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A $26.7 Trillion Tax Hike???

[ This is sheer madness.  How can the American people be saddled with this burden?  The gov’t expects the people to do what it refuses to do: live within its means.  This is further evidence of the deliberate deconstruction of the USA to become a vassal state of the IMF/UN…. ]

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WASHINGTON, July 22 /PRNewswire-USNewswire/ — The Obama Debt Commission’s Democrat Co-chairman Erskine Bowles and prominent GOP Senator Judd Gregg (R-N.H.) today called for a massive, $26.7 trillion tax increase on the American people.

In an interview today with ABC News, Gregg said the following:

“Everything has to be on the table – there’s no question about that,” Sen. Judd Gregg, R-N.H., said on ABC/Washington Post’s “Top Line” today. “Erskine Bowles, one of the co-chairmen of the commission, has suggested a 75-25 split — 75 percent of the savings being in spending, and 25 percent in revenues…

“I think it’s likely that there will have to be a revenue component, but it should be significantly, dramatically — and a 3-1 ratio is pretty dramatic — dramatically less than the initiatives in the spending side of the ledger.”

So, Bowles wants $3 in spending cuts for every $1 in tax hikes. Gregg agrees with this ratio. If that sounds familiar, it should–it’s the same ratio that President Reagan was snookered into in 1982’s famous TEFRA deal. Reagan reportedly called that fake spending cuts/real tax hikes “deal” the biggest mistake of his presidency.

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