Democrats return to tax and spend policies

Phillip Klein:
President Obama and his fellow Democrats have called for higher taxes, but tax revenue is already expected to exceed its historical average over the next decade, according to a new analysis by the Congressional Budget Office.

The problem is that historically high tax revenue will be swamped by historically high government spending.

“CBO projects that revenues will average about 19 percent of GDP during the coming decade under current law, above their 18 percent average of the past 40 years,” CBO director Doug Elmendorf wrote in a blog post. “CBO also projects that outlays will average 22 percent of GDP over the next 10 years under current law, above their 21 percent average of the past 40 years. Thus, both outlays and revenues are projected to be higher than their historical average shares of the economy’s total output.”
... 
It is another example of the high cost of liberalism and Democrat vote buying schemes.  Clearly we need a bigger sequester.

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