The New York Times is appalled at House Republicans’ plans to “eviscerate nondefense spending,” calling the vote in favor of the cuts an act of “breathtaking ruthlessness.”
The budget cuts, the Times says, will “carve $61 billion out of the government for just the next seven months, which would throw hundreds of thousands of people out of work and kill off scores of vital functions.” Did you hear that?! $61 billion — with a “b.” And in a mere seven months?!
That does sound pretty extreme…until you listen to this kid. (In his example, $61 billion would be 152.5 pennies.)
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A financial transactions tax of just five cents on every one HUNDRED dollars (.05%) would raise over 600 billion annually in the US alone.
Why is that off the table?