February 19, 2013
ABC NEWS: GOP Won’t Cave to Obama’s Shaming.
The so-called sequester seems more unavoidable than ever as lawmakers enjoying a nine-day recess in the comfort of their districts watched President Obama shame them publicly on television, part of the president’s effort to pressure Congress to strike a deal to delay the first wave of arbitrary spending cuts scheduled to hit at month’s end.
The president today called on Congress to close tax loopholes to raise half the amount in a package of alternative savings to offset the sequester. But in a statement after the president’s address, House Speaker John Boehner rejected his proposal and reiterated that any revenue achieved by closing loopholes should be utilized to lower individual rates via comprehensive tax overhaul, not to pay for more spending.
“Tax reform is a once-in-a generation opportunity to boost job creation in America,” Boehner, R-Ohio, said. “It should not be squandered to enable more Washington spending. Spending is the problem, spending must be the focus.”
With about $2.7 trillion in revenue in 2013 and about $3.8 trillion in spending, the $85 billion sequester cut this year represents a 2.2 percent reduction in spending in FY2013, or less than one-half of one percent of the growing $16.5 trillion federal debt.
Five percent across the board, year-over-year. Repeat until spending is under control.