Hooray! Federal Government Sets a Record!

Oh, wait.  I don’t think this is a good kind of record:

The federal government posted its largest monthly deficit in history in February, a $223 billion shortfall that put a sharp point on the current fight on Capitol Hill about how deeply to cut this year’s spending.

That one-month figure, which came in a preliminary report from the Congressional Budget Office, dwarfs even the most robust cuts being talked about on the Hill, and underscores just how much work lawmakers have to do to get the government’s finances in balance again.

The cuts proposed by the Republicans are only about one third of the February deficit, yet they are being called “draconian” by the financially-challenged Democrats.  We need huge cuts to the federal budget, but Democrats act as if these cuts would undermine the economy.  Last time I checked, many in the orivate sector aren’t investing and creating jobs because of the reckless spending of the government.  They fear that more productive activity will just result in higher taxes on that activity in order to pay down the debt.

The Cato Institute puts GOP budget-proposals into perspective with a nice video (hat tip to Ed Morrissey of Hot Air):

Advertisements

Comments Off on Hooray! Federal Government Sets a Record!

Filed under Politics, The Economy

Comments are closed.