Congressional Budget Office says Obama's tax increases won't cause long-term improvement in the US's budget situation. To control any budget you have to control spending. That's a "Duh!" to you and me but unthinkable in D.C.
While President Obama keeps calling for more taxes, today’s figures from the Congressional Budget Office (CBO) show the tax hike he signed into law just last month will provide no lasting improvement in the federal government’s fiscal outlook. This is because spending continues to grow, driving deficits back toward the $1 trillion range by late in the decade. If the President is actually serious about solving the nation’s fiscal problems, he must move to the other side of his “balanced approach”: cutting spending.