The Truth About the Deficit

The Federal Budget Impasse:

Here Are Some Facts

March 9, 2011 · Posted in Roanoke Tea Party Posts

 

Fact 1: Both Budgets that didn’t pass won’t help with the deficit.

Even the more aggressive $60 billion dollar cuts proposed by GOP won’t have a significant impact on a $1.6 Trillion budget deficit this year. It’s all just an exercise in futility. The investment community is starting to figure this out as the largest bond fund in the world has dumped US Treasuries from their portfolio. We cannot trust the Democrats or the status quo Republicans with our tax money. As Michelle Bachman disclosed today, $105 billion was slipped into the Health Care bill. The Democrats, in defending this stated the following:

“There is nothing in the health law that Republicans themselves haven’t put into plenty of laws when they were in charge. Take the 2003 Medicare prescription drug bill, for example, which was passed with predominantly GOP votes and signed into law by President George W. Bush. “That bill was chock full of mandatory goodies,” said Rep. Frank Pallone (D-NJ). “There was the $1.5 billion to fund startup administrative costs for implementation … and there was an unlimited appropriation to fund the transitional drug assistance program.”

He is correct. Which is why this is not a partisan issue, it was just as wrong when Bush did as it was when Obama did it, but the difference is the scale, where Obama and the Democrats have inserted almost 100 times as much money into Obamacare than Bush did with the Medicare fiasco of 2003.

We can’t trust either party to do the right thing unless they are  forced to do it.

See the rest of the story here: http://www.roanoketeaparty.com/the-federal-budget-impasse-here-are-some-facts/