Just when you see things improving, and you hope that the recovering housing market can be sustained, comes President Obama telling us the world will end if the sequester he created during the 2011 debt ceiling fiasco goes into effect.
If you recall Republicans agreed to a $2.4 trillion increase in the debt ceiling, that Obama promptly spent in sixteen months, in exchange for $1.2 trillion in cuts that were to be determined by a ’super-committee’. Should the super committee fail to agree on what was to be cut, automatic cuts would be made equally to discretionary spending and defense spending.
Obama threatened in November of 2011 that if the committee failed to agree and the sequester went into effect that he would veto any law that would roll back the sequester. Perhaps you remember that threat, ‘there will be no easy off ramps’ if you fail to pass cuts.
Today is a new day and Obama not only won’t veto any sequestration changes, he’s begging for changes claiming if the drastic cuts go into effect emergency responders, air traffic controllers, police, fire, day care, defense workers will all lose jobs.
Do you recall the recent fiscal cliff negotiations? All Obama needed was for the rich to pay a ‘little more’ toward their fair share and all would be well in Wonderland? Taxes were raised $630 billion on those earning over $450,000 a year in exchange for kicking the sequestration can down the road to March 1.
Then it was deja vu all over again. House Republicans put forward a bill that made sensible spending cuts that would avoid the sequestration cuts. Again, Harry Reid refused to call the bill in the Senate because Obama shared with America that we can’t cut our way to prosperity, and proposed a balanced plan that included spending cuts and more tax increases on the rich who still need to pay a little more of their fair share.
What is really at issue here? The amount of the sequestration was reduced during the fiscal cliff negotiations to $44 billion, according to the CBO, or about 2% of the proposed $3.8 trillion continuing resolution. There hasn’t been a budget passed by Reid and the senate in four years.
The president wants you to believe that those cuts would be devastating and possibly throw the nation back into recession.
A compliant liberal media report these claims without challenge and as truth. Anyone with more than two brain cells, an income, and checkbook knows their budget would not be devastated by cutting 2% of their spending.
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for July 11th, 2014 | John Ransom
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for July 9th, 2014 | John Ransom