Rep. Palazzo: "Fiscal Cliff" bill no solution to debt crisis - WDAM.COM - TV 7 - News, Weather and Sports

Rep. Palazzo: "Fiscal Cliff" bill no solution to debt crisis

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Rep. Steven Palazzo (R, 4th Dist.), voted against the "fiscal cliff" bill Tuesday. Rep. Steven Palazzo (R, 4th Dist.), voted against the "fiscal cliff" bill Tuesday.
WASHINGTON, D.C. (WDAM) -

Congressman Steven Palazzo says the new "fiscal cliff" bill may be a deal, but it's no solution to the nation's financial woes. Tuesday, the House passed the Senate package, which raises tax rates on the weathiest Americans, but shields millions in the middle-class from tax increases.

Palazzo, who voted against the bill, says it adds nearly $4 trillion to the deficit and fails to get spending under control.

"It did not create one new job in Mississippi," Palazzo said. "It did not reduce spending. In fact, we increased spending $332 billion. That's new spending," he said.

The bill does not extend a social security payroll tax cut which expired at the end of the year, meaning workers will now pay about two percent more in social security taxes.

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