On the recordFebruary 27, 2013
I want to start with some numbers that help put our spending budget debate in perspective. Since President Obama became President of the United States, our gross national debt has gone up by 56 percent--56 percent. Over the next decade, unless we act responsibly, it is projected to rise by another 57 percent and reach a staggering $26.1 trillion. I don't know anyone who can actually comprehend numbers that big, but that is what it is. By comparison, the sequester--the much-dread sequester that is supposed to go into effect on Friday--would cut only 2.4 percent out of Federal spending for this next year. It would authorize $85 billion in cuts for the current fiscal year, which, as I said, is only 2.4 percent of the total Federal budget--2.4 percent. Yet the President is now traveling around the country on Air Force One, telling us that a 2.4- percent spending cut will have a catastrophic effect on our economy and on jobs. Of course, this part is predictable: The only solution he seems to offer is raising taxes once again. We saw in December during the debate over the fiscal cliff--and I know the American people must be getting nauseated with us lurching from one financial crisis to another, with the fiscal cliffs, sequestrations, debt ceiling, government shutdown threats. It is no wonder the American people look at Washington and wonder: Can't you guys get your act together?…
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