Obama to borrow trillions, proposes “pay as you go”
June 10, 2009 by Steven Ting
Filed under Economy, General, Health Care, Politics
Obama has told congress to use the “pay as you go” rule for funding of future projects and tax cuts. In short, “Congress can only spend a dollar if it saves a dollar elseware.” This is a change in fiscal policy but I beleive it’s just a bunch of lip-service. Politicians don’t have the backbone to stand up for what is fair, just, and right for the American people. The only exeption to this rule is for health-care.
It would carve out about $2.5 trillion worth of exemptions for Obama’s priorities over the next decade. His health care reform plan also would get a green light to run big deficits in its early years. But over a decade, Congress would have to come up with money to cover those early year deficits.
This is an example of Obama’s “do as I say, not as I do” mentality. He believes the rules do not apply to him. I’d like to seem him follow his own advice. How his he going to pay for this plan? So Congress is supposed to come up with money to cover the early year deficits? I don’t think that is going to happen. If Congress can barely aford to cover the costs of every day projects, how and where are they going to come up with the money for this dumb idea? Most likely they won’t. They’re going to raise taxes and interest rates and reduce any likelihood of an economic recovery.
As of now, our deficits will continue to run huge. Washington is out of control.  The Congressional Budget Office predicts the deficit will average nearly $1 trillion a year over the next decade. We’re currently at $11 trillion. When Obama is done with us, we’ll be over $20 trillion. We won’t be able to service the interest on this debt. Obama is destroying this economy and this nation.
We all thought Bush was bad. Obama is worse.
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