Trillion-Dollar Deficit Another Consequence of President Obama’s Failed Policies
Today, the Congressional Budget Office (CBO) released its annual Budget and Economic Outlook report predicting the deficit will exceed $1 trillion for the fourth year in a row. Despite promising to “cut the deficit in half” by the end of his first term, President Obama and Democrats in Washington have led the economy to a spending-driven debt crisis that is making it harder to grow and create jobs. Here’s a look at just some of Democrats’ fiscal failures that have brought us to this point:
- 1007 DAYS WITHOUT A BUDGET. It has been more than 1,000 days since Senate Democrats passed a budget. As Speaker Boehner put it, “How do you deal with the long-term fiscal problems that we have if you refuse to come to an agreement on the budget?”
- “RELEGATED THE DEBT TO A NEAR ASIDE” IN THE STATE OF THE UNION. A recent Washington Post editorial criticized the president for giving short shrift to the fiscal crisis in his State of the Union address, noting that he “relegated the debt to a near-aside late in the speech’” and “did not go beyond a rhetorical nod to the issue.”
- “UNPRECEDENTED DISRESPECT” FOR BUDGET DEADLINES. Last week, the White House announced that the president’s budget would be delayed for the third time in four years. House Budget Committee Chairman Paul Ryan (R-WI) said the president’s delay constitutes “unprecedented disrespect for his legal obligations” and “could not come at a more precarious moment for our fiscal and economic future.” Here’s more on “President Obama’s Missed Budget Deadlines,” courtesy of the Budget Committee.
- ANOTHER UNSERIOUS BUDGET. Bloomberg News recently reported that the president’s upcoming budget “will reprise previously rejected deficit-reduction plans and tax increases,” and former Democratic Budget Committee aide Stan Collender says “what the president will be providing in his budget will be more of a campaign document than it will be a real budget.”
- MORE OF THE SAME FAILED ‘STIMULUS’ SPENDING. At the same time that President Obama said “we need to do more” to rein in the deficit in the State of the Union, he called for an additional $20 billion in new spending, according to National Taxpayers Union Foundation estimates. The Chicago Tribune says President Obama’s call to continue spending money we don’t have is “losing the future.”
- 2012 BUDGET MARKED BY “REFUSAL TO CONFRONT THE HARD CHOICES.” The budget put forth by President Obama last year was widely panned for the administration’s “refusal to confront the hard choices,” offering “less than a single year’s deficit” in spending cuts and leading “inevitably to a weaker economy and perhaps even default.”
- PRESIDENT OBAMA’S ‘NO VOTES’ BUDGET. President Obama’s 2012 budget spent too much, taxed too much and borrowed too much, leaving the American economy drowning in a sea of red ink for years to come. Not surprisingly, it was unanimously rejected by a vote of 97-0 in the Senate.
- CBO: “WE DON’T ESTIMATE SPEECHES.” After failing to offer a serious budget in February, President Obama attempted a do-over in April that was not only dismissed for its “blistering partisanship and multiple distortions,” but also contained so little detail Congressional Budget Office Director Douglas Elmendorf told the House Budget Committee his office could not assess the proposal because, in his words: “we don’t estimate speeches.”
- RAISING THE DEBT CEILING. The House recently passed a resolution disapproving of the Obama administration’s request for an increase in the nation’s debt ceiling – a “sign of leadership failure,” in the president’s own words.
In a Fox News Sunday interview this week, Chairman Ryan took President Obama to task for failing to even propose a plan “to tackle this fiscal crisis.” Chairman Ryan pledged that House Republicans would once again fill the leadership vacuum left by President Obama and put forth “a very specific plan, a set of ideas of how we’re going to solve these problems.” As today’s CBO report makes clear, American families and small businesses “can’t wait” another 1,000 days for President Obama and Washington Democrats to stop doubling-down on the failed policies that are making our economy worse and start addressing the fiscal crisis their reckless spending binge has wrought.