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National Debt

Congress Applies Another Band Aid to our Budget

  • March 16, 2011

    Yesterday the House of Representatives approved a sixth short term spending measure for the 2011 Fiscal Year. This comes as a result of the 111th Congress' inability to pass a budget. Unlike American families, the government can print more money, raise their credit limit, and not have to worry about the consequences. While CapitolWatch applauds House Republican efforts to trim the budget in three recent continuing resolutions (cuts of $61 billion, $4 billion, and $6 billion respectively), they hardly scratch the surface when it comes to addressing the $1.2 trillion shortfall in our budget this year. For example, the measure passed today cuts only 0.35% of the current deficit and 0.17% of the whole budget. We're not going to begin to get our fiscal house in order if we can't even cut a full percentage point off of what we're overspending.
     
    Unfortunately, the blame for this inaction lays on both sides of the aisle and at the White House. The House of Representatives can't even agree on balancing a budget, while the Senate has called the minuscule House cuts a "non-starter." All at the same time the President has sought to outdo himself in overspending. Beating out the shortfall of $1.2 trillion this year, he's proposed a budget which overspends by $1.6 trillion. That's more than 10% of the federal debt we already owe our creditors around the globe. This is simply unsustainable. Our elected leaders need to start leading. This means eliminating the deficit and balancing the budget. If we're expected to be a world leader, we need leaders who can set us on the path of fiscal solvency. Our creditors expect this, and Americans are depending upon it.


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