The Daily Sandwich

"We have to learn the lesson that intellectual honesty is fundamental for everything we cherish." -Sir Karl Popper

Location: Boston, Massachusetts, United States


Tuesday, October 25, 2005

Foreign debt hits 8 trillion. GOP pushes more tax cuts

I don't recall the last time I saw an AP story that so clearly stated.... the facts. Without embellishment. Without having to quote a Republican as talking about how 'fiscally responsible' the tax cuts are. And all it took was a scandals that could take down the White House and both majority leaders!

WASHINGTON (Reuters) - Republicans in Congress will try to pass spending cuts this week, after war, anti-terrorism efforts, hurricanes and big tax cuts helped push the government's debt load through the $8 trillion mark.

Sources in the House of Representatives said it likely would be mid-week before Republican leaders know whether they have enough support for spending reductions, including cuts in health programs for the elderly and poor, that go beyond the $35 billion sketched out last spring.

Congress is also debating a Republican-backed plan for more tax cuts, mostly for the wealthy.

The Senate is sticking to the $35 billion benchmark for spending cuts, amid pressure from conservatives in both chambers to cut more money to help pay for $62.3 billion in emergency aid for victims of Hurricanes Katrina and Rita.