Let’s keep in mind that Democrats had attacked President Bush as fiscally irresponsible for his spending trillions of dollars over eight years. Since President Obama’s taken office we’ve spent $800 billion on porkulus, $400 billion on mortgage rescues, $400 billion on an omnibus spending bill, and proposed $1.5 trillion for health care and $2 trillion on climate change. All of that in four months. Is this a joke?
WASHINGTON, June 9 (Reuters) – President Barack Obama sought on Tuesday to show he was serious about improving the U.S. budget picture as he called on Congress to pass new limits on tax cuts and spending programs to avoid adding to deficits.
Obama urged passage of “pay-as-you-go” legislation that would require any new tax cut or automatic spending program to be paid for within the budget.
“The ‘pay as you go’ principle is very simple. Congress can only spend a dollar if it saves a dollar elsewhere,” Obama said in a speech at the White House attended by several Democratic members of Congress.
“Entitlement increases and tax cuts need to be paid for. They are not free,” said Obama, who has been criticized by Republicans for proposing a hefty domestic agenda that includes overhauling the health care system, bolstering education and tackling global climate change.
The White House has forecast a budget deficit for this year of $1.84 trillion, or 12.9 percent of gross domestic product.
Which makes this all blatantly disingenuous. Obama has carried out or proposed increases in areas of entitlement spending, global warming, health care, corporate bailouts, and just about every left-wing issue known to man. Suddenly he wants to be Mr. Fiscal Responsibility?
“The reckless fiscal policies of the past have left us in a very deep hole,” Obama said. “Digging our way out will take time and patience and tough choices.”
So the way out is more reckless fiscal policies? Yes, Republicans have attempted to reclaim the mantle of fiscal responsibility after a Republican president and Republican Congress spent our treasure irresponsibly. But usually those attempts are qualified with an admission that we lost our way and were irresponsible. Is President Obama about to admit that his out-of-control spending over the past four months alone are irresponsible and regrettable? Doubtful.
By the way, Brian Riedhl writes at The Heritage Foundation that Obama’s PAYGO proposal won’t work. His posting is worth a read if you have the time.