Last night, the House passed the so-called “Cut, Cap and Balance Act” in a largely symbolic 234-190 vote. Because of its cuts, the bill isn’t likely to make headway in the Democrat-dominated Senate, but what does the act aim to do and who among Florida’s congressional delegation voted for it? # The basics of the plan : # Cut: Requires nearly $111 billion cuts in spending.
“„Not a single dime of deficit reduction in this plan comes from any increase in revenue. There is no reforming the tax code so millionaire hedge fund managers pay the same tax rates as the people who clean their offices. There is no closing tax loopholes that make it lucrative for companies to hide their assets in the Cayman Islands and ship our jobs to India. There is no end to the billions in subsidies we hand each year to immensely profitable oil companies. And of course, there is no raising the tax rate on multimillionaires. #