A trillion here and a trillion there and pretty soon you're talking about real money

President Barack Obama, as if he has been in a time warp for the past few years, wants to borrow another $1.2 trillion. Here's one reaction:

Fiscal Failure Continues As President Requests Another $1.2 Trillion

Arlington, VA – Shortly after the U.S. Treasury reported its 39th straight month of deficits, reporting $86 billion in December alone, today, the Obama Administration requested from Congress the authority to borrow another $1.2 trillion. Although the debt ceiling bill passed last August allows for this increase, it’s time for Washington, D.C. to stop the insanity and cut spending. While most Americans are making hard choices, President Obama and Congress are failing to do anything that resembles leadership or fiscal sanity.

Gretchen Hamel, Executive Director of Public Notice, said the following:

“Words matter. But actions mean more. While this administration and Congress have projected an illusion of spending reduction, their record communicates something entirely different.”

When the last debt limit deal was struck, elected officials promised Americans bold solutions would come from the 12 member super committee. Yet, the committee failed to live up to the hype, a sequester was triggered and, the red ink continued to flow.

So our debts continue to swell and Americans have yet to see meaningful fiscal reform. Comfort should have come from the Budget Control Act passed in August that would automatically cut $1.2 trillion over nine years starting in January 2013. Yet both Congress’ history with automatic spending cuts and its seeming reluctance to follow through on its word suggests it’s unlikely those spending reductions will ever actually materialize.

“Lawmakers must focus on finding ways to cut waste and curtail runaway spending so that we actually lower the debt in 2012, instead of continuing the spending spree that is mortgaging our children’s future and handing them the bill,” concluded Hamel.

Public Notice is an independent, nonpartisan, non-profit, 501(c)(4) organization dedicated to providing facts and insight on the effects public policy has on Americans’ financial well being.



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    This debt ceiling deal of $1.2 trillion is more than an act of showmanship from Washington and nonetheless the president, but its to tell American business owners, American taxpayers, and students all across the country, that this is a serious improvement to our economy. Do you actually think that this debt-ceiling deal would not be serious if it was such a important aspect in Congress? Obama is very well-informed of what he's doing in Washington, we have to build consumer-confidence in not only the free market but in our president, this is the time where respect and loyalty comes into play when a good man is on the line. CNN news have just reported that Obama does make nearly as rich of the top three presidential republican candidates. Obama makes to $1.1 to $11 million dollars a year, Gingrich makes $8 to $71 million a year, Huntsman makes $8 to $72 million a year. Guess how much Romney makes annually? Romney, makes a staggering $85 to $264 million a year, mostly from his big time success company at Bain Capital. So obviously these candidates are very wealthy and probably the people who are responsible for taking your taxpaying dollars to better finance there company. And you are going to put in a higher position of power as president. And its unfortunate that many many evangelicals Christians and converted democrats have accused and blamed Obama for a gridlock of economic growth in his presidency. Blaming him for not getting a degree,blaming him for your mother not being able to pay the mortgage, blaming him for not not funding your company, and most of all blaming him for not having a job. This childish behavior its not even comprehensive enough to justify a good reason why there is gridlock. The way people downgrade Obama to me it sounds uneducated, and unrealistic, im starting to feel that the way we treat and criticize the president. It really shows how much we actually have respect for a president in general. Its sad, because we as Americans are never going to get better and optimistic to decide who listen to and who to ignore, because the people we hear everyday changes how feel. This is not the way to optimism, this is not a democracy, democracy does not entitle people questioning and criticizing there own. You are respectful, you are loyalty, you are superior but you are not arrogant. I hate to say this but good luck to you Mr. Obama, because that's all this country is going to give you.

    (D)Malachi Thompson

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