Balance: Sequester cuts government budget by same percentage as payroll tax hike hit families

Published on NewsOK Published: February 27, 2013
Advertisement
;

Joel Gehrke

Senate Minority Leader Mitch McConnell, R-Ky., put the sequester in perspective this morning, noting that the law will lower federal spending to the same degree that the payroll tax hike lowered the size of each American’s paycheck in the fiscal cliff deal.

“It’s absurd to think that the government cannot get by with a little more than a 2 percent reduction in spending when every working American had to figure out how to make due with 2 percent less in their paychecks last month,” McConnell said on the Senate floor this morning.

Sequestration cuts the federal budget by 2.4 percent over the next decade, while the payroll tax increased by two percent earlier this year when President Obama and lawmakers opted not to extend the payroll tax holiday that had been in place.

“Normal folks must adjust their budgets,” McConnell quoted one constituent as saying, “so must the government.”

Click to read full article at Washington Examiner



Trending Now


AROUND THE WEB

  1. 1
    10 Most Popular Wedding 'First Dance' Songs
  2. 2
    Psychologists Studied the Most Uptight States in America, and Found a Striking Pattern
  3. 3
    Facebook Post Saves Drowning Teen
  4. 4
    Saturday's front page of the New York Times sports section is simple: LeBron James and transactions
  5. 5
    The 19th-century health scare that told women to worry about "bicycle face"
+ show more