AMERICA'S EXPLODING BUDGET DEFICIT.

Over at Townhall.com, Mike Needham has a clear message for the GOP:

"BE BOLD, OR GO HOME."

"Over thirty years ago, in 1978, the United States government ran an annual deficit of $59 billion. In that year, a fiscally conservative legislative strategy might have been to cut $2 billion a week for the last seven months of the year. These “multiple bites at the apple” would have eventually, by year end, eliminated the deficit and actually resulted in a small surplus.
Much as the presidency of Barack Obama resembles that of Jimmy Carter, we are not in 1978. Our nation is at a tipping point and our fiscal situation is bleak. Today, we have a projected $1.65 trillion deficit. $61 billion is a mere drop in the bucket of red ink our nation is piling up literally by the minute.

Today, multiple $2 billion bites at the apple are woefully insufficient for the times we live in. Yet, according to Politico, Speaker John Boehner (R-OH) and Senate Minority Leader Mitch McConnell (R-KY) “are considering pushing forward a series of short-term continuing resolutions with targeted spending cuts that would be difficult for Democrats to oppose.”

Getting the $61 billion in cuts is an important trust-building measure between the American people and Washington – and the tea party activists and the Republican Party – since neither Washington nor Republicans have any credibility after the last ten years on the issue of spending. It is not, however, the only policy battle we must win this year.

Shortly, House Budget Chairman Paul Ryan (R-WI) will release the Republican budget for fiscal year 2012. It is vital this is a bold budget and conservatives must fight for boldness in the appropriations battles that will follow.

Sometime this spring, there will be a fight over whether to raise the debt limit. Conservatives must fight to have transformational policies attached to any legislation which raises the debt limit. Einstein’s definition of insanity is doing the same thing over and over again while expecting a different result. We cannot have another clean increase of the debt limit this year, which would be the sixth such increase in the last four years.


....


Senate Majority Leader Harry Reid (D-NV) said the Senate needed more time to consider H.R. 1 – the House spending bill which would cut $61 billion – since it was sent to the Senate on a Saturday. The question of time to consider H.R. 1 is a funny one considering the Senate’s first move after the House passed that legislation was to take a one-week vacation.

Last week, Senator Reid released an alternative that offered only a token $6 billion in cuts. It appears Senator Reid doesn’t have a real plan to cut spending. Enter Joe Biden. As you may recall, President Obama claims “Nobody messes with Joe.” Vice President Biden was tapped by President Obama to broker a deal between the House and Senate on the budget. With two weeks left on the clock until the next budget showdown, what does Joe do? He leaves for a five-day trip to Europe. I guess it’s tough to mess with him there.

There seems to be a pattern developing. In Wisconsin, when Democrats want to stall what Governor Walker is trying to do, they flee. Two weeks ago, faced with a continuing resolution passed by the House of Representatives, the Senate went on vacation. Today, Vice President Biden, tapped with brokering a compromise, leaves for Europe.

The House of Representatives has passed a modest $61 billion in spending cuts. These cuts pale in comparison to $474 billion in spending increases just since 2008. Now is not the time to be fouling off pitches. America demands and deserves bold leadership in Washington...."

In his first year in office, Obama oversaw a tripling of the already huge budget deficit from 459 billion US$ to 1.4 trillion US$, mainly as a result of the much-vaunted stimulus bill (ARRA), the takeover of Freddie Mac and Fannie Mae, the Wall Street bailout and the Omnibus spending bill.

The budget deficit in 2010 was 1.294 trillion US. Together with interests this lifted the exising public debt from 11.9 trillion US$ to 13.8 trillion US$.

The 2011 budget deficit was scheduled to be around 1.48 trillion US$, as the federal budget foresaw expenses of 3.708 trillion dollar while revenues were expected to be 2.228 trillion US$. This would mean that at the end of 2011 the public debt would reach well beyond 15 trillion US$.

However, when in February of this year Obama released his 2012 Federal Budget, it appeared the projected 2011 deficit had been updated to 1.645 trillion US$, or around 165 billion dollars more.

The bipartisan CBO (Congressional Budget Office) itself projects significant debt increases as it sees only comparable budget deficits ahead - adding "give and take" something in the neighborhood of 1.3 trillion US$ on average to the national debt every year for the coming decade. This means that already in 2015 the debt will have reached the colossal level of 20 trillion US$.

It is only when you ponder these gigantic numbers that the folly of Boehners 61 billion dollar cuts becomes apparent. As for Harry Reid's 6 billion dollar cuts...

... I wonder how it is possible to even mention that and still be able to walk home without having taken a tar bath and plastered over with feathers? Just watch this video:





Check out that idiot Harry Reid. But the most "memorable" moment is of course the clip where CBS's Charles "Chip" Reid asks Obama "the total over those 10 years, the total debt is $7.2 trillion on top of the $14 trillion we already have. How can you say that we’re living within our means?"

And the reply from the POTUS is... is.... is......


"Well here, he,he,he,he here's a, let me be clear on what I am saying because, um, I'm not suggesting that we don't have to do more."


MY.

GOD.

Who killed the guys who insisted Bush was an idiot?


MFBB.