We have SC Representative Trey Gowdy on today and I know one of the things he's going to bring up is the President's position on the Debt Ceiling. Yesterday the President said that Congress not only had authorized him to spend the money;"They order me to spend. They tell me, you need to fund our Defense Department at such and such a level; you need to send out Social Security checks; you need to make sure that you are paying to care for our veterans. They lay all this out for me because they have the spending power. And so I am required by law to go ahead and pay these bills. These are bills that have already been racked up, and we need to pay them. So, while I’m willing to compromise and find common ground over how to reduce our deficits, America cannot afford another debate with this Congress about whether or not they should pay the bills they’ve already racked up. If congressional Republicans refuse to pay America’s bills on time, Social Security checks, and veterans benefits will be delayed. It would be a self-inflicted wound on the economy. To even entertain the idea of this happening … is irresponsible. It's absurd.”
I would have to agree with the President that entertaining the idea of defaulting on our debt is absurd and irresponsible. However so is spending money you know you don't have. 5 years ago Senator Obama made that point.
If you read what he said instead of watching it, you might think that was a Mitt Romney/Paul Ryan speech. The point he was making was correct. President Bush got way out of control with his spending! The graph below shows we were treading water during the end of the Clinton term and then a steep increase in debt starting with Bush. Then look how it goes almost 90 degrees up once Obama takes office.
As CBS News reported last March Obama has now added more to the debt in 3 years than Bush did in 8. The people who were trying to stop Bush in 08 from raising the debt ceiling and the ones who tried in 06 when Harry Reid made this impassioned plea were right! "Any credible economist would tell you we should be reducing debt, not increasing it". Those words are as true today as when Harry Reid said them almost 7 years ago. And yet we were only 9 trillion in debt then and today we are over 16 trillion under water and drowning fast. The time for talk is over. America needs some spending cuts right now! The Republican's were wrong for not passing any when they were in control and the Democrats are just as wrong now. I'm looking forward to what Trey Gowdy has to say today, but what I'd really like to hear are Harry Reid and Barack Obama tell us what cuts they are willing to make now!