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:
IT’S TIME TO STOP THE INSANITY
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.
“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.
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