Right before stepping down as House Speaker, John A. Boehner helped push a budget agreement that would see $112 billion in spending increases. While the Boehner-Obama agreement is part of the reason Boehner stepped down, it’s set to to allow the president unlimited spending until March of 2017. As President Obama has demonstrated, giving him that kind of power is like giving a child a credit card with no limit.
“The Boehner-Obama spending agreement would allow for unlimited borrowing by the Treasury until March 2017,” said Paul Winfree, director of economic policy studies at The Heritage Foundation. “This deal piles on billions of dollars to the national debt by increasing spending over the next three years and then not paying for it for a decade — with half of the offsets not occurring until 2025.”
The bipartisan Committee for a Responsible Federal Budget estimated that only about half of the increased spending in the budget deal is paid for. Rather than a spending increase of $80 billion over two years, the nonprofit group said, the actual spending hike is $154 billion when interest costs and budget gimmicks are factored into the equation.
“Of this $154 billion, about $78 billion is paid for honestly” through Medicare reforms, reductions in farm subsidies, asset sales and other measures, the group said. “The remaining $56 billion of the legislation — mostly the war spending increase and interest costs — is not paid for at all.”
Of course, Congress bears equal responsibility for the high level of debt. A prime reason that Mr. Boehner left office was conservatives’ displeasure with his accommodation of the president’s budget requests, aside from three years of “sequestration” spending caps that helped limit annual deficits.
“We will be raising the debt ceiling in an unlimited fashion,” said Sen. Rand Paul, a Kentucky Republican who tried to filibuster the budget deal before the Senate approved it in the wee hours of Friday. “We will be giving President Obama a free pass to borrow as much money as he can borrow in the last year of his office. No limit, no dollar limit. Here you go, President Obama. Spend what you want.”
The president said Friday that the agreement “is paid for in a responsible, balanced way.”
“This agreement will strengthen the middle class by investing in education, job training, and basic research,” Mr. Obama said. “It will keep us safe by investing in our national security. It protects our seniors by avoiding harmful cuts to Medicare and Social Security. It locks in two years of funding and should help break the cycle of shutdowns and manufactured crises that have harmed our economy.”
When Mr. Obama talks about fiscal matters, he usually takes credit for cutting the deficit by two-thirds. He also is correct that annual budget deficits have fallen from $1.4 trillion in fiscal 2009, in the depths of the recession, to $439 billion in fiscal 2015.
If Barack Obama truly set out to destroy America, allowing him the freedom to borrow and spend more money will see that he does it by the time he leaves office. And if you need a reminder of just how hypocritical the man is, check out the video in the player below.
Yet, remember this statement:
Source: washingtontimes.com
What a bunch of trolls those obamas
Crook Lier and anyone that supports him is also He hasnt helped the job market at all has hurt our cou ntry sooooo much
It’s so easy to spend money that isn’t yours and this moron is an expert at it.
This man at the time blasted politicians for adding $4 trillion to the deficit !!! During so far 7 years he has doubled the deficit to $20 trillion how is this not getting out to the masses about what a hypocrite he is???? Oh I forgot the media gives him a free pass because Obama and the media are idiots!!!!!
Who wants liars for the leader of the USA?