This #BudgetDeal is a corrupt betrayal of the American people.
The entire time Republican leaders have been promising, ‘We’re going to do something on the budget. We’re going to rein in the president,’ they have been in the back room negotiating to fund every single thing Obama did.
Republican majorities have just given President Obama a diamond-encrusted, glow-in-the-dark AmEx card. And it has a special feature. The president gets to spend it now, and they don’t even send him the bill. They send the bill to your kids and my kids. It’s a pretty nifty card. You don’t have to pay for it. You get to spend it and it’s somebody else’s problem.
He wasn’t kidding.
Yesterday, The Washington Times reported that
When President Obama signs into law the new two-year budget deal Monday, his action will bring into sharper focus a part of his legacy that he doesn’t like to talk about: He is the $20 trillion man.
Mr. Obama’s spending agreement with Congress will suspend the nation’s debt limit and allow the Treasury to borrow another $1.5 trillion or so by the end of his presidency in 2017. Added to the current total national debt of more than $18.15 trillion, the red ink will likely be crowding the $20 trillion mark right around the time Mr. Obama leaves the White House.
When Mr. Obama took over in January 2009, the total national debt stood at $10.6 trillion. That means the debt will have very nearly doubled during his eight years in office, and there is much more debt ahead with the abandonment of “sequestration” spending caps enacted in 2011.
“Congress and the president have just agreed to undo one of the only successful fiscal restraint mechanisms in a generation,” said Pete Sepp, president of the National Taxpayers Union. “The progress on reducing spending and the deficit has just become much more problematic.”
Some budget analysts scoff at the claim made by the administration and by House Speaker John A. Boehner, Ohio Republican, that the budget agreement’s $112 billion in spending increases is fully funded by cuts elsewhere. Mr. Boehner left Congress last week.
“The Boehner-Obama spending agreement would allow for unlimited borrowing by the Treasury until March 2017,” said Paul Winfree, director of economic policy studies at The Heritage Foundation. “This deal piles on billions of dollars to the national debt by increasing spending over the next three years and then not paying for it for a decade — with half of the offsets not occurring until 2025.”
The bipartisan Committee for a Responsible Federal Budget estimated that only about half of the increased spending in the budget deal is paid for. Rather than a spending increase of $80 billion over two years, the nonprofit group said, the actual spending hike is $154 billion when interest costs and budget gimmicks are factored into the equation.
“Of this $154 billion, about $78 billion is paid for honestly” through Medicare reforms, reductions in farm subsidies, asset sales and other measures, the group said. “The remaining $56 billion of the legislation — mostly the war spending increase and interest costs — is not paid for at all.”
Of course, Congress bears equal responsibility for the high level of debt. A prime reason that Mr. Boehner left office was conservatives’ displeasure with his accommodation of the president’s budget requests, aside from three years of “sequestration” spending caps that helped limit annual deficits.
“We will be raising the debt ceiling in an unlimited fashion,” said Sen. Rand Paul, a Kentucky Republican who tried to filibuster the budget deal before the Senate approved it in the wee hours of Friday. “We will be giving President Obama a free pass to borrow as much money as he can borrow in the last year of his office. No limit, no dollar limit. Here you go, President Obama. Spend what you want.”
The president said Friday that the agreement “is paid for in a responsible, balanced way.”
“This agreement will strengthen the middle class by investing in education, job training, and basic research,” Mr. Obama said. “It will keep us safe by investing in our national security. It protects our seniors by avoiding harmful cuts to Medicare and Social Security. It locks in two years of funding and should help break the cycle of shutdowns and manufactured crises that have harmed our economy.”When Mr. Obama talks about fiscal matters, he usually takes credit for cutting the deficit by two-thirds. He also is correct that annual budget deficits have fallen from $1.4 trillion in fiscal 2009, in the depths of the recession, to $439 billion in fiscal 2015.
But the president rarely, if ever, mentions the accumulation of those annual deficits and what the rising national debt means for the country, for the presidents who will follow him and for the nation’s ability to pay for its priorities.
That’s because he does not care.
Scooter spends Americans’ money like a teenage girl with Daddy’s Credit Card at a 75-store Outlet Mall.
On September 8, 2010, CNS News reported that
In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan.
The U.S. Treasury Department divides the federal debt into two categories. One is “debt held by the public,” which includes U.S. government securities owned by individuals, corporations, state or local governments, foreign governments and other entities outside the federal government itself. The other is “intragovernmental” debt, which includes I.O.U.s the federal government gives to itself when, for example, the Treasury borrows money out of the Social Security “trust fund” to pay for expenses other than Social Security.
At the end of fiscal year 1989, which ended eight months after President Reagan left office, the total federal debt held by the public was $2.1907 trillion, according to the Congressional Budget Office. That means all U.S. presidents from George Washington through Ronald Reagan had accumulated only that much publicly held debt on behalf of American taxpayers. That is $335.3 billion less than the $2.5260 trillion that was added to the federal debt held by the public just between Jan. 20, 2009, when President Obama was inaugurated, and Aug. 20, 2010, the 19-month anniversary of Obama’s inauguration.
By contrast, President Reagan was sworn into office on Jan. 20, 1981 and left office eight years later on Jan. 20, 1989. At the end of fiscal 1980, four months before Reagan was inaugurated, the federal debt held by the public was $711.9 billion, according to CBO. At the end of fiscal 1989, eight months after Reagan left office, the federal debt held by the public was $2.1907 trillion. That means that in the nine-fiscal-year period of 1980-89–which included all of Reagan’s eight years in office–the federal debt held by the public increased $1.4788 trillion. That is in excess of a trillion dollars less than the $2.5260 increase in the debt held by the public during Obama’s first 19 months.
When President Barack Obama took the oath of office on Jan. 20, 2009, the total federal debt held by the public stood at 6.3073 trillion, according to the Bureau of the Public Debt, a division of the U.S. Treasury Department. As of Aug. 20, 2010, after the first nineteen months of President Obama’s 48-month term, the total federal debt held by the public had grown to a total of $8.8333 trillion, an increase of $2.5260 trillion.
And now, thanks to a bunch of Vichy Republicans, who were scared out of their minds at the prospect of putting a cork in Uncle Sugar’s Piggy Bank and shutting down the Federal Government, they have become willing accomplices to Barack Hussein Obama’s growth of the Federal Government through irresponsible out-of-control spending, which may eventually lead to a nation who cannot meet its financial priorities.
Anyway, the problem we have with Congress is an age-old addiction. President Ronald Reagan was quite familiar with it. He described Congress’ condition perfectly,
Government is like a baby. An alimentary canal with a big appetite at one end and no sense of responsibility at the other.
As all of us parents and grandparents know, babies are expensive and unruly…if you do not discipline them.
As we head toward the 2016 Presidential Elections, it time for the Tea Party to reform. We need a complete Grass Roosts Effort to remind the “dedicated (to themselves) public servants just exactly who pays for their salaries, perks, and pensions.
Being an American by Birth, and Southern by the Grace of God,my favorite play of all time is “Lil’ Abner”. One of my favorite scenes in the movie they made of it, which starred Petter Palmer as Abner, Stubby Kaye as Marryin’ Sam, and the great Billie Hayes as Mammy Yoakum, was when Senator Fogbound (what a great name) holds a meeting with the townsfolk of Dogpatch, to tell them that they had to evacuate, due to an upcoming “A-tomic” Bomb Test.
Sen. Fogbound: I know y’all have been wondering what I have been doing up there in Washington on your behalf.
Mammy Yoakum: We didn’t care…as long as you wuz up there…and we wuz down here!
That’s the way that Low Information Voters feel about Congress. However, we can not allow that ignorance any more.
It’s time to get involved. It’s time to once again, rise up, get organized, and ready to go to the polls in 2016.
It’s time to prepare to take our country back.
Until He Comes,