Bush tax cut extensions for Middle Class fail in the Senate. Entire debate over 70 Billion?

Earlier this week the House passed a bill that would extend all Bush cuts for those making under 250k and the bill was passed knowingly full well that it would fail in the Senate - it did.  Liberals refuse to extend cuts for the super rich on the count that deficits are crushing this nation. I agree the deficits and the total debt is America's first and foremost issue, but blaming the deficits on tax cuts is less than honest.  There is certainly a correlation, but regardless of what political stripe you are - do you really believe deficits are rise from tax cuts or from spending?  


It is illogical to assume that a central authority can spend money that does not belong to them on someone else better than the actual owner of the money.  Illogical.   Still, instead of cutting spending this bill is about fairness and distribution.  AP reports: 

""Do we want to extend those tax breaks for millionaires and billionaires at a time of huge deficits. I would argue vociferously we shouldn't," said Sen. Chuck Schumer, D-N.Y., shortly before the votes."

Really? Even the statement is bogus.  The cutoff is 250k, not millions and billions.  What's more, huge deficits were created by spending and nothing more.  In fact I would argue that Congress spends with the idea that more can be raised at a later time and our deficits would have been just as bad even if the Bush cuts were never implemented.  Bush administration's principal failure is rooted in his spending profligacy and a false hope that economic activity can make up for the shortfall in revenue.  


So in the midst of all this hot air being thrown around what are the numbers anyway?  How much would it actually "cost" not to take more from those making over 250K.  Let's see shall we? 


According to American Progress, not extending a tax break for those making over 250k will cost anywhere between 690B-830B over 10 years.  The higher number is a result of debt increases due to this tax break, which of course only will happen if there is no match in spending.  So lets compromise and take 700 Billion in "lost revenue" over 10 years.  That is 70 Billion a year.   This is the big debate folks.  SEVENTY BILLION.  Wow.  Politicians in DC are swooning over themselves and preaching to their masses through powerful populist dogma over 70 Billion a year. As a friendly reminder our national debt stands at 14 Trillion.  *rolls eyes*


Just from the top of my head, if you slash half of the Department of Education (does not even belong on the Federal level) or reduce Defense spending by 10% then you can extend the bush tax cuts for everyone and won't add 1 extra cent to the debt.  These spending cuts if made permanent will yield savings for much longer than 10 years.  


Nobody in Washington is talking about the actual tough choices required for this country and instead prefer playing silly class warfare games.  Time is running out very quickly.  


P.S.  I still think that the GOP should have voted to pass the Bush extensions for the middle class, after all, an extension of a tax break is never a bad things regardless of whom it helps or does not help.  Republicans decided to make a political point instead and now as a result Americans making under 250k in the 20th percentile bracket will get a hit with a tax hike.  Of course the GOP will probably patch this up early next year, but it was silly of them not to vote on this.  They could have made their point at any other time.