08.22.2012 0

CBO warns of deep recession touched off by tax increases

CBOBy Bill Wilson — Today’s Congressional Budget Office report warning of a deep recession should Congress and the president not agree on a solution to the massive tax increases that will go into effect on Jan. 1, 2013, is true to the extent that the tax increases will kill private sector growth and exacerbate the recession that we are rapidly descending into.

However, should Republicans win control of both the House and the Senate along with the presidency in November, they should not cut a deal with Obama and Harry Reid now, the two major economic obstructionists of the past two years, in dealing with this fiscal disaster.

Instead, Speaker Boehner and presumptive Majority Leader McConnell should promise the nation that they will make the current tax law permanent as their first order of business on Jan. 4, 2013, when the new Congress begins, and put legislation that is retroactive to the beginning of the year on the new president’s desk on Jan. 20 at 12:01 p.m.

Our nation’s finances are too important to leave to the very lame duck, rejected politicians that are responsible for the emergency in the first place.

The tax increases facing our nation are real and need to be stopped.  It is just plain stupid though for anyone to expect that the people responsible for creating the crisis to suddenly solve it when they no longer have to worry about what the American public wants.

Bill Wilson is the President of Americans for Limited Government. You can follow Bill on Twitter at @BillWilsonALG.

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