Obama Still Not Finished Raising Taxes

President Obama and Senate Leader Harry Reid are on the same page when it comes to raising taxes – they aren’t done yet. But they call it “revenue.”

There’s “no reason why we can’t have really strong growth in 2013,” the president said in an interview with CBS television yesterday before the network’s Super Bowl broadcast. He cited a recovering housing industry, strong manufacturing and rising car sales.

Revenue could be raised through an overhaul of the tax code, he said, “and we can do it in a gradual way so that it doesn’t have a huge impact.”

“There is no doubt we need additional revenue, coupled with smart spending reductions in order to bring down our deficit,” he said. “I don’t think the issue right now is raising rates.”

Two reports last week suggested worrying signs about the economy. The Commerce Department said Jan. 30 that the gross domestic product, the value of all goods and services produced, dropped at a 0.1 percent annual rate in the fourth quarter, the worst performance since the second quarter of 2009, when the world’s largest economy was still in the recession. (Read More)

They aren’t going to cut spending. Every year increases spending from the “baseline” of the year before. The big stimulus they passed when the Democrats controlled both houses of congress started the new baseline that increased spending to unprecedented levels. the only reductions we’ll see from this gang are reductions in projected increases. It’s a complete scam.