New Hampshire Senator Judd Gregg who withdrew his nomination as Secretary of Commerce a few weeks ago, asked by CNBC how he would rate Obama’s budget proposal on a scale of 1-10 gave it a -3. He sees massive spending hikes, increased taxes on upper-income earners (as well as a carbon tax) and only modest trims in outmoded programs.
Raising any tax amid a recession is asinine, but raising taxes on small business (many of which file as individuals) is truly insane. Throw in a carbon tax and it beggars belief.
Gregg frets that the ballooning deficit will be difficult to fund down the road, causing pressure on the dollar.
