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Billionaires Applauding Boehner Freebie Era

January 10, 2011

Billionaires are applauding the Boehner era—some of them quite literally. Arriving at the Capitol on Wednesday to witness the Ohio Republican take the Majority Leader’s gavel was Dennis Albaugh, an Iowa business scion known as “the prince of pesticides” and ranked by Forbes as the 105th richest American in 2008. “I’m here to see a good friend, John Boehner,” Albaugh said as he walked through the security gates. Upon taking power, the first order of business for Boehner’s caucus was to make it easier for Albaugh and the rest of the country’s wealthiest individuals and corporations to benefit from tax cuts that don’t have to be paid for.

Boehner’s newly elected Republicans campaigned on nothing short of a revolution in Washington, vowing to reduce the deficit, slash government spending, and balance the budget. But out of the gate, the House majority passed a package of rules on Wednesday that will allow Congress to slash taxes without having to make up for the lost government revenue in spending cuts—a change that Democrats insist could explode the deficit.

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