Campaign 2010

Aug 02, 2010

Republican Whip Eric Cantor Admits Extending the Bush Tax Cuts Will Increase the Deficit

Extending the Bush tax cuts for the wealthy and lowering the deficit is House Republicans’ "agenda."  Unfortunately for Republicans, today House Republican Whip Eric Cantor admitted what we have long known – extending the Bush tax cuts for the wealthy increases the deficit by $678 billion. 

 

While on MSNBC’s Morning Rundown, Republican Whip Eric Cantor admitted that extending the Bush tax cuts would actually increase the deficit.  Cantor was asked "will you just simply acknowledge that passing these tax cuts worsens the budget deficit problem?  I mean, you can't deny that, right?"  After being pressed to answer the question, Cantor admitted, "Certainly, you're going to dig the hole deeper."

 

Check out the video, from Media Matters:

 

GUTHRIE: ...will you just simply acknowledge that passing these tax cuts worsens the budget deficit problem? I mean, you can't deny that, right?

 

CANTOR: Savannah, let's look at it through the prism of the working families who are seeking jobs and the small businesspeople who are creating them.  It's not — it's not a tax cut they're looking for, they don't want a tax hike.

 

GUTHRIE: But that wasn't my question. [...]

 

GUTHRIE: I just was wondering if you had a — if you had any dispute with the notion that it does exacerbate the deficit picture.

 

CANTOR: What I — what I said in the beginning is, um, if you have less revenues coming into the federal government, and more expenditures, what does that add up to? Certainly you're gonna dig the hole deeper. But you also have to understand, if the priority is to get people back to work, is to start growing this economy again, uh, then you don't wanna make it more expensive for job creators. You don't wanna hike their taxes so that they won't hire people. I mean, that's the fundamental decision here. Do you wanna make it more expensive for small businesspeople right now, and no, I don't think you do.