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White House: Obama Regrets Vote Against Raising Debt Limit
By not in system - AOL NewsWASHINGTON -- The White House says President Barack Obama regrets his vote as a senator in 2006 against raising the debt limit. A fight over raising the debt limit is looming, and the White House is trying to explain away the apparent contradiction between Obama's previous opposition, and his position now that it must be increased. Press Secretary Jay Carney said Monday that Obama believes his vote was a mistake. He said Obama now realizes that the debt ceiling is too important to be trifled with. Republicans are threatening to withhold their votes to raise the ceiling unless Obama agrees ...
Enough With Budget Brinksmanship: The Case for Waiting Until 2012
By Walter Shapiro - Politics DailyWith the government living on a two-week financial reprieve that will expire on March 18, this is Rumpelstiltskin time in politics as everyone seems to be stamping his feet in rage over the $14-trillion national debt. Republican Paul Ryan, chairman of the House Budget Committee, is making the rounds with charts entitled "Reckless Spending Spree" and "Tidal Wave of Debt." In a clarion-call address to the Conservative Political Action Conference (CPAC), Indiana GOP Gov. Mitch Daniels warned of "the new Red Menace, this time consisting of ink." Talking to a convention of religious broadcasters ...
Boehner to Religious Broadcasters: National Debt Is 'Immoral'
By Tom Kavanagh - Politics DailyHouse Speaker John Boehner told a gathering of religious broadcasters Sunday that the nation's staggering debt is "immoral." "We have a moral responsibility to address the problems we face. That means working together to cut spending and rein in government," Boehner said in a speech to the National Religious Broadcasters' annual convention in Nashville. The $14.1 trillion debt that burdens the nation is "a mortal threat to our country. It is also immoral. It is immoral to bind our children to as leeching and destructive a force as debt. It is immoral to rob our children's future and make them ...
Opinion: A Modest Deficit-Cutting Proposal
By Will Durst - AOL NewsDoesn't matter which side of the budget battleground you stick your rhetorical bayonet in, one thing we can all agree on is ... our government is broke. Broke. Broke. Broke. Broke. Broke. Broke. Broke. Stone broke. Like a ceramic pocket watch in a gravel blender broke. Destitute. Down and out. Indigent. Flat busted. Hard up. Cleaned out. On the skids. Short of currency. Devoid of money. Insufficient funds. Negative cash flow. Penniless. Pauperized. Poverty stricken. Impecunious. Decidedly unprosperous. Financially strapped. Insolvent. Not currently considering any luxury acquisitions like ...
Opinion: Who Has the Courage to Lead on Spending Cuts?
By not in system - AOL NewsLast week's release of President Barack Obama's budget left many Americans scratching their heads. They'd made clear their demands for a dramatic change in Washington's overspending ways; they'd also made clear their expectation for President Obama to lead in that charge. And certainly, the president fueled that expectation. During his State of the Union address, Obama said: "We have to confront the fact that our government spends more than it takes in. That is not sustainable. Every day, families sacrifice to live within their means. They deserve a government that does the ...
Opinion: This Is No Way to Win the Future
By not in system - AOL NewsIn his State of the Union address delivered just a few weeks ago, President Barack Obama pushed the banal conceit of "winning the future." To great partisan applause, the president channeled the reality show "Survivor" (slogan: "Outwit, Outplay, Outlast") and proclaimed that the United States needs to "out-innovate, out-educate and out-build the rest of the world." With the release of his budget proposal for fiscal year 2012, we now know exactly what the president meant: We need to out-spend the world. Sure, the United States government is already wracked with debt -- to the tune of about $9 ...
Forget the Obama Budget -- the Real Crisis Ahead Is the Debt Ceiling
By Walter Shapiro - Politics DailyFor all the red-ink rhetoric that engulfed Washington Monday with the release of Barack Obama's $3.7 trillion budget, the partisan talking points ("win the future" versus "spending the future") have far more to do with the 2012 elections than the national debt. The economic document that matters right now is not the line items in the 2012 budget, the ever-shifting House GOP proposals to slash as much as $74 billion in government spending this year, nor even the slash-and-burn report of the president's bipartisan fiscal commission. Far more important for those who worry about America's fiscal ...
Obama Budget Due Monday as Debate Nears on Raising Debt Ceiling
By Tom Diemer - Politics DailyIt's crunch time. With deficit hawks hovering, President Obama will offer his 2012 budget Monday, a spending package likely to include enough cuts to offend liberals, but not enough to mollify conservatives. But that's just an opener. House Republicans, facing an early March deadline to finish business on the current budget, are also feeling the heat -- both from tea party activists and from penny pinchers among the broader membership. A proposal unveiled Wednesday to trim as little as $35 billion or as much as $74 billion -- depending on whose baseline you use -- was met with scorn by ...
Opinion: Houston, We Have a Spending Problem
By John Merline - AOL NewsIn his State of the Union speech on Tuesday, President Barack Obama said that a key to "winning the future" is to "make sure we aren't buried under a mountain of debt." "Mountain" doesn't really do justice to how much debt the country has piled up. Right now the federal debt tops $14 trillion. To get a sense of how huge that number is, consider this: If you were to make a stack of 14 trillion $1 bills, it would make two round trips to the moon. The day after the speech, the Congressional Budget Office made it clear in a new report why this mountain exists. In a word: spending. As the chart ...
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