Foxnews.com is reporting that the liberal Congress is about to run back to the well to pull almost $2 trillion from our children’s pockets. Obama did not take a scalpel to the budget as he said he would and now Congress is coming back to the trough to pay for everything Barack failed to cut.
The record increase in the so-called debt limit is required because the budget deficit has spiraled out of control in the wake of a recession that cut tax revenues, the Wall Street bailout, and increased spending by the Democratic-controlled Congress. Last year’s deficit hit a phenomenal $1.4 trillion, and the current year’s deficit promises to be as high or higher.
The good news is that a limited-government, deficit hawk Republican has just been elected to the Senate:
Congress has never failed to increase the borrowing limit, but it will take 60 votes to pass the legislation under an agreement by top Senate leaders.
Getting 60 votes became more complicated after Sen.-elect Scott Brown’s victory Tuesday in Massachusetts. Democrats will shortly have 59 Senate seats and will need at least one Republican to pass the legislation.
At some point, we have to realize that while we are all offended by the inflation of Medical costs, no one is taking aim at the inredible increase in the cost of funding… the government.
Less than a decade ago, $1.9 trillion would have been enough to finance the operations and programs of the federal government for an entire year.