Quote:
Originally Posted by dc_dux
According to the Tax Policy Center, McCain's tax plan could increase the national debt by as much as $4.5 trillion (plus interest) and Obama's by as much as $3.3 trillion (plus interest).
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The numbers are based on the assumption that the Bush tax cuts expire which McCain would then make permanent and Obama wouldn't (only selected portions of the Bush tax cuts). However, McCain talks about dramatic spending cuts, I have heard him say up to 20% in the discretionary budget, this is not reflected in the debt numbers stated. The Center believes Obama's health plan would have the federal government insure or subsidize about 17 million more people by 2009 and 29 million by 2018 as compared to McCain's plan. No one knows what these numbers would do to the debt.
The Executive Summary of the Tax Policy Center report makes most of the above pretty clear, along with the fact that the lack of specifics from the campaigns made making their estimates difficult. Details, details...
Does anyone really believe that a Democrat controlled Congress and White House will actually show spending restraint? The Republicans could not do it. Our best hope is gridlock, perhaps a Republican Congress, and a Democratic President.