refundable tax credits that President Obama fought for.

Of those cuts, only $2 billion are scheduled to take effect in 2013.

Obama was on track to take America to $22 trillion in national debt by the end of his term. Thanks to this deal, he’s on track to take us to about $26 trillion.

That would be more than $15 trillion in new debt under President Obama (the national debt was just over $10 trillion when Obama took office).

And remember, all this finagling about the “fiscal cliff” was about reaching a deal which made the nation’s finances healthier.

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Rob Port is the editor of SayAnythingBlog.com. In 2011 he was a finalist for the Watch Dog of the Year from the Sam Adams Alliance and winner of the Americans For Prosperity Award for Online Excellence. In 2013 the Washington Post named SAB one of the nation's top state-based political blogs, and named Rob one of the state's best political reporters. He writes a weekly column for several North Dakota newspapers, and also serves as a policy fellow for the North Dakota Policy Council.

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