Obama Signs Debt Limit Increase, Uses Politics for Phony Class Warfare

By:  Thomas R. Eddlem
08/03/2011
       
Obama Signs Debt Limit Increase, Uses Politics for Phony Class Warfare

President Obama signed the Budget Control Act of 2011 on August 2,  just hours after the U.S. Senate approved the measure, which would raise the debt limit as much as $2.4 trillion. Obama then launched into a public and phony political attack against the same tax "loopholes" that the White House website is promoting for energy companies.

The Budget Control Act of 2011 would trim about $900 billion of an expected $7-8 trillion in projected deficit spending increases over the next 10 years and set up a 12-member super-committee of Congress charged with finding an additional $1.5 trillion in savings. The so-called "Super Congress" would be authorized to find spending cuts or tax increases, and its findings would be fast-tracked through Congress (i.e., voted on without amendment and limited debate). The bill wouldn't actually cut any spending in an absolute sense; spending would continue to increase. But the bill would trim projected future spending increases.

President Obama signed the Budget Control Act of 2011 on August 2,  just hours after the U.S. Senate approved the measure, which would raise the debt limit as much as $2.4 trillion. Obama then launched into a public and phony political attack against the same tax "loopholes" that the White House website is promoting for energy companies.

The Budget Control Act of 2011 would trim about $900 billion of an expected $7-8 trillion in projected deficit spending increases over the next 10 years and set up a 12-member super-committee of Congress charged with finding an additional $1.5 trillion in savings. The so-called "Super Congress" would be authorized to find spending cuts or tax increases, and its findings would be fast-tracked through Congress (i.e., voted on without amendment and limited debate). The bill wouldn't actually cut any spending in an absolute sense; spending would continue to increase. But the bill would trim projected future spending increases.

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