Issa: America at Risk of Losing Economic Power

Sunday, 30 Dec 2012 01:06 PM

By Amy Woods

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Rolling back out-of-control spending — not raising taxes on the rich — will keep America fiscally sound and prevent the country from falling off the cliff, California Rep. Darrell Issa said Sunday on CNN’s “State of the Union.”

“If we don’t change spending, we’re going to stay over the cliff,” Issa said. “Even if you put back all the revenue you would get from those higher taxes, you still have a deficit. That’s what we’re trying to change.”

The chairman of the House Oversight and Government Reform Committee said the size of government has ballooned during the last decade, and President Barack Obama shows no signs of stopping it.

Editor's Note: 5 Signs Stock Market Will Collapse in 2013

“Here in Washington, people say cut while things grow,” Issa said. “The government is bigger, and unless we do something now, the government will continue to get bigger, and the deficit will continue to get bigger. Even if we raise taxes on everybody, we still have a huge deficit. If we do not take on spending, then the cliff may not seem like a cliff but will be a downward slide to make us like Greece — no longer a viable economic power.”

He said the president would have had a fiscal-cliff deal “in a New York minute” if he offered $100 billion in tax increases, disproportionately on the wealthy, and $400 billion in cuts.

Because the president instead asked for $70 billion in tax hikes on 1 to 2 percent of the population and a stimulus package for Superstorm Sandy, Issa is “not as optimistic” about reaching a last-minute compromise.

“I’m not saying no to the small group,” he said. “What I’m saying is it doesn’t fix anything. It’s not even 10 percent of the deficit. If we ignore spending at this juncture, think that we fix anything by vilifying the rich, what we’ve done is divide America without giving any real solutions to Americans.”




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