Today in Washington D. C. - April 20, 2009
Congress returned from an extended recess today. The Senate will reconvene at 2 pm and begin consideration of the motion to proceed to legislation designed to crack down on financial fraud, S. 386. At 5:30, the Senate is expected to vote on a trio of nominees to be assistant attorney generals. Following those votes, debate will begin on the nomination of Christopher Hill to be ambassador to Iraq, with a cloture vote on his nomination scheduled for this evening.
While it’s encouraging that the administration is discussing ways to cuts some of the excessive spending in Washington, the difference in magnitude between the cuts being sought and the proposed budget is revealing. The Washington Post reports today that President Obama will order his cabinet “to identify a combined $100 million in budget cuts over the next 90 days.” The Post notes, “Although the budget cuts would amount to a minuscule portion of federal spending, they are intended to signal the president's determination to cut spending and reform government, [a senior administration] official said.”
Sen. Mitch McConnell said, “I appreciate the efforts to save millions by identifying unnecessary or duplicative government spending. But let’s not forget that at the same time they’re looking for millions in savings, the President’s budget calls for adding trillions to the debt. The nation’s debt is at its highest level ever, but under the administration’s budget, the amount of public debt will double in five years and triple in 10.” Interestingly, the government will pay $100 million in interest per day over the next ten years on the stimulus bill.
Meanwhile, The New York Times reports that the administration is already having trouble coming up with ways to pay for its ambitious agenda, including health reform. Congress has shown little enthusiasm for some of the large tax increases the administration wanted. Even if all the tax increases called for in the budget were implemented, it would still leave Americans with a staggering amount of debt, more than all the debt accumulated from the administrations of George Washington to George W. Bush.
Cutting wasteful spending is an excellent idea, but looking to save millions while adding trillions to the debt (that’s a difference of 6 zeroes) without looking at entitlement reform is barely a drop in the proverbial bucket.
Tags: financial fraud bill, debt, interest payment, National Debt, US Congress, US House, US Senate, Washington D.C. To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
While it’s encouraging that the administration is discussing ways to cuts some of the excessive spending in Washington, the difference in magnitude between the cuts being sought and the proposed budget is revealing. The Washington Post reports today that President Obama will order his cabinet “to identify a combined $100 million in budget cuts over the next 90 days.” The Post notes, “Although the budget cuts would amount to a minuscule portion of federal spending, they are intended to signal the president's determination to cut spending and reform government, [a senior administration] official said.”
Sen. Mitch McConnell said, “I appreciate the efforts to save millions by identifying unnecessary or duplicative government spending. But let’s not forget that at the same time they’re looking for millions in savings, the President’s budget calls for adding trillions to the debt. The nation’s debt is at its highest level ever, but under the administration’s budget, the amount of public debt will double in five years and triple in 10.” Interestingly, the government will pay $100 million in interest per day over the next ten years on the stimulus bill.
Meanwhile, The New York Times reports that the administration is already having trouble coming up with ways to pay for its ambitious agenda, including health reform. Congress has shown little enthusiasm for some of the large tax increases the administration wanted. Even if all the tax increases called for in the budget were implemented, it would still leave Americans with a staggering amount of debt, more than all the debt accumulated from the administrations of George Washington to George W. Bush.
Cutting wasteful spending is an excellent idea, but looking to save millions while adding trillions to the debt (that’s a difference of 6 zeroes) without looking at entitlement reform is barely a drop in the proverbial bucket.
Tags: financial fraud bill, debt, interest payment, National Debt, US Congress, US House, US Senate, Washington D.C. To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
Posted by Bill Smith at 11:30 AM - Post Link
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