Common Cents: “Paying-For” Problem?
We have a…spending problem? Or maybe it’s just a “paying-for”problem? Everyone in Washington seems a bit confused about what’s actually happening with our federal budget. After four straight years of $1 trillion-plus deficits and taking America to the brink of a fiscal disaster twice in the last two years (and heading for a third), you’d think our leaders would understand that something isn’t quite right about the federal balance sheet. But…Washington still isn’t sure how to go about this money management thing, nor do they know if it’s really even an issue.
The Hill: “Obama to Use State of the Union to Make Case Against Spending Cuts” (Amie Parnes, “Obama to use State of the Union to Make Case Against Spending Cuts,” The Hill, 2/12/13)
Bloomberg: “Obama to Propose Spending to Boost Jobs in State of Union.” “The president will offer proposals for spending on infrastructure, clean energy and education, according to a senior official briefed on the speech.” (Lisa Lerer and Heidi Przybyla, “Obama to Propose Spending to Boost Jobs in State of Union,” Bloomberg, 2/10/13)
President Obama Says Tax Revenue Will Go Towards Spending. “In a foreshadowing of more budget battles to come, Obama said he would insist that taxes be raised by closing loopholes that benefit the wealthy, as a way to raise money for spending projects.” (Steve Holland, Obama open to “big deal” on budget, but wants revenues, Reuters, 2/7/13)
Pelosi: “False Argument To Say We Have A Spending Problem.” “It is almost a false argument to say we have a spending problem. We have a budget deficit problem that we have to address,” she told Fox News’s Chris Wallace on Sunday. (Cameron Joseph, “Pelosi: ‘Almost a false argument’ to say US has a spending problem,” The Hill, 2/10/13)
Rep. Steny Hoyer, D-Md. Refuses To Admit We Have A Spending Problem. Instead Says We Have A “Paying-For” Problem.” “The country has a paying for-problem. We haven’t paid for what we bought. We haven’t paid for our tax cuts. We haven’t paid for the war. … If we don’t pay, we shouldn’t buy.” (“Dem Leader Refuses to Say We Have a Spending Problem—U.S. Has a ‘Paying-For Problem,” Fox News, 2/12/13)