Harry Reid Says, "The Spending Must Continue"

In a public statement today, Senate Majority Leader Harry Reid said the House compromise bill on Debt Reduction would be defeated.  He cited what he described as a short-term "Band-Aid" approach.  Reid opposes any plan to raise the Debt Limit that would require yet another increase before the 2012 election.

This means only that he expects the pace of insane spending to continue unabated.

Evil.

That Nasty Ol' National Debt

What makes it an issue now? $14.3 trillion dollars worth of U.S. debt.

It is not just the size of this debt, probably the greatest that any nation has ever owed in history, it is that it was initially due to a financial rescue program in 2008 when President Bush and Congress sought to avoid a collapse of Wall Street and banks. The TARP funds were eventually repaid.

Part of the current debt is due to massive spending programs by the Obama administration, allegedly to “create or save” jobs and “stimulate” the economy. They did neither. 


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Connecticut Residents, You Cheapskates! Pay More! Pay Now!

Connecticut residents may or may not have noticed that more items are now subject to the sales tax, but it will be hard to miss the additional taxes that will be withheld from their paychecks in a week’s time.

Starting on Aug. 1, the state will begin to capture the boost in the income tax for 2011 approved by lawmakers in May, which is retroactive to the beginning of the calendar year.

Single and joint filers earning $50,000 a year will see about $200 in additional withholding through December, as will joint filers earning $100,000. Single filers making $100,000 will see about $605 disappear from their paychecks.


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