On the recordMarch 9, 2011
we are discussing and debating two different alternatives--one from the other side of the aisle and one from our side--about what we should do about the budget deficit. We have a projected $1.65 trillion deficit in the next year. I think both alternatives are inadequate and do not significantly alter or change our course. On the Democrats' side, we have a proposal to cut about $5 billion to $6 billion for the rest of the year. To put that in perspective, we borrow $4 billion a day. So the other side is offering up cuts equal to one day's borrowing. I think it is insignificant, and it will not alter the coming and looming debt crisis we face. On our side of the aisle, we have done more. The cuts are more significant, but they also pale in comparison to the problem. If we were to adopt the President's approach, we would have a $1.65 trillion deficit in 1 year. If we adopt our approach, we are going to have a $1.55 trillion deficit in 1 year. Both approaches do not significantly alter or delay the crisis that is coming. It is interesting, when we talk about cuts, everybody seems to be giddy around here, saying this is the first time we have talked about cuts. It is better and it sounds good, but, guess what. We are not even really cutting spending. What we are talking about is cutting the rate of increase of spending. The baseline of spending is going to go up at 7.3 percent, according to the CBO.
