Rep. Tom Price, M.D. (GA), chairman of the Republican Study Committee (RSC), recently introduced the Reducing Barack Obama's Unsustainable Deficit Act. He was joined by RSC Budget and Spending Taskforce Chairman Rep. Jim Jordan (OH) and RSC Financial Services Working Group Chairman Rep. Scott Garrett (NJ). Here is what the Act does:
-- Repeals the spending portion of the President’s ―stimulus‖ package – saving taxpayers $460 billion
-- Leaves intact the package’s tax relief and unemployment benefits
-- Prohibits the Treasury Secretary from obligating any further TARP funds – saving taxpayers $150
--Requires all repayments of TARP money to go exclusively to debt reduction - no open-ended slush
According to the Price press release, side-effects of President Obama’s economic policies include:
Deep job losses. Despite the administration’s promise that their ―stimulus‖ package would ―save
or create‖ 3.5 million jobs, the monthly reports from the Bureau of Labor Statistics show over 2
million more Americans are out of work since enactment (467,000 in June 2009 alone).
Unemployment rate approaching double digits. Currently at 9.5%, the unemployment rate is
expected to continue upwards into double digits and remain there well into 2010.
Stunning Borrowing. To date, the government has borrowed almost 900 billion dollars just since
President Obama took office.
Record breaking debt auctions. To finance the spending spree, Treasury’s debt auctions are
setting new records. A one week debt auction record of 104 billion dollars was set last month, and
this week’s auction created another 73 billion dollars out of thin air.
An unprecedented pile of debt. This year’s deficit is projected to be 1.84 trillion dollars—four
times the next highest deficit in U.S. history. The President’s budget would increase the national
debt from 10 to more than 23 trillion dollars.