Beltway Spin Podcasts

Thursday, January 27, 2011

Surprise, Tax Cuts Add To The Deficit!

Remember how the corporate media reiterated how important it was for those Bush Tax Cuts to get extended? No matter what network you were watching, they all championed the importance of not allowing these tax cuts to expire. They championed how extending the tax cuts would create many new jobs, etc.

The few opponents of the tax cut extensions that were able to get on television to discuss their views, constantly reiterated that extending these tax cuts would add another $1 trillion to the deficit. Their opinions were quickly dismissed by anchors and pundits.

Fast forward to yesterday. The Congressional Budget Office (CBO), a non-partisan agency charged with reviewing congressional budgets and other legislative initiatives, released a report stating that the extension of those Bush Tax Cuts will add another $1 to $1.5 trillion to the nations' deficit.

Now, the same corporate media that championed these tax cuts for months as the "cure all" for our economy, acts as if they are completely stunned that reducing tax revenues would increase the deficits.

Watch one of the chief proponents of the tax extension, MSNBC's Joe Scarborough, react to the news this morning on his program Morning Joe.

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