The Deficit Hawk

[Magox]

Guess who said this?

 

The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.

 

Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion. That is ‘‘trillion’’ with a ‘‘T.’’ That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. And over the next 5 years, between now and 2011, the President’s budget will increase the debt by almost another $3.5 trillion.

Numbers that large are sometimes hard to understand. Some people may wonder why they matter. Here is why: This year, the Federal Government will spend $220 billion on interest. That is more money to pay interest on our national debt than we’ll spend on Medicaid and the State Children’s Health Insurance Program. That is more money to pay interest on our debt this year than we will spend on education, homeland security, transportation, and veterans benefits combined. It is more money in one year than we are likely to spend to rebuild the devastated gulf coast in a way that honors the best of America.

 

And the cost of our debt is one of the fastest-growing expenses in the Federal budget. This rising debt is a hidden domestic enemy, robbing our cities and States of critical investments in infrastructure like bridges, ports, and levees; robbing our families and our children of critical investments in education and health care reform; robbing our seniors of the retirement and health security they have counted on.

 

Every dollar we pay in interest is a dollar that is not going to investment in America’s priorities. Instead, interest payments are a significant tax on all Americans—a debt tax that Washington doesn’t want to talk about. If Washington were serious about honest tax relief in this country, we would see an effort to reduce our national debt by returning to responsible fiscal policies.

Our debt also matters internationally. My friend, the ranking member of the Senate Budget Committee, likes to remind us that it took 42 Presidents 224 years to run up only $1 trillion of foreign-held debt. This administration did more than that in just 5 years. Now, there is nothing wrong with borrowing from foreign countries. But we must remember that the more we depend on foreign nations to lend us money, the more our economic security is tied to the whims of foreign leaders whose interests might not be aligned with ours.

 

Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘‘the buck stops here.’’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.

I therefore intend to oppose the effort to increase America’s debt limit.

 

 

I thought the last line was kinda cute.

Edited January 30, 2013 by Magox

[TakeYouToTasker]

This needs to be read on the floor of Congress, in both houses, every single day, every single hour, for the rest of this President's term in office.

[fjl2nd]

The debt then was a waste since unemployment was low and growth was okay. I don't blame the fellow for opposing more reckless spending...

 

Not to mention, interest on debt than was much higher that what it is now, where people are basically paying us to borrow.

[3rdnlng]

http://www.davemanuel.com/history-of-deficits-and-surpluses-in-the-united-states.php

 

 

 

2001 $127.3 Billion Surplus $164.9 Billion Surplus R D R

2002 $157.8 Billion Deficit $201.02 Billion Deficit R D R

2003 $377.6 Billion Deficit $470.82 Billion Deficit R R R

2004 $413 Billion Deficit $501.21 Billion Deficit R R R

2005 $318 Billion Deficit $373.24 Billion Deficit R R R

2006 $248 Billion Deficit $282.14 Billion Deficit R R R

2007 $161 Billion Deficit $178.1 Billion Deficit R D D

2008 $459 Billion Deficit $488.82 Billion Deficit R D D

2009 $1413 Billion Deficit $1509.62 Billion Deficit D D D

2010 $1294 Billion Deficit $1360.67 Billion Deficit D D D

2011 $1299 Billion Deficit $1324.16 Billion Deficit D D R

2012 $1100 Billion Deficit $1100 Billion Deficit D D R

2013 $900 Billion Deficit $884.96 Billion Deficit D D R

 

[fjl2nd]

http://www.davemanue...ited-states.php

 

 

 

2001 $127.3 Billion Surplus $164.9 Billion Surplus R D R

2002 $157.8 Billion Deficit $201.02 Billion Deficit R D R

2003 $377.6 Billion Deficit $470.82 Billion Deficit R R R

2004 $413 Billion Deficit $501.21 Billion Deficit R R R

2005 $318 Billion Deficit $373.24 Billion Deficit R R R

2006 $248 Billion Deficit $282.14 Billion Deficit R R R

2007 $161 Billion Deficit $178.1 Billion Deficit R D D

2008 $459 Billion Deficit $488.82 Billion Deficit R D D

2009 $1413 Billion Deficit $1509.62 Billion Deficit D D D

2010 $1294 Billion Deficit $1360.67 Billion Deficit D D D

2011 $1299 Billion Deficit $1324.16 Billion Deficit D D R

2012 $1100 Billion Deficit $1100 Billion Deficit D D R

2013 $900 Billion Deficit $884.96 Billion Deficit D D R

 

Who cares about political party? It's about the reasons and uses behind the deficit spending.

 

And if you want to get technical, the 2009 budget is set by Bush. Quite misleading. Same with 2001 being Clinton's.

Edited January 31, 2013 by fjl2nd

[Magox]

The debt then was a waste since unemployment was low and growth was okay. I don't blame the fellow for opposing more reckless spending...

 

Not to mention, interest on debt than was much higher that what it is now, where people are basically paying us to borrow.

 

 

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Hypocrite

Edited January 31, 2013 by Magox

[fjl2nd]

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Hypocrite

 

If you say so, but it's clear to any rational person that the two situations were different.

 

For the record, I would have raised the debt limit in either case because the consequences are too severe.

[Oxrock]

Who cares about political party? It's about the reasons and uses behind the deficit spending.

 

And if you want to get technical, the 2009 budget is set by Bush. Quite misleading. Same with 2001 being Clinton's.

Not true about 2009. The Democrat congress held off their budget until Obama was inaugurated.

[3rdnlng]

 

 

Who cares about political party? It's about the reasons and uses behind the deficit spending.

 

And if you want to get technical, the 2009 budget is set by Bush. Quite misleading. Same with 2001 being Clinton's.

 

It was a copy and paste, that's why the D's and R's were there. Yes, the budget is set the year prior but not the deficit. The point was the deficits from early in the decade to mid decade+ were much, much smaller. Do you remember the crisis after 9/11? We didn't need a trillion dollar stimulus to get us out of it, now did we? Face it, the way we've spent the stimulus money has done nothing to stimulate the economy. Giving money to the states for teachers and other public service workers, funding companies like Solyndra and shoring up union pension plans was nothing other than an attempt to gain favor with his crowd.

[Jauronimo]

Hypocrite

If you think that was funny, check out the kids blog. Life advice from a kid who moved out of his parents house 3 weeks ago.

[meazza]

If you think that was funny, check out the kids blog. Life advice from a kid who moved out of his parents house 3 weeks ago.

 

 

We were all young and dumb. Some of us just never grew out of it.

[Magox]

Yikes!

[Cinga]

America sure has a "bright" future huh??

[DC Tom]

http://www.davemanue...ited-states.php

 

 

 

2001 $127.3 Billion Surplus $164.9 Billion Surplus R D R

2002 $157.8 Billion Deficit $201.02 Billion Deficit R D R

2003 $377.6 Billion Deficit $470.82 Billion Deficit R R R

2004 $413 Billion Deficit $501.21 Billion Deficit R R R

2005 $318 Billion Deficit $373.24 Billion Deficit R R R

2006 $248 Billion Deficit $282.14 Billion Deficit R R R

2007 $161 Billion Deficit $178.1 Billion Deficit R D D

2008 $459 Billion Deficit $488.82 Billion Deficit R D D

2009 $1413 Billion Deficit $1509.62 Billion Deficit D D D

2010 $1294 Billion Deficit $1360.67 Billion Deficit D D D

2011 $1299 Billion Deficit $1324.16 Billion Deficit D D R

2012 $1100 Billion Deficit $1100 Billion Deficit D D R

2013 $900 Billion Deficit $884.96 Billion Deficit D D R

 

First off, what happens when you include off-budget spending? The occupation of Iraq, up until FY2007, was funded mostly by off-budget "supplemetal appropriations".

Second, from 2010 onwards...how the !@#$ can you have a budget deficit when Congress hasn't passed a budget since then?

[3rdnlng]

 

 

First off, what happens when you include off-budget spending? The occupation of Iraq, up until FY2007, was funded mostly by off-budget "supplemetal appropriations".

Second, from 2010 onwards...how the !@#$ can you have a budget deficit when Congress hasn't passed a budget since then?

 

Yes, you should consider retirement. How can I ever set someone up when you blow the "punchline"? This isn't the first time you've done this. Give me a break, either crush the real culprit or leave me alone to do it without your interference.

[fjl2nd]

It was a copy and paste, that's why the D's and R's were there. Yes, the budget is set the year prior but not the deficit. The point was the deficits from early in the decade to mid decade+ were much, much smaller. Do you remember the crisis after 9/11? We didn't need a trillion dollar stimulus to get us out of it, now did we? Face it, the way we've spent the stimulus money has done nothing to stimulate the economy. Giving money to the states for teachers and other public service workers, funding companies like Solyndra and shoring up union pension plans was nothing other than an attempt to gain favor with his crowd.

 

The economic situation weren't even remotely similar. 2007 sparked a GLOBAL crisis. Nobody had the correct answer for what to do.

 

If you think that was funny, check out the kids blog. Life advice from a kid who moved out of his parents house 3 weeks ago.

 

Keep taking shots brah!

 

Looks like your the one who has trouble growing up.

[3rdnlng]

The economic situation weren't even remotely similar. 2007 sparked a GLOBAL crisis. Nobody had the correct answer for what to do.

 

 

 

Keep taking shots brah!

 

Looks like your the one who has trouble growing up.

 

Say, do you have any idea what the catalyst was for the big crash in 2008? Do you have any idea what is keeping the economy from rebounding? How would you get the economy going again? What is your opinion of the following items done by the federal government?

 

Cash For Clunkers

 

Funding companies like Solyndra

 

Propping up union pensions

 

Giving extra money to the states for teachers and first responders

 

Holding up the Keystone Pipeline

 

Tax credit for "green" autos

[Oxrock]

The economic situation weren't even remotely similar. 2007 sparked a GLOBAL crisis. Nobody had the correct answer for what to do.

 

 

 

Keep taking shots brah!

 

Looks like your the one who has trouble growing up.

Keep talkin' like you are in a !@#$in' sit-com.

You're not Frank. This is real life. You and you lib friends here like to pretend you are on "Friends" or something. Come on. GTFU.

[Dean Cain]

As a conservative we don't have much to be proud of. The Tea Party has failed to deliver ANYTHING in terms of deficit reduction.

 

As for the debt itself, I am all for reducing the debt so long as we stop back-stopping failed industries such as; the auto, and financial industries that took trillions in bailouts.

 

The 14 trillion Wall Street bailout and 1 trillion auto bailout were epic fails.

 

I'm surprised so many of my fellow conservatives get such a hard-on for govt budget deficits yet never concede the huge money printing enacted by Bush!!!!!

[meazza]

As a conservative we don't have much to be proud of. The Tea Party has failed to deliver ANYTHING in terms of deficit reduction.

 

As for the debt itself, I am all for reducing the debt so long as we stop back-stopping failed industries such as; the auto, and financial industries that took trillions in bailouts.

 

The 14 trillion Wall Street bailout and 1 trillion auto bailout were epic fails.

 

I'm surprised so many of my fellow conservatives get such a hard-on for govt budget deficits yet never concede the huge money printing enacted by Bush!!!!!

 

14 trillion?