More bad economic news today:
Government posts biggest monthly deficit everNote that February's deficit is sixty billion more than the deficit for the ENTIRE fiscal year of 2007 when Bush was still in charge.
By Stephen Dinan
The Washington Times
Monday, March 7, 2011
The federal government posted its largest monthly deficit in history in February at $223 billion, according to preliminary numbers the Congressional Budget Office released Monday morning.
That figure tops last February’s record of $220.9 billion, and marks the 29th straight month the government has run in the red — a modern record. The last time the federal government posted even a monthly surplus was September 2008, just before the financial collapse.
Last month’s federal deficit is nearly four times as large as the spending cuts House Republicans have passed in their spending bill, and is more than 30 times the size of Senate Democrats’ opening bid of $6 billion.
In an earlier Times report, Steve Dinan noted that Democrats are sticking by their laughable offer of $6 billion in cuts:
A top Senate Democrat said Sunday that the $6 billion in additional spending cuts that his party offered is the limit Democrats can accept — drawing a line well short of Republicans’ goal with less than two weeks to go before a government shutdown if the two sides can’t agree.Also appearing on the Sunday talk shows, Senate GOP Leader Mitch McConnell wondered just how serious the Obama Administration and the Democrats are about cutting spending. " I've a number of conversations with people who count at the White House," McConnell said. "And I think that, so far, I don't see the level of seriousness that -- that we need."
Sen. Richard J. Durbin of Illinois, the second-ranking Democrat in the chamber, said the $6 billion proposal, released Friday, has “pushed this to the limit” on domestic spending. That comment stands in sharp opposition to a House Republican bill containing an additional $57 billion in cuts below 2010 spending.
Is Obama serious? If so, then why are words so hard to come by?
The Senate GOP posted the following on their You Tube channel. Watch as Obama, proclaimed by Democrats to be so much smarter than George Bush, searches painfully for a cogent thought in the absence of a teleprompter when asked about fiscal issues in a Feb. 15th press conference:
Chip Reid, of CBS News asks about the spiraling deficit in Obama's own budget projections and concludes: "the total over those 10 years, the total debt is $7.2 trillion on top of the $14 trillion we already have. How can you say that we’re living within our means?"
OBAMA: "Well here, he,he,he,he here's a, let me be clear on what I am saying because, um, I'm not suggesting that we don't have to do more."
Yeah, that was clear. And where is this "more?" Certainly not in the laughable proposals Obama and the Democrats have submitted.
Follow along with the rest of that short video and it is obvious that the White House hasn't got any plan to cut spending. The same can be said of Democrats who control the U.S. Senate. Only the GOP is advancing any half serious ideas for controlling spending and Democrats are using those meek suggestions as the basis for political attacks using their tried and true playbook of class warfare and cheap shots about "reckless" cuts damaging the middle class, seniors, children, etc.
Americans Want REAL Cuts
In case Democrats have forgotten, last November we had an election in which voters overwhelmingly elected Republicans to office on the platform of controlling spending. Recent opinion polls continue to show broad support for the GOP. From the blog of Speaker Boehner:
According to a survey released today by The Hill, “a full 95 percent of likely voters believe that lowering the debt is either very or somewhat important…with likely voters saying they prefer spending cuts to tax increases to shoulder the brunt of lowering the country’s debt.” The results of The Hill survey echo several recent surveys showing that Americans don’t believe President Obama or Democrats in Congress are doing enough to cut spending, which economists say is needed to help create a better environment for job creation:Instead of work together with the newly elected Republicans in Congress, Democrats have drawn a "line in the sand" and will pull out all the stops in another pathetic barrage of propaganda designed to defend their indefensible spending which is rapidly destroying the nation's economic potential.
Last week, an NBC/WSJ survey found that “63% of Americans say Democrats in Congress have ‘not gone far enough’ in cutting programs and reducing federal spending to deal with the budget deficit.”
A Quinnipiac survey also released last week found that over half of Americans (51 percent) believe that spending cuts supported by President Obama will cut “too little” to help reduce the budget deficit.
A recent Gallup survey “largely supports Republicans’ insistence on a plan that makes significant cuts in government spending,” with nearly half of Americans (48 percent) saying that budget proposals put forth by President Obama and Democrats in Congress “do not go far enough in cutting federal spending.”
“In Resurgent Republic’s most recent survey, 61 percent of voters — including 69 percent of Independents — say it is a higher priority for the federal government to spend less to reduce the deficit rather than spending more to help the economy recover.”
To say that $6 billion is all that can be cut from a budget with a $1.5 TRILLION deficit is the most absurd, irresponsible and reckless position Democrats have yet taken! And that's saying something.