Page 6 - 620 Billion News Today

Gave for not supporting it. >> reporter: because this bill which orange natured in the senate and passed by own overwhelming 89-8 vote margin has $620 billion in new tax hikes and only $15 billion in spending cuts. that is a 41 to 1 ratio of new taxes to spending cuts and that just did not fly with most house republicans. last night the bill actually passed the republican-controlled house with a majority 172 democratic votes. congressman michelle bachmann is one of the members who voted no. and ...

Self-imposed deadline for more than 17 months and they still managed to blow past it. finally approving a tax deal last night that doesnt seriously address the spending cuts or the nations ballooning deficit. so who wins and who loses with this deal? talk about it with jonah gold perg, editor-at-large at "the national review" and a fox news contributor. before we get to the who wins and who loses, lets restate some of the details here, jonah. we have got $4 added to the nations debt over the nex...

The cbo estimates the bill will only cut spending by $15 billion while raising 620 billion from tax hikes patti ann. all wage earning are goes to see taxes go up. >> they pcompromised not raisin taxes. they did not stop the 2 year tax cuts from expiring. all american also see social security taxes bounce back this year to 6.2 percent. that will means a 1,000 dollar tax increase on a 50,000 dollar salary. the hire payroll tax will cut economic growth by .6 percentage points this year. and meanw...

It increases tax rates for capital gains and dividends from 15 to 20% on people 0 who make more, and increases the estate tax and when you die and want to pass things to your offspring, 5 million, you dont pay 35%, you may 40% in taxes and on and on go the tax increases and they say, basically 620 billion dollars in new tax hikes for 15 billion in spending cuts. $41 in revenue for every $1 in cuts. there are no cuts, its all about revenue, but the good news sthe good news is, the cuts are coming...

Constituents and they just want to be loved. jon: i misstated it last hour when i said that it raises spending, it actually raises revenues, taxes go up by $620 billion. what did they do on the spending side? >> they did virtually nothing. well to be fair they cut spending in the -- i cant remember the exact number. jon: 12 billion i think is the number. >> yeah thin they turned right around and added some 300 billion in new spending that completely offsets the minor, the modest cuts that they m...

And consumers less confident. but, were continuing to chip away at this problem. step by step. last year, i signed into law $1.7 trillion in deficit reduction. tonights agreement further reduces deficit by raising $620 billion in revenue from the wealthyest households in america. and there will be more deficit reduction as congress decides what to do about the automatic spending cuts that we have now delayed two months. i want to make this point as im demonstrating throughout the past several we...

Now. >> megyn: fox news alert on the new detail coming to light what just came in in the last minute deal. to head off a series of the tax hikes and spending cuts we were expecting. welcome to "america live", happy new year everyone, im megyn kelly. were learning more about the budget deal congress passed late last night. this started out as a debt reduction bill and ended with spending and increase the nations debt. didnt work out exactly as planned. the bottom line, this law will provide 620 b...

Said would have if we did nothing. this deal increased deficits over ten years by about $4 trillion. the other way of measuring deficits, which is more common in washington right now, is not measuring against what the law says its going to happen, but against where we are right now, what would have if policies, tax code, nothing changed. measuring that, this deal cut deficits by $620 billion in ten years, something in that neighborhood. either way, the current policy is closer to the truth, but ...

>> brian: months of tough negotiations fine leaning as congress finalized the deal on the fiscal cliff. but many leaders are still unhappy with the outcome pointing to this troubling ratio. for the $15 billion in spending cuts, there are $620 billion in spending hikes. so is this a fair deal? joining us right now is the chairman of the house oversight, government reform committee darrell issa. congressman, you could not get yourself to vote for it. was it because of the ratio i just went over? >...

Over the past several weeks has made business more uncertain and consumers less confident. but we are continuing to chip away at this problem step-by-step. last year i signed into law $1.7 trillion in deficit reduction. tonight could the agreement further reduces the deficit by raising $620 billion in revenue from the wealthiest households in america, and there will be more deficit reduction as congress decides what to do about the automatic spending cuts that we have now delayed for two months....