His promise to reduce the deficit by half his first 2 years.
We can reduce the deficit all we want, but if the deficit number is GREATER than ZERO, then we end up borrowing more money so that we can pay our debt. And in the end, we add more debt, so it does nothing if we don't cut the spending to reduce the debt.
For as many years as I have been alive there has been more borrowing to cover our bills, creating a larger and larger deficit. With a 1.3 Trillion dollar deficit in 2011 our debt continues to grow. With no budget for 2012, as the Senate has done a fine job of rejecting not only what the House of Representatives proposed but what Obama proposed there seems to be no end in sight for coming up with a budget, one that will not just cut the deficit that the United States owes, but one that will cut spending.
Administrations often propose tax increases and the promise of spending cuts to get the tax increases, however history has shown that the tax increases come, however the spending cuts don't come. So now it has come down to both sides digging their heels in, and neither side wanting to give up its stance, in the mean time, our debt AND our deficit continue to grow.
Looking at politifact and an article that they wrote back in 2009, stating his promise was 'mostly true'. And maybe at that time it was mostly true, but here we are in 2012, with no budget, and a deficit in 2010 of 1.2 trillion dollars, a deficit of about 1.3 trillion in 2011, and the end of the 2012 fiscal year will see us with about a 1.1 trillion dollar deficit.
Looking at these numbers, I am NOT seeing a reduction in the deficit. And being that our national debt has gone up almost double in Obama's term as president, I can say that he has not fulfilled his promise to cut the deficit in half.
What congress needs to do as a whole is swallow some pride, roll up their sleeves, and figure out how to cut spending, to bring our debt down. Giving aid to other countries to the tune of 800 million dollars may sound like not a lot of money, but that right now is money that we do NOT have, and in the end it will add to not only the national debt, but to the deficit as we will be borrowing that money. Taxing more will do no good if we do not cut our spending, as congress has shown over the past several years that they seem eager to spend MORE. And giving in to future promises of spending cuts for tax increases will only feed their desire to spend more.
As we head into the 2012 election there are some candidates that feel that if there is no budget, Congress should not receive a paycheck.
Something tells me that this could be a way to ignite the politicians and give them incentive to finish the budget and cut spending.
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