Debt Wish: Off Balance

| February 5 2013

Debt Wish: Off Balance

During the debate running up to the fiscal cliff, President Obama threatened to veto any deal that didn’t include higher taxes.  So, despite the “balanced approach” rhetoric, what we got was higher taxes and no cuts.  Now that the White House took care of the tax side and Americans are paying more, isn’t it time for President Obama to make the same veto commitment for spending cuts and entitlement reform this time around?

 

PRESIDENT OBAMA’S VETO THREAT NOT AS “BALANCED” AS HIS RHETORIC

President Obama Called For A “Balanced Approach,” But Only Stood Firm On Higher Taxes:

Yahoo! News: “Obama Calls For ‘Balanced Approach’ To Avoid Fiscal Cliff.” (Deborah Lutterbeck, “Obama Calls For ‘Balanced Approach’ To Avoid Fiscal Cliff,” Yahoo! News,11/9/12)

Pledges To Veto Anything That Doesn’t Include Tax Hikes. “President Obama is prepared to veto legislation to block year-end tax hikes and spending cuts, collectively known as the ‘fiscal cliff,’ unless Republicans bow to his demand to raise tax rates for the wealthy, administration officials said.” (Lori Montgomery, “Officials: Obama ready to veto a bill blocking ‘fiscal cliff’ without tax hike for rich,” Washington Post, 10/17/12)

Spending Cuts Were “Barely Discussed.” “In public statements since [Obama’s] re-election, he has barely discussed how he would pare back federal spending, focusing instead on the aspect of his plan that plays to his liberal base and involves all gain and no pain for 98 percent of taxpayers.” (Peter Baker, “Obama Tilts Tax Debate Away From Spending Cuts,” New York Times, 11/29/12)

 

WITHOUT THE SAME VETO THREAT, SPENDING CUTS WERE LEFT OUT OF THE DEAL ENTIRELY

The Atlantic:“There Are No Spending Cuts In This Deal.” (Derek Thompson, “Fiscal Cliff Deal FAQ: What Just Happened And What It Means For You,” The Atlantic, 1/2/13)

The New York Times: “And It Includes Almost No Spending Cuts.”(David Leonhardt, “For Obama, A Victory That Also Holds Risks,” The New York Times, 1/2/13)

The Associated Press: “[The Fiscal Cliff Deal] Puts Off The Toughest Decisions About Spending Cuts…”(Charles Babington, “Analysis: Cliff Deal Is Another Pain-Free Punt,” The Associated Press, 1/3/13)

 

NOW PRESIDENT OBAMA IS ADVOCATING THE SAME BALANCED APPROACH

President Obama Wants “Smart Spending Cuts.” “In an interview with CBS, Obama said the United States could reduce the deficit and invest in education without raising rates again if it enacted ‘smart spending cuts’ that trimmed government waste, reformed expensive healthcare programs, and closed lucrative loopholes.” (Jeff Mason, “Obama: more tax revenue needed to address deficit – CBS,” Reuters, 2/3/13)

President Obama: “There is a way for us to solve these budget problems in a responsible way through a balanced approach that the vast majority of people agree with.” (President Obama, “Super Bowl Today,” CBS News, 2/3/13)

 

WILL THE PRESIDENT MAKE THE SAME COMMITMENT TO SPENDING CUTS AND ENTITLEMENT REFORM AS HE DID TO HIGHER TAXES?

BankruptingAmerica.org is an educational project of Public Notice, an independent, nonpartisan, non-profit, 501(c)(4) organization dedicated to providing facts and insight on the effects public policy has on Americans’ financial well-being.

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