Thursday 6/20: 11:45 AM ET Press Conference | 1:15 PM ET Speech on Jobs & the Economy | WATCH LIVE HERE
President Obama Declares: No Debt Crisis, No Spending Problem, No Balanced Budget
Just hours after Republicans unveiled a plan to balance the budget in 10 years to help grow our economy, President Obama told ABC News that he has no intention of balancing the federal budget. Why? Because “we don’t have an immediate crisis in terms of debt.” Whatever you say, Mr. President:
When George Stephanopoulos pressed and asked if the president’s budget will be “balanced by any point,” President Obama responded: “No.”
This isn’t the first time the president has claimed Washington is doing just fine in the fiscal department. Repeated trillion-dollar deficits and a $16 trillion debt (more than $52,000 for every American) aside, President Obama told Speaker Boehner “we don’t have a spending problem.” More than 180 economists disagree with the president’s assessment … as do the numbers. Cue another chart:
The best line of the night was when the president told ABC he won’t “chase a balanced budget just for the sake of balance.” That’s good to hear because Republicans don’t want to balance the budget “just for the sake of balance” either – but because a balanced federal budget is one of the keys to growing our economy long-term and expanding opportunities for all Americans.
According to Yahoo News, a new study shows that “a balanced federal budget that reduces the national debt, like the one proposed by House Republicans this week, would add about 5 million more jobs to the economy by 2023 compared to current spending levels…”
And as Chairman Paul Ryan pointed out, a balanced budget is about “the well-being of all Americans. By giving families stability and protecting them from tax hikes, our budget will promote a healthier economy and help create jobs. Most important, our budget will reignite the American Dream, the idea that anyone can make it in this country.”
So if not “for the sake of balance,” how about working with Republicans to balance the budget for middle class families and jobs, Mr. President?