Tea Party Patriots Ordinary citizens reclaiming America's founding principles.

Sunday, June 26, 2011

Budget Deficit Projected to Eclipse U.S. Total Gross GDP in 2021

Referring to a new report issued by the Congressional Budget Office (CBO), CBO's 2011 Long-term Budget Outlook (click here to read report), which indicates that unless the out of control spending is stopped our budget deficit will outpace our GDP by 2021, and calling our current fiscal path "reckless & irresponsible," House Republican Policy Committee Chairman Tom Price, M.D. (R-GA),  issued the following statement...
"Today’s report serves as the latest in a long list of reminders that the nation’s current fiscal path is both reckless and irresponsible,” said Chairman Price.  “One has to wonder how much more evidence the White House and Democrats in Congress need in order to take our debt crisis seriously.  A future saddled with skyrocketing debt will result in America having a weaker hand to play globally as our economy here at home will continue its current anemic state.  The job creators of tomorrow will live under the same cloud of uncertainty that plagues current entrepreneurs.

“House Republicans believe we owe a better future to our children and grandchildren which is why we have a plan that addresses the cost drivers of our debt and puts us on a positive path forward.  Our Democrat colleagues have a choice whether or not to be a part of solving this crisis.  To date their decision has been to demagogue the good faith efforts of others.  Under their vision of the future, the American people are left with more debt, more doubt, and more despair.  House Republicans refuse to condemn our great nation to such a fate, and we will continue to fight for an honest accounting of our nation’s fiscal and economic challenges while offering positive solutions to ensure the American Dream for future generations.”
And hopefully Congressman Price will convince the rest of the GOP in Congress, Speaker Boehner too, that raising the debt ceiling is not an option.  Anymore, and after the GOP's broken promise of cutting $100 Billion in spending this year, and in reality the CBO now says they actually increased spending by $2.5 Billion, however well intentioned, Congressman Prices comments are empty words.

We do not have faith that Congress will actually make significant cuts or be able to keep this promise.  Congress can and should make cuts to the budget and still NOT increase the debt ceiling.

Congress has been making promises to constituents for years about what future Congresses will or will not spend money on (Social Security and Medicare are prime examples) and they cannot live up to these promises.  Decreasing government spending from 24% of GDP to 18% or lower is a good goal. The reality is that this Congress cannot bind another Congress to those caps unless it is done through an Amendment.

Congress needs to quit making promises for how they will deal with problems in the future and deal with the crisis we have today. It is time has come to cut America's credit card and cut the out of control spending now.

The Tea Party Patriots, along with some upcoming tele-town halls on the subject, will be rolling out another Engagement Center with emails, tweets, phone calls, letters, etc. for supporters to make over the next several weeks.

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