In the spirit of President Obama’s “Buffett Rule,” Alabama Republican Sen. Jeff Sessions floated his own rule on the Senate floor — the “Solyndra Rule.”
Sessions, the ranking member of the Senate Budget Committee, unveiled several amendments Tuesday to eliminate wasteful spending that he hopes to attach to the minibus — a package of three of Congress’ twelve annual appropriations bills the Senate is considering this week.
The senator explained the essence of the rule: Government should not be raising anybody’s taxes until it can bring an end to “inappropriate spending” and get its own house in order.
According to Sessions, it is ridiculous for the president to push for tax increases when spending is the problem, and wasteful spending at that.
“President Obama is taking his bus tour across the country telling people that we must raise taxes to prevent drastic cuts in federal spending,” Sessions said. “What the president doesn’t tell you is just how much spending has increased in the last few years — including through a number of gimmicks — and just how much of that money is being wasted.”
Taking a cue from the president — who derived inspiration from Warren Buffett’s secretary’s tax plight to name his plan the “Buffett Rule” — Sessions offered the “Solyndra Rule,” inspired by the half-billion in taxpayer dollars the administration provided to the failed solar panel company. (RELATED: Solyndra advocate inside Energy Dept. now a top Obama campaign bundler)
“President Obama has coined a term called the ‘Buffett Rule’ in his push to raise taxes. This rule relies on a little sleight of hand since Buffett pays mostly capital gains tax. The upper brackets, as we all know, pay the highest income tax rates. That’s how our system works. But this debate about taxes is a little premature,” Sessions explained.
“That’s why I would like to suggest something called the ‘Solyndra Rule,'” he said. “Under this rule, before any proposals are offered to raise taxes, we first put an end to the wasteful and inappropriate spending in Washington. Until we do, raising tax rates only funds Washington’s continuing abuse of all American taxpayers.”
Watch: