congressional budget office http://www.mrc.org/taxonomy/term/22276/all en Fiscal Cliff Deal’s $4 Trillion Price Tag Ignored by 5 out of 6 Shows http://www.mrc.org/articles/fiscal-cliff-deals-4-trillion-price-tag-ignored-5-out-6-shows <div class="field field-type-text field-field-subtitle"> <div class="field-items"> <div class="field-item odd"> On day of the deal only one of the network morning and evening shows mentioned the hefty cost of the deal because of the lack of spending cuts. </div> </div> </div> <div class="field field-type-nodereference field-field-source"> <div class="field-items"> <div class="field-item odd"> <div class="field-label-inline-first"> By</div> <a href="/author/julia-seymour">Julia A. Seymour</a> </div> </div> </div> <p>To the chagrin of many conservatives, a deal that would result in tax hikes and lacked spending cuts was passed on New Year’s Day, hours after the the fiscal cliff deadline had passed. <br /><br />Because it didn’t include spending cuts, the Congressional Budget Office estimated that it would cost $4 trillion over the next 10 years. That is $4 trillion on top of a federal debt that already exceeds <a href="http://www.brillig.com/debt_clock/">$16 trillion</a>. During Obama’s tenure he has run annual deficits of $1 trillion or more.<br /></p><p><a href="http://www.mrc.org/articles/fiscal-cliff-deals-4-trillion-price-tag-ignored-5-out-6-shows" target="_blank">read more</a></p> Articles MRC Business Economy Government Media Politics Taxes 4 trillion abc Barack Obama Budget cbo cbs congressional budget office dave camp debt Deficit fiscal cliff mike conaway Nancy Cordes NBC Norah O'Donnell spending cuts Steve LaTourette tax cuts tax increases This Morning trillion Thu, 03 Jan 2013 22:20:43 +0000 julia.seymour 42137 at http://www.mrc.org