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Entries in Public Debt (146)


NRN - Must Reads for July 26, 2010

Americans for Limited Government President Bill Wilson's quote of the day is in reference to  the White House's projection of a $1.47 trillion budget deficit for 2010:

"The announced $1.47 trillion deficit by the Obama Administration is just the latest insult to American taxpayers, who during these stressful economic times are scaling back their family budgets but watch helplessly as government dramatically expands without paying for it. That money will have to borrowed through Treasury auctions, and what cannot be borrowed will simply be printed by the Federal Reserve, which already holds $777 billion in U.S. treasuries.

"In the process, the government is chaining the American people, and future generations, to a mountain of debt that cannot possibly be paid back, and strangling any hope of growth or economic recovery. The spending splurge is destroying hope of Americans who don't want more unemployment insurance, but instead want a job."




Bass Proposing a Committee That Would Solely Focus on Cutting Spending

Concord, NH- As the White House today predicted that America will face a higher-than-expected deficit of  $1.42 trillion next year, Peterborough Republican Charlie Bass strongly criticized the Obama Administration and the Democrat Congress for its reckless spending.   Bass is a candidate for Congress in New Hampshire’s 2nd District.

Bass said, “It is unconscionable  that Democrats in Washington are now borrowing 41 cents of every dollar they spend.  When will Barack Obama, Nancy Pelosi, and Harry Reid learn that America cannot sustain trillion dollar deficits for the next ten years?  We should never have bailed out the auto industry, the insurance industry and the big investment banks.  We should not have passed a trillion dollar federalization of health care.   The time to stop this out-of-control spending is now.  Our country cannot afford to wait another minute.”

Bass added,  “We should repeal the stimulus, and use the balance  to cut taxes on income temporarily, which will quickly produce real jobs.  We should repeal the health care bill, and replace it with a plan that will make health care more competitive, more affordable and more available.”

Bass said he will soon unveil details of  a proposal to create an anti-spending committee.   “Right now, every Congressional committee focuses on  how to spend our money.   I have a plan to establish a committee whose sole responsbility is to save our money, by cuting spending.”

Charlie Bass has a strong record of fighting taxes and cutting unnecessary spending in Congress, including:

·         Voting more than sixty times to cut taxes, including votes in 2001 and 2003 to cut income taxes across the board;

·         Voting more than 20 times for across-the-board spending cuts;

·         Voting against earmarks and to eliminate funding for the “Bridge to Nowhere,” saving taxpayers billions;

·         Helping to create the first balanced budget in 24 years;

·         Fighting to extend lower tax rates for small businesses on capital gains, dividends and expenses.


NRN - The Daily Wrap-Up 

June 9, 2010
4:00 PM Eastern


Good Wednesday Afternoon -

High noon for the EPA is tomorrow. The Senate will vote on the resolution to stop the EPA from enforcing its carbon dioxide endangerment finding. Currently, Scott Brown joins the two Senators from Maine who have not declared how they intend to vote on the measure.

Senator Jay Rockefeller (D-WV) announced that he will stand with Murkowski and the GOP in the Senate on Thursday by voting  for the resolution to stop the EPA.

Apocalyptic EPA should not be setting energy policy. "On Thursday, the U.S. Senate is expected to vote on a joint resolution by Alaska Senator Lisa Murkowski that would overturn a gloomy finding by the Environmental Protection Agency (EPA). Last year, the agency found that carbon dioxide is a harmful pollutant under the Clean Air Act whose concentration in the atmosphere will do almost everything short of causing an Apocalypse."

The Tea Party Movement connects with the candidates on the basis of ideas, not party."Contrary to what has been widely circulated in the New York Times and elsewhere, the Tea Party movement presents both parties with challenges and liabilities. The recent Democratic victory in Pennsylvania's special House election shows that a small government message transcends party labels."

A Stalin memorial was erected in Virginia. "At the National D-Day Memorial ceremony this past Sunday in Bedford, Va., memorial officials unveiled a bust of USSR dictator and mass murderer Joseph Stalin. No joke.

IBD: U.S. embraces model that has failed Europe. "The modern European welfare state has proven unsustainable. From Greece to Britain, from France to Portugal, European countries are slashing social welfare benefits, raising the retirement age and dismantling government bureaucracies. Yet, even as Europe is learning that you can't forever rob Peter in order to pay Paul, the U.S. is racing to transform itself into a copy of the failing European model."

Washington Examiner: Obama's federal spending doubletalk. "White House chief of staff Rahm Emanuel and Office of Management and Budget Director Peter Orzag announced with great fanfare Tuesday that President Obama wants all nonsecurity agencies to cut spending by 5 percent. As the Washington Post described it, this is 'the latest in a series of initiatives, legislative proposals and veto threats in recent weeks aimed at demonstrating that Obama is minding every penny.' Well, pardon us, please, for being the skunk at the party, but why should anybody take seriously any of these White House PR campaigns to make Obama look responsible on the spending issue? After all, in less than two years in the Oval Office, Obama had added more than $4 trillion to scheduled federal spending, driven the annual budget deficit from $467 billion in 2008 to nearly $1.6 trillion in 2010, and pushed the national debt from $10.6 trillion to more than $13 trillion. All of these marks are mileposts on the road to fiscal calamity."

Primary Wrap-Up:


NRCC - Shea-Porter Backs Pay Raises for Government Bureaucrats

New Hampshire Democrat Blocks Effort to Trim Federal Spending in Face of Overwhelming Deficit

Washington- Carol Shea-Porter sent a loud and clear message about where her priorities lie this morning when she joined her party to vote against consideration of a common-sense proposal to cut spending and move the country one step closer to fiscal stability (House Roll Call 334). Republicans offered legislation to freeze an annual pay raise for federal employees, but Shea-Porter and her fellow Democrats tossed the measure aside in an attempt to continue their brazen spending spree with money the country doesn’t have:

“The House GOP’s YouCut program this week seeks to put next year’s proposed 1.4 percent civilian raise on the chopping block. And so far, it’s the top choice to be cut — House Minority Whip Eric Cantor, R-Va., said today that 40 percent of the half-million votes cast so far this week were in favor of eliminating the 2011 raise.” (Stephen Losey, “GOP’s YouCut Targets Federal Pay Raises,” Federal Times, 5/25/10)

Shea-Porter's rejection of fiscal responsibility comes just days after the national debt hit an ominous benchmark of $13 trillion. With the country sinking deep into the red, experts have declared that this massive debt is officially a drag on economic growth:

“The gross U.S. debt is approaching a level equivalent to 90 percent of the country's gross domestic product, the level at which growth has historically declined, said Carmen Reinhart, a University of Maryland economist.

“When gross debt hits 90 percent of GDP, Reinhart told the commission during a hearing in the Capitol, growth ‘deteriorates markedly.’” (Walter Alarkon, U.S. Debt Reaches Level at Which Economic Growth Begins to Slow,” The Hill, 5/26/10)

Carol Shea-Porter likes to talk about fiscal responsibility, but she just failed at making an easy choice on behalf of New Hampshire taxpayers,” said NRCC Communications Director Ken Spain. “Instead of taking a step toward economic stability, Shea-Porter refused to break ranks with Nancy Pelosi by choosing to protect pay raises for government bureaucrats. It’s time for Shea-Porter to stop throwing away taxpayer money and start following the same rules as New Hampshire families who realize that responsible budgeting is a necessary way of life during these difficult times.”

When will Carol Shea-Porter finally realize that Washington shouldn’t follow a different set of rules than the rest of the country? 


NRCC - Shea-Porter Fails to Lead as Democrats Punt on the Budget

Democrats Still Refuse to Govern as National Debt Hits Alarming New Benchmark

Washington- As Democrats continue to push forward with their runaway spending agenda, Americans have been delivered another alarming reminder that the majority is refusing to do the job of governing. Just yesterday, the U.S. Debt Clock hit $13 trillion, and experts admit that the country’s red ink has officially become a drag on economic growth. That’s an ominous warning that it’s time for Washington to finally reign in spending and start trimming the country’s budget – that is, if they could come up with one.

“The U.S. national debt hit $13 trillion today, a stratospheric number with looming implications for every citizen.  (“National Debt Clock — Tracking the Red,” Fox News, 5/26/2010)

“The gross U.S. debt is approaching a level equivalent to 90 percent of the country's gross domestic product, the level at which growth has historically declined, said Carmen Reinhart, a University of Maryland economist.”

When gross debt hits 90 percent of GDP, Reinhart told the commission during a hearing in the Capitol, growth ‘deteriorates markedly.’” (Walter Alarkon, U.S. Debt Reaches Level at Which Economic Growth Begins to Slow,” The Hill, 5/26/10)

While the country sinks deeper and deeper into the red, Democrats refuse to introduce any sort of plan to control spending and put the economy back on track. Instead, in the words of their own party leaders, they’re failing at one of their most fundamental duties.

“Many Democrats relished in criticizing Republicans for failing to pass a final budget resolution in 2006, when the GOP controlled both chambers.

“Majority Leader Steny Hoyer (D-Md.), then the House minority whip, said Republicans who failed to enact a final budget measure weren’t meeting ‘the most basic responsibility of governing.’

“Budget Committee Chairman John Spratt (D-S.C.) blasted Republicans that year, telling them, ‘If you can’t budget, you can’t govern.’” (Walter Alarkon, “GOP Plays Back Dem Trash Talk on Budget,” The Hill, 5/27/10)

“In the face of a looming fiscal crisis that demands action, Carol Shea-Porter and her friends in Washington just can’t be bothered to put forward any sort of plan to get spending under control,” said NRCC Communications Director Ken Spain. “Even in the words of Shea-Porter's own party leaders, the Democrat majority is failing to do the job of governing. It’s time for congressional Democrats to start following the lead of middle-class families who are tightening their own belts, but Shea-Porter and her party leaders simply refuse.”