Harry Reid and the Senate Democrats don't even bother with a budget – even though they are in the fourth year of trillion dollar plus deficits. Apparently, they've already decided that after you've jumped off the cliff, it is a little late to think about a place to land.
President Obama has submitted a budget to Congress as required by law each year, but even Democrats won't support him. The House defeated the 2013 White House budget 414-0 last month. Harry Reid says he has no plans to even bother scheduling a vote on the 2013 budget in the Senate. Last year, the Senate unanimously defeated Obama's 2012 budget 97-0. Obama says he knows how to fix things, and is making his case for a second term, but apparently not even one Democrat on Capitol Hill trusts him enough to support his budget.
Already rejected by even his own elected Democrats, last week the non-partisan Congressional Budget Office piled on with their own criticism. The CBO says that economic plan outlined by the Obama Budget would "hurt the economy in the long term." The following is reported by The Hill:
"The nonpartisan Congressional Budget Office said Friday that President Obama’s 2013 budget will hurt the economy in the long term, arguing the larger deficits it would produce would reduce the amount of capital available to businesses."
"After five years, the CBO says, the Obama proposals would reduce economic output by between 0.5 percent and 2.2 percent. "
Congress was right to reject yet another White House budget that would do even more damage. And, it didn't take the CBO to confirm that Obama economic policies would hurt the economy – we have 3 ½ years of evidence.
The House Republicans approved a budget presented by Rep. Paul Ryan, Chairman of the Budget Committee, but Reid has stalled letting the Senate vote on it, too. So, America finds herself flying blindly through the worst financial storm since the great depression.
Look for someone to ask in the first Presidential debate, "Mr. President, restoring the economy is the number one issue facing America. Why then did you draft a budget that would 'hurt' the economy even more?" That question should be on the mind of every voter.
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for August 29th, 2014 | John Ransom
Today, at 11:20 AM PT: Get the Market Movements in Advance: William's Edge Webinar for August 28th, 2014 | John Ransom
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for August 27th, 2014 | John Ransom
In Other News: Warren Buffet's Secretary Unavailable for Comment on Burger King Tax Move | Michael Schaus