House Republicans earlier today proposed a plan to raise the debt ceiling for only enough time (three months) to allow for Senate Democrats to produce a budget. The reason Democrats, who run the Senate, need to be prodded to propose a budget is simple: The Senate has not passed a budget in 1,360 days.
The last time the Senate passed a budget was April 29, 2009.
In that time, the debt has increased by $5.3 trillion. The amount spent by the federal government in that time is likewise enormous: $13.0 trillion.
From a left-wing bumper sticker seeking to make its point with an absurdity: "It'll be a great day when the schools have all the money they need and the Pentagon has to hold a bake sale to buy a bomber."
Senator Jeff Sessions, the ranking member on the Senate Budget Committee, is releasing a statement this evening that claims President Barack Obama's "secret" plan "increases spending by more than $1 trillion above the current baseline."
"In other words," Sessions adds, "spending will increase $1 trillion above the already projected growth after enactment of the Budget Control Act as part of the last debt deal. It achieves not one dollar in net spending reduction or debt reduction, and it continues the country on a dangerously unsustainable debt path."
The top Republican in the Senate, Mitch McConnell, revealed to THE WEEKLY STANDARD that he “burst into laughter” when Treasury Secretary Tim Geithner outlined President Barack Obama's fiscal cliff plan yesterday. McConnell believes the plan is "completely unserious."
In a decade, federal spending to pay for the interest on America's debt will exceed total spending on the defense budget by $125 billion, or 20 percent, according to projections from the Congressional Budget Office and the Office of Budget Management. The projections are based on President Barack Obama's current budget plan.
In 2008, Barack Obama promised to cut federal spending, cut wasteful programs, reform Medicare and Social Security, and create "5 million new jobs" in a "new energy economy." At Buzzfeed, Andrew Kaczynski has four videos of Obama making those promises at the town hall debate in 2008. Here, for instance, is Obama talking about the need to reform entitlements in his first term:
At a townhall-style event in Iowa, Paul Ryan was asked to provide more specifics about the Romney-Ryan economic plan, and he proceeded to talk about Romney's 5-point plan for about eight minutes. Buzzfeed posts the video:
In an appearance on the LateShow with David Letterman, President Barack Obama suggested that most of the country’s debt was accumulated under George W. Bush, pretended that he has offered a solution to these problems, said that he does not know the total U.S. national debt, and claimed that the debt is not a short-term concern for the country.
By the end of this year, the federal debt is expected to be $16.2 trillion, which is $6.2 trillion more than when President Obama first came into office four years ago. Moreover, new analysis by the Republican side of the Senate Budget Committee finds that, over the next 4 years, if Barack Obama remains president and his budget is enacted, $4.4 trillion will be added to the federal debt.