Friday, December 09, 2005

GOP tax cuts outweigh spending cuts by $44 billion

In their December 9 coverage of the House of Representatives' passage of legislation extending tax breaks on investment income, The Wall Street Journal (subscription required), USA Today, and the Associated Press failed to note that the Republican-sponsored tax-cut package far exceeded recent spending cuts. By contrast, the Los Angeles Times reported, "The House-passed spending-cut bill would save $50 billion over five years, $44 billion short of the lost tax revenue." Not only did the first three outlets overlook this comparison, they entirely ignored the disparity between the tax cuts and the spending cuts, including only passing mention of Democratic complaints regarding the effect on the deficit.

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