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Hey, Leader Pelosi, the Cupboard is NOT bare!

Last month, House Minority Leader Nancy Pelosi said,"The cupboard is bare. There's no more cuts to make," as recently reported by Jonathan Buydlak at American Thinker. Bydlak added:

"We're not sure what cupboard Ms. Pelosi is looking at or if there was much in there to begin with, but she's wrong. There is a whole pantry of spending that can and should be cut."

He then went on to discuss some of the "cupboards" where Ms. Pelosi could look to find budget cuts that would reduce the deficit.

Obviously, the Minority Leader didn't look in the tax credit program, either. In today's Washington Examiner today, Susan Ferrechio reported the IRS handed out $132 billion in wrongful payments under (the) low-income tax credit program." (emphasis added) Ferrechio writes:

"The Internal Revenue Service has made "no significant improvements" toward ending massive improper payments under the Earned Income Tax Credit program, according to an audit released Tuesday, which shows the agency issued more than $132 billion in wrongful tax credits over the past decade.

"It's also "unlikely that the IRS will significantly reduce those improper payments in the future, in part because it does not want to discourage low-income earners who qualify from applying for the credit, according to the audit by the office of the Treasury Inspector General for Tax Administration.

"The IRS failed to implement required safeguards against improper tax credits and, as of 2012, was annually handing out at least $11 billion to those who did not qualify for the benefit, the audit showed.

"And that is disturbing," Treasury Inspector General J. Russell George said in a statement.

"The IRS defended itself in a statement, noting that improper payments have declined since 2010 and that privacy laws hamper agency efforts to produce the quarterly reports on such payments."

If the above didn't raise your blood pressure, read this from Ferrechio's reporting:

"The IRS blames "the complexity of the [Earned Income Tax Credit Program] as well as the need to balance the reduction of improper payments while still encouraging eligible individuals to use the credit," the audit shows. The IRS actually works to ensure that as many low-income earners as possible know about the credit and apply for it, reaching out to more than 1.8 million taxpayers through print media, conference calls and radio interviews in Spanish and English."

The masterminds on Capitol Hill can't find anything else in the cupboard to cut? Think they understand the meaning of term limits?


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