The Ed Show | February 06, 2013
>>> at some point, washington has to deal with its spending problem. i've watched them kick this can down the road for 22 years that i've been here. i've had enough of it.
>> welcome back to "the ed show." with the sequester deadline looming, speaker john boehner is refusing to accept new revenue to avoid spending cuts. well, republicans, you see, they just want to trade cuts for cuts. here is a chart of the spending cuts. the democrats and republicans agreed to during the 2011 debt ceiling disaster, and it is $1.7 trillion in cuts. there is not a dime of new revenue there. here is the chart when you add the $737 billion in to during the fiscal cliff deal. republicans are winning the battle, wouldn't you say, when it comes to balancing? over two-thirds of deficit reduction has come from cuts to domestic programs, and it's not exactly fair. but now the house progressive caucus has come out with what they call the balancing act. it's a common-sense plan to reduce the deficit by closing tax loopholes and cutting wasteful defense spending . here is the chart of the plan. there is $1.7 trillion in new revenue. the $1.7 trillion in spending cuts is still there. this looks like a much fairer chart than the current system, don't you think? and it's estimated to reduce the deficit by $3.3 trillion. remember, we're trying to hit $4 trillion. so we're getting closer. the plan ends tax loopholes for yachts and for jets. it reduces the corporate meal and entertainment deduction to 25%. you can't write off the whole dinner anymore. it ends fossil fuel subsidies for oil companies that are raking in massive profits. exxonmobil, you know what their profit was? $44 billion in 2012 . the last thing they need right now is your tax dollars as subsidy. the balancing act also closes other pointless loopholes the rich take advantage of. we should point out mitt romney ran on a similar tax plan. his former running mate paul ryan should love the balancing act because it reduces the deficit everyone inside the beltway considers mr. ryan just a very serious person. but here is how paul ryan wants to reduce the deficit, with nothing but cuts. and here is the balanced approach from the progressive caucus . you know, when we need budget advice in the future, i think we should kind of push paul ryan off to the side, like we did in the election. and for now, we should turn to the house progressive caucus for advice because they are very serious people.
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