Obamanomics in the President’s America Jobs bill is calling for $3 in tax hikes for every $1 in additional spending – best guess, before interest, which will likely run in the “tens of billions.” Senator Jeff Sessions (R-AL) is skeptical about the proposed $447 Billion price tag and the claim that it will not add to the national debt. Sessions wants to see the fine print. None is offered.
The legislative package sent to Capitol Hill Monday does not detail any of the administration’s cost estimates, nor does it include projections for revenue to be raised from spending offsets included in the bill. Officials have only outlined their estimates in broad strokes during public statements and briefings with the press.
“The bill would presumably create a sudden increase in near-term borrowing, but the offsets are stretched out over a decade,” said Sessions, implying the immediate impact of the bill would be higher debt and deficits.
The White House says the president will offer additional details – including charts and graphs – on Monday when he unveils his latest long-term deficit reduction plan…
The Office of Management and Budget says Congress “should not get hung up on details.
Critics, however, say one thing OMB won’t score — and the administration has not disclosed — is the projected cost of interest incurred by the bill, which one GOP aide estimated at tens of billions of dollars above and beyond the price of the bill.
If Democrats in the House and Senate are not appalled and exceedingly embarrassed, perhaps they will be as they move out of their Capitol Hill offices.