House Minority Leader Nancy Pelosi (D.-Calif.) said today that the government must cut spending, and then explained that: “Tax cuts are spending.”
“Our whole budget is what $3.5 trillion,” Pelosi said at a Capitol Hill press conference. “So, when we talk about reducing spending, we certainly must, and we certainly have–$1.6 trillion in the previous Congress, $1.2 of it in the Budget Control Act.
“But spending is also related to tax cuts,” said Pelosi. Tax cuts are spending. Tax expenditures, they are called. Subsidies for big oil, subsidies to send jobs overseas, breaks to send jobs overseas, breaks for corporate jets. They are called tax expenditures. Spending money on tax breaks.