The chart above – prepared by Chairman Paul Ryan (R-WI) and the House Budget Committee – shows what happens to projected levels of tax revenue (green) if President Obama’s tax increases kick in (blue), and compares that with recent and projected spending trajectory (red). As you can see, if the president gets his tax hikes, we still face a mountain of spending-driven debt.
“Congress passed the worst of all deals,” said Rep. Scott Garrett (R., N.J.), by allowing the government to back larger loans than Fannie and Freddie, where private mortgage insurance covers a first-loss piece of low-down-payment mortgages.