Rep. Tom McClintock, FloydReports.com
Federal spending has ballooned 28 percent during the Obama presidency, while the government has amassed more debt than it acquired from the first day of George Washington’s administration to the last day of George H. W. Bush’s.
Our nation is racing toward a fiscal cliff. Yet, as Sen. Jim DeMint noted, instead of hitting the brakes, Congress and the president just set the cruise control. “The Budget Control Act of 2011” offers an object lesson in exactly the sort of empty compromise that has gotten our nation into its present mess. Faced with the devastating consequences of unprecedented and unsustainable federal spending, both parties agreed on only one thing: to lock in that spending for at least the next two years. Bypassing the normal legislative process, the deal was written behind closed doors and dumped it into the laps of both houses under the threat that failing to pay the government’s bills would jeopardize the nation’s triple-A credit.
Unfortunately, the deal didn’t just pay our current bills – it gave the most spendthrift administration in history an open credit line to continue its spending spree beyond 2012. Ironically, it ended up costing the United States its triple-A credit rating by failing to rein in spending significantly. Indeed, Standard & Poor’s had explicitly warned for the last two months that $4 trillion had to be cut from the projected ten-year deficit to preserve the nation’s credit. Even if the plan works perfectly….