They spent us into this mess and now they want to raise our taxes? Pass me a pitchfork.

(The Hill) — Sen. Kent Conrad (D-N.D.) on Tuesday presented a budget proposal to Senate Democrats that calls for an even balance — 50 percent to 50 percent — of spending cuts and tax increases to reduce the deficit.

The emerging consensus on Capitol Hill is there should be at least $4 trillion in deficit reduction over the next 10 years. To meet that goal, Congress would have to increase tax revenues by $2 trillion over the next decade with an equal amount of spending cuts.

Senate Majority Leader Harry Reid (D-Nev.) said, “Four trillion dollars is a number that has been floated around here because that’s what the Bowles-Simpson deficit reduction plan came up with,” making reference to the fiscal commission established by President Obama.

“We’re looking at large amounts of money that we have to work toward saving,” Reid said. “But it can’t all be done by cutting domestic discretionary spending.”

Reid said Sen. Conrad presented to the caucus a 50-50 split when asked about the preferred ratio of spending cuts to tax increases.

0 Shares