Sunday, July 19, 2009

What a $1 Trillion Deficit Means to You

From Foxnews.com

You know what? The bottom line is, unfortunately, it means that every single tax that you could imagine you will see a hike in. I hate to tell you, but to be the bearer of bad news this evening, but the likelihood is in order to fund a federal budget deficit that is now north of a trillion dollars, some project could hit $2 trillion in this fiscal year alone, you're going to see taxes go up across the board -- soda, tobacco.

Now, this president, this administration, could suggest that they will not raise taxes on the middle class. The bottom line is, Greta, 44 states are facing $165 billion in state deficits. They will raise taxes, whether we like it or not. And if you do health care and climate change, as well, you're going to see it across the board.

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