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The U.S. should not bail out Wall Street without a responsible plan to raise the necessary funds |
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Thursday, September 18 2008 |
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Last Updated ( Thursday, September 18 2008 )
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We are currently fighting two costly wars without having raised the taxes necessary to pay for them. Now the administration proposes a Wall Street bailout likely to cost a trillion dollars, give
or take a couple hundred billion. With both parties campaigning
against higher taxes, where will the bailout money come from? Is it sound policy just to add it to the national
debt that our children will have to bear?
There appears to be a bipartisan consensus in favor of the bailout. But
that's not the end of the issue. Congress should require the
administration to propose a way to pay the tab, which will inevitably
take the form of higher taxes.
Let's not allow the administration or Congress to push the unpopular need to raise
taxes to the future. If the administration feels the need to bail out Wall
Street, let them submit legislation raising the taxes to pay
for it now, as a condition of proceeding ahead. Congress should not abdicate this important responsibility.
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