June 09, 2009

Why Do I Get The Feeling This Is An Empty Gesture By The Messiah?

Seriously, do you believe The One wants to enforce tighter rules on spending?

Obama added: "Paying for what you spend is basic common sense. Perhaps that's why, here in Washington, it's been so elusive." He recalled that two years ago during the presidency of George W. Bush, the new Democratic-controlled Congress adopted rules to restore the pay-as-you-go principle, also known as PAYGO, but could not pass it into law without support from the administration.

"I want you all to know, you now have that support," Obama said to applause from the gathering.

Calling pay-as-you-go "essential," Obama said, "The reckless fiscal policies of the past have left us in a very deep hole. Digging our way out will take time, and patience, and tough choices." He said Americans are "not wrong" to be skeptical, but he expressed confidence that political leaders can seize "an extraordinary moment" and summon the resolve to "restore fiscal responsibility."

Obama has said since taking office that he would support a push to enact budget rules similar to those that were in effect during the Clinton administration, when big deficits were briefly transformed into surpluses.

If approved by Congress, the rules would forbid lawmakers from expanding entitlement programs such as Medicare and Social Security, creating new entitlement programs or cutting taxes unless the cost is covered by spending cuts or tax increases. If lawmakers fail to pay for their initiatives, Obama's rules would subject some entitlement programs to automatic cuts, according to details of the plan released by the White House.

Deficit hawks applauded the move, saying the automatic trigger, known as sequestration, would mark a return to more serious budget restraint, though they expressed concern about the administration's plan to exempt some programs from automatic cuts, particularly the massive and popular Social Security program.

Posted by: eddiebear at 01:51 PM | Comments (3) | Add Comment
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