President Obama and Congressional Republicans are gearing up for a battle over the budget. Obama’s proposed budget is $3.73 trillion, a figure that the GOP says is too high:
President Obama sent Congress a $3.73 trillion budget Monday, a spending plan for 2012 that projects $1.1 trillion in deficit savings over the next decade but also continues adding to the national debt for years to come.
Republicans, who are still trying to cut billions out of this year’s budget, slammed the proposal after giving it a quick analysis Monday morning. The top Republicans on the House and Senate budget committees said it would push $8.7 trillion in new spending while piling another $13 trillion onto the debt over the next 10 years.
“In this critical test of leadership, the president has failed to tackle the urgent fiscal and economic threats before us,” House Budget Committee Chairman Paul Ryan, R-Wis., said in a statement.
The president, visiting a school in Baltimore, said his budget reflects “tough choices and sacrifices.” Obama said more will need to be done to address long-term shortfalls but described his spending plan as a “down payment” toward that effort.
This budget will save $1.1 trillion over the next decade. That’s not nearly enough. In the next decade the Obama budget plan will add $7.21 trillion to the national debt, making the small amount of savings seem like nothing. We cannot afford to add $7 trillion to the deficit.
Obama and the Democrats are not serious about balancing the budget. They oppose big buts because those “hurt” people, but an additional $7 trillion in debt will hurt even more. A larger debt means higher taxes in the future.
The American people expect Washington to act more responsibly. It is, after all, OUR money and not the politicians’ money.
If we really want to get our finances in order, we must reform and restructure entitlement programs like Social Security, Medicare, and Medicaid. At a time when we should be reducing dependence on government programs, Democrats have added an entirely new program with ObamaCare.
Yet some lefties are in denial. Paul Krugman, a formerly respected economist, thinks that voters want more spending instead of less:
Republican leaders like to claim that the midterms gave them a mandate for sharp cuts in government spending. Some of us believe that the elections were less about spending than they were about persistent high unemployment, but whatever. The key point to understand is that while many voters say that they want lower spending, press the issue a bit further and it turns out that they only want to cut spending on other people.
That’s the lesson from a new survey by the Pew Research Center, in which Americans were asked whether they favored higher or lower spending in a variety of areas. It turns out that they want more, not less, spending on most things, including education and Medicare. They’re evenly divided about spending on aid to the unemployed and — surprise — defense.
This is were leadership comes in. Leaders in Washington must prove to the American people that certain cuts are necessary. The profligate spending must stop. Ten years ago we were spending much less, yet we were fine. Now were doing horribly, yet the Democrats only answer is more spending.
I hate to break it to Obama, but you can’t spend your way to prosperity. The private sector is the engine of job growth, and right now government policies are stunting economic growth.
Let’s go back to the spending levels of the late nineties. The economy was booming and the budget deficit was minimal. If it could work then it can work now.