President Obama’s proposed budget for 2012 will result in continued huge federal deficits for the at least the next five years … according to estimates from the Office of Management and Budget. The President claims his 3.8 trillion-dollar spending plan will shave 1.1 trillion dollars from anticipated deficits over ten years. That’s the projected deficit for 2012 alone.
The President strikes out. What if he had proposed a budget seriously addressing the national debt quagmire … with cuts to Defense and entitlements … which account for three out of every five dollars the government spends? What if he had proposed raising taxes to help balance the budget, which his own fiscal commission recommended? That would have meant a terrific challenge to Republicans: put up or shut up.
As things stand now, we have a president indicating no real stomach for fiscal reform, and a loyal opposition ready to label Obama a big spender while proposing only a few smaller spending cuts themselves.
The fiscal responsibility “can” is kicked down the road again.
Our thought for today is from Abraham Lincoln:
“You cannot escape the responsibility of tomorrow by evading it today.”