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  • A Second Chance for Fiscal Responsibility

    Last January, Senators Jeff Sessions (R-AL) and Claire McCaskill (D-MO) introduced an amendment which would have taken the first steps toward restoring fiscal responsibility in Washington. While the amendment failed to attain the necessary 60 votes for passage, it did gain strong bipartisan support, with 16 Democrats joining all but one Republican voting for the measure. Fortunately, all hope is not lost.

    The amendment, which would cap discretionary spending increases at two percent per year, is expected to come up for a second vote tomorrow. The spending caps would mark a distinct departure from the recent past, when annual increases have reached as high as 12.2 percent. While restrictions on discretionary spending alone can not solve the nation’s fiscal troubles, adoption of this amendment would mark an important start.

    Since the first vote failed on January 28th debt held by the public has increased by $88 billion and President Obama’s own budget projects this figure to more than double from $7.5 trillion in 2009 to a record $18.6 trillion by 2020. At some point this borrow and spend policy must come to an end. The next roll call vote for the bipartisan Sessions-McCaskill amendment will reveal which Senators are serious about budget restraint, and which are committed to the status-quo.

    Posted in Economics [slideshow_deploy]

    3 Responses to A Second Chance for Fiscal Responsibility

    1. Drwew Page, IL says:

      We keep saying government spending must controlled. Those doing the spending say that their spending is under control–their control.

      I couldn't help but laugh out loud the other day when President Obama said "We have to get government spending under control". I wondered if he had a mouse in his pocket when he said "we". It sure as hell isn't us doing the spending; it's him and his Democrat Congress.

      Mr. Obama announced that he initiated a limit on "discretionary" government spending, but then announced all the things that were not included in the spending limit. By the time he listed all the exceptions to this limit, we discovered that the limit applied to only a small percentage of total spending.

      Well, I guess if your goal is to redistribute the wealth, he is well on his way to accomplishing that goal.

    2. Lynn Bryant DeSpain says:

      If Congress truly wishes to achieve fiscal responibility, it must pass 'Tort Limitations' at all levels of our Society! This in itself would free monies for employers to hire more people, increace production and be competative with the World Market!

      Very few Americans know that one half the cost of a six foot step ladder made in the USA is for Liability Insurance. The same holds true for most every product manufactured in the USA.

      This includes the hospitals, Doctors and Drugs. One half of our personal MD, a family Practitioner's gross income goes for mal-practice insurance, and she has never had a claim filed against her in twenty years!

      Tires, stove-bolts, carpets, paint, everything is game to attornies to file suit for injuries claimed to be a result of the product.

      Whether valid or not, the claims must be realistic, actuall and future damages. Not Punitive, into the millions of dollars. That only drives up the costs of the products and services.

      Limit torts, and immediately Liability premiums will be reduced by two thirds. That is a vast amount of readily available capital in the hands of people who know how to invest it in jobs and production.

      This will heal America far more quickly than any other legislation.

    3. Pingback: Joining MLM Company | Nathaniel's MLM Blog

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