From the Associated Press:
Republicans in the Senate are backing a plan to shave $20 billion from President Barack Obama’s budget for the upcoming fiscal year.
The cuts amount to about a 2 percent trim from the $1.13 trillion requested by Obama for agency budgets annually funded by Congress. Senate Budget Committee Democrats have proposed a $4 billion cut…
A $20 billion cut is, of course, not enough – but still contrasts sharply with the Democrat’s absurd $4 billion cut which is nothing more than a campaign gimmick designed to allow threatened Democrats to say they voted to “reign in out of control government spending”.
We need to start thinking in terms of a 25%, across-the-board reduction in spending – and that is just a start. Unless we very swiftly get our budget under control, we face absolute national bankruptcy and complete economic collapse. If we don’t do this, dear people, then we face a future of not just 10 or 15% unemployment, but 50%…not just three or four years of recession, but decades of Depression.
It is really that serious. We cannot sustain this debt and eventually the time will come when we can’t borrow any more – and if we’re not balanced by then, the whole thing falls apart. Money will go in to hiding, everyone will be afraid to make any economic move, at all – government will freeze up (normally, a good thing but in such a circumstances, it would actually be bad). The have announced that our deficit has been $1 trillion through June – how much longer does anyone thing we can keep that up? A year? Two?
The Republican move is long-awaited, not nearly enough and should start the real debate about what we will do about our debt.
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