Democrats Budget Ignores Debt – Increases Spending by 60% and Adds $1.5T in New Taxes
The budget released by Senate Democrats yesterday is a total joke. $1.5T in new taxes and an increase in spending of 60% over the planning horizon. It makes no attempt to balance the budget. Yet they are running around talking about how much the “reduced the deficit’. Huh? Oh, you mean accounting tricks and reducing the rate of the money you want to steal from our children. During the first debate, Romney challenged Obama. He told Obama it was clear where Obama’s priorities laid, investing Billions in failed green energy instead of in schools or civic work. Here is a better measure. How committed to the welfare state are the Democrats? How much of your life do they need to control to retain their power? How much of your money to they feel entitled to?
Right now, we’re spending more money to pay interest on debt than we’ll spend on education, homeland security, transportation and veterans’ benefits combined this year. Surely, there’s something better to spend that money on. And those interest payments are a significant tax on Americans — a debt tax that Washington doesn’t want to talk about. And just wait until interest rates rise, because at some point they will.
The best part – that last paragraph comes from non other than BARRY OBAMA!!!
Numbers that large are sometimes hard to understand. Some people may wonder why they matter. Here is why: This year, the Federal Government will spend $220 billion on interest. That is more money to pay interest on our national debt than we’ll spend on Medicaid and the State Children’s Health Insurance Program. That is more money to pay interest on our debt this year than we will spend on education, homeland security, transportation, and veterans benefits combined. It is more money in one year than we are likely to spend to rebuild the devastated gulf coast in a way that honors the best of America.
Senate Floor, March 16, 2006 – Senator Obama
I have more to say, but I will let the President have the last word here today:
Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘‘the buck stops here.’’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit