President Barack Obama doesn't believe in a balanced budget. It's unbelievable, but it's true.
This week President Obama flat-out rejected the idea of balancing the budget in 10-years time.
President Obama: “My goal is not to chase a balanced budget just for the sake of balance. My goal is how do we grow the economy, put people back to work, and if we do that we are going to be bringing in more revenue.” (George Stephanopoulos, “President Obama Won’t Balance Budget ‘Just For The Sake Of Balance,’” ABC News, 3/12/13)
Even the budget the President plans to unveil in April won’t balance, at any point! When asked by George Stephanopoulos whether his budget would be “balanced at any point,” Obama replied “no.”
Unless you live in a hole or just pay no attention whatsoever to what is going on, you know by now that President Barack Obama kicked-off his reelection campaign this weekend with stops in Columbus, Ohio, and Richmond, Virginia.
On the floor of the U.S. Senate, Senate Majority Leader Harry Reid (D-NV) actually had the audacity to say that Democrats were responsible for balancing the budget in the 1990’s and using the surplus to pay down the debt.
The fact of the matter is, Republicans controlled the U.S. House and the U.S. Senate after the Republican Revolution in 1994 and they are the ones who balanced the books.
And as for Democrats working to balance the budget in the future? You need only look at their record from the 1990's and their recent vote this year to know where they stand. Democrats opposed then, as they do now, a Balanced Budget Amendment.
Democrats in the House and Senate overwhelmingly opposed a balanced-budget Constitutional Amendment in the 1990’s. In the Senate alone, more than 30 Democrats voted at least four times against a Constitutional Amendment mandating that the government have a balanced budget every year.
Today, states all across America are battling budget deficits. Budgets are being slashed and tax increases are in the offing. All the while, state debt continues to mount. According to a study by State Budget Solutions, a non-partisan pro-reform organization that touts “real solutions for real budget problems,” total state debt “exceeds $1.7 trillion”:
“Aggregate state debt now exceeds $1.7 trillion, with much more potentially hidden off the official books.” (Bryan Leonard and Phil Marrone, “States Hide Trillions In Debt,” State Budget Solutions, 7/22/10)
A little over two weeks ago I posted this piece about President Barack Obama ramping up his reelection by planning to file his necessary paperwork earlier than either President Bill Clinton or President George W. Bush did. The point was, and is, that while there are major issues brewing in Washington over spending, deficits, debt and potential government shutdowns, the President seems preoccupied with another four years, two years into his first term. I got some criticism for this post, basically for making a mountain our of a mole hill.
I’ll now draw your attention to this article on Roll Call today by Jennifer Bendery:
Fiscal Insanity Reigns Supreme: Biggest Monthly Deficit Ever And Democrats Are At Their Limit With $6 Billion In Cuts?
Stephen Dinan over at The Washington Times reported today that the “federal government posted its largest monthly deficit in history in February at $223 billion, according to preliminary numbers the Congressional Budget Office released Monday morning.”
“That figure tops last February’s record of $220.9 billion, and marks the 29th straight month the government has run in the red — a modern record.” (Stephen Dinan, “Government Posts Biggest Monthly Deficit Ever,” The Washington Times, 3/7/11)
About a year ago, back in February 2010, President Barack Obama signed an Executive Order establishing the “National Commission on Fiscal Responsibility and Reform” to recommend proposals to rein in out-of-control spending and unsustainable budget deficits and soaring debt. Obama’s bi-partisan Commission was chaired by Democrat Erskine Bowles, former Chief of Staff to President Bill Clinton, and former Senator Alan Simpson (R-WY).
A little less than 10 months later, the Commission released its report, predicting dire consequences if we don't get spending under control:
Governments in Europe, from Greece to Spain to Portugal, are finding out the hard way what it means to spend public money frivolously. Public finances in the Euro Monetary Union are so precarious that its sustainability and future is in doubt. To shore up the problem, or attempt to, Eurozone governments are embarking on no-frills, cost-cutting initiatives to slash deficit spending and get a handle on spiraling debt.
Though the United Kingdom is not a member of the Euro (the UK kept its Sterling Pound as its official currency), the island country is getting in on the act, too.
“Britain Faces An ‘Age Of Austerity’ As The New Coalition Government Readies Aggressive Cuts In Public Spending To Slash The Deficit, Treasury Minister David Laws Told The Financial Times On Saturday.” (“Britain Faces Aggressive Cuts In ‘Age of Austerity,’” AFP, 5/22/10)
Thinking more about Democrat National Committee Chairman Tim Kaine’s proclamation today that the Democrat Party is the “Results Party,” I can’t help but wonder. We can agree to disagree about what results the Democrats have produced since taking control of Congress in January 2007 and the whole of government in January 2009. The election in November will answer that question.
What remains to be seen is what Democrats will do in the future if they are allowed to hold on to power. Specifically, what will Democrats do about runaway deficits and a national debt that by all accounts is unsustainable? Will they continue to spend our country into oblivion as they have the past few years with pork-laden stimulus packages, government takeovers like in health care, and more bailouts? Will they simply whitewash the mushrooming debt with yet more debt ceiling increases on the backs of the so-called wealthy with higher taxes? The answer is likely yes.
While Democrats continue to fiddle with ramming ObamaCare through Congress, another 36,000 Americans lost their jobs last month and unemployment remains at 9.7%. Worse, if the fiscal insanity of the Obama Administration and Capitol Hill Democrats continues, it’s unlikely there will be much of any recovery anytime soon.
Fiscal insanity? Yes. Consider:
Obama Administration Running $655 Billion Deficit Through First Five Months Of Current Fiscal Year. “The U.S. federal government’s budget deficit reached $655 billion through the first five months of fiscal 2010, the non-partisan Congressional Budget Office said Thursday.” (Patrick Yoest, “CBO: $655B US Budget Deficit For First 5 Months Of Fiscal 2010,” The Wall Street Journal, 3/4/10)