RICHMOND, VA (WWBT) – The debt deal was controversial. Many people didn't like it, including 3rd District Congressman Bobby Scott. He felt it didn't raise enough revenue to cut the budget gap.
In a statement he said: "the estimated savings of this deal will only pay for half of the cost of extending all of the bush-era tax cuts for another decade."
Is that true? Will this deal only pay "half" of the bill-- a bill that is only a small part of the larger debt problem? According to Politifact Virginia that claim is "true".
Let's look at the numbers. According to the Congressional Budget Office-- the cost of the Bush tax cuts through 2020 is about 4 trillion dollars. The savings that congressional leaders have agreed to will be no less than $2.1 trillion. It could be more, but it won't be any smaller than that. That means the savings would equal only about 54% of the Bush tax cuts.
"Congressman Scott has been opposed from the start to the Bush tax cuts. He would like to see them repealed both for the top bracket- the wealthiest people, and the middle class. His argument is the nation can't afford them," said Warren Fiske, with the Richmond Times-Dispatch.