On the recordJuly 20, 2011
To hear the President talk, you would think this is the key to balancing our budget. We all know he is overstating the case. It would provide only a month of debt reduction is about all it would do? Given its essential role in his deficit reduction proposals, you would hope so. But I am sorry to disappoint my friend from Alabama, because, according to our calculations, that amount equates to only 20 hours and 23 minutes of the debt over the next 10 years. Unfortunately, that doesn't even begin to solve the problem. Of course, as you can see here, $13 trillion, the Obama debt; there would be $3.1 billion over time with the corporate jet taxes; and remaining above the debt-- assuming they didn't spend more, which is an assumption you can't make--would be $12.9 trillion. Is the problem solved? Of course not.
