Sen. Mike Johanns says many Americans can breathe a sigh of relief after Congress burned the midnight oil to pass a budget deal.
Johanns says the Middle Class tax cuts enacted during the presidency of George W. Bush have been extended. The payroll tax rate which had been cut 2% the last two years goes back to its former rate. The payroll tax funds Social Security. Johanns faults the deal for failing to provide meaningful spending cuts. He says there is no easy solution to the nation’s spending problem, since five programs absorb 82% of the budget: Medicare, Medicaid, Social Security, National Defense and interest on the debt.
Johanns says you can escape the country’s economic problems by making minor adjustments and it will take years to curb the excessive spending. He says the country now made too many promises to too many people and can not foot the bill.