Clearly, last week’s exchange with House Republicans in Baltimore did little to curb the President’s appetite for spending American tax dollars. As the President’s Fiscal Year (FY) 2011 budget reached Congress this week, American’s waited and hoped it would be in their best interest. This “budget” doubles the national debt in five years and triples it by FY 2019 from 2008 levels. We need to spend less so we borrow less, and cut taxes so $$ is put into the hands of consumers. That’s Economics 101.
· America’s current national debt = $12.4 trillion
· President Obama’s FY 2011 Budget proposal starting October 1 = $3.8 trillion
· How much does America need to borrow to pay for Obama’s FY 2011 budget = $1.6 trillion
· America’s national debt after FY 2011 = $14 trillion
Republicans took the President at his word when he said he wanted to work with us last week, but that appears to be more hollow promises and rhetoric. He should have taken House Budget Committee Ranking Member Paul Ryan up on his offering of a scalpel to slice the annual budget and get Americans back to work. If the President had, he would have realized that the Republican plan spends $4.8 trillion less than his over 10 years. If the President had, he would have also realized the true savings are in cutting certain entitlement spending, which the President’s proposal increases by $1.4 trillion over the next ten years.
Next time, Mr. President…how about starting here.