President Obama’s brand of ‘Hope and Change’ comes with a hefty price tag
President Obama talked a big game during his pre-presidency stump speeches but proved he is full of hot air when it comes to rolling back red tape and revitalizing our economy.
The Daily Signal lays it out for us:
That mountain of debt he promised to rein in is now larger than it has ever been. The national debt was $10.6 trillion when Obama came into office in 2009. It now stands at $18.9 trillion—an astounding 80-percent increase in just seven years, the largest increase in history. Our government debt now eclipses the size of our economy.
Despite initially signaling that he was open to slowing discretionary spending—the portion of the budget controlled by annual appropriations bills—the president made ever more spending on discretionary programs a priority.
By working with a broad coalition in Congress, Obama was able to shatter the post-sequester spending caps he signed into law in 2011—one of the only measures that has been successful at limiting spending in recent years. Federal spending is now on pace to hit $4 trillion annually by the end of the president’s term, a sum that constitutes a fifth of the economy. Together with Congress, Obama has repeatedly raised the debt limit without making any spending reforms. The latest measure even suspended the limit until March 2017, effectively giving the Treasury a blank check to borrow until then.
It’s time to implement commonsense budgetary policy that eliminates our national debt. Click here to help Tea Party Patriots encourage lawmakers to implement the Penny Plan, which would balance the budget with five years.