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  • Irony Alert: Debt Commission is Running Out of Money

    Obama creates the National Commission on Fiscal Responsibility and Reform

    In an ode to irony, The Fiscal Times reports that President Obama’s Commission on Fiscal Responsibility and Reform (more popularly known as the “debt commission”) is running out of money:

    President Obama’s bipartisan fiscal commission is operating on a shoestring budget and some panel members and lawmakers worry that it may run short of money.

    The 18-member commission faces the daunting challenge of coming up with proposals by Dec. 1 to tame the federal government’s trillion-dollar budget deficit.  But the panel’s own budget is only $500,000, barely  enough to cover office rent and the salaries of four staff members.

    And though the White House and Treasury have loaned the panel experts from their own payrolls, and several think tanks are helping as well, the total full-time staff currently is only about 15 people and not expected to exceed 20. Money is so tight that the commission recently abandoned hopes of holding field hearings around the country to gather views from outside of Washington.

    The reasons for and solutions to our fiscal problems are not unknown. We spend too much money on bloated government budgets, while continually shoveling money in to entitlement programs that are careening towards fiscal ruin. The only way to get a handle on the debt is to fundamentally change the way the federal government spends money and the programs it spends it on. In fact, the only question that is ever in doubt is whether politicians in Washington have the political will to do what needs to be done.

    When the commission was set to begin deliberations, Heritage released a short WebMemo outlining many of the steps that must be taken to get our historic debt under control. Those principles of reform are simple:

    • Move Toward Historical Levels of Taxes and Spending
    • Bring Long-Term Solvency to Social Security and Medicare and Reform Medicaid
    • Reopen the Health Care Law
    • Offer Specific Spending Reforms, Not Just Numerical Targets
    • No New Taxes or Tax Increases
    • Bring Budget Transparency

    And the best part? Our advice is free.

    Posted in Economics [slideshow_deploy]

    14 Responses to Irony Alert: Debt Commission is Running Out of Money

    1. LALaw says:

      Can you also add how taxes are at the lowest in 60 years? The fact is is that people want Social Security and Medicare, like the prescription drug benefit that Bush enacted and didn't even pretend to attempt to pay for. Remember that?

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    3. LibertyAtStake says:

      Question:Why does this commission exist at all? Answer: To give BHO and the Progressives political cover for new taxes.

      Is there any way we can get this commission to drag on until after the midterms? That would be a shoestring budget well expended.

      http://libertyatstake.blogspot.com/
      [For a light hearted take on our present peril]

    4. Dennis Social Circle says:

      This commission is just another ploy by obama, he does not want to take the steps necessay to solve the problem. We need to do away with the present tax system, institue the fair tax. With the fair tax all will pay their sghare, even the illega immigrants that are such a drain on the system. Those that do not want to pay will have no choice, if they buy it they pay their share. Lots of people think it is another tax, but 23% looks a lot better to me than 35-40%, and under obama the highest rate will shy rocket in the near future. It is past time for us to stop playing with this and get serious on how to stop spending.

    5. NeoConVet, Kentucky says:

      The Debt Commission running out of money is an indicator of the thoughtless planning that got us into the fiscal mess!

    6. Drew Page, IL says:

      Only Obama would pay 18 Washington big shots, called a Commission, to tell him how to control government spending after he and his cohorts havwe spent the country into oblivion and are still coming up with ways to spend even more.

      Obama and his liberal friends are like alcoholics getting together to discuss a 12 step program – over drinks.

      To LALaw – What's your point? Just because Bush did something stupid by covering prescription drugs under Medicare, is this supposed to be 'carte blanche' for the Obama administration to further spend the country into poverty?

      Maybe you ought to blame all the administrations since Roosevelt for robbing Social Security funds and leaving IOUs for posterity to pay off. Maybe you could blame LBJ and his Great Society for passing Medicare.

      It doesn't matter who did what in the past. We live in the present and we can't keep making stupid decisions just because the people in power previously did.

    7. Thom, ID says:

      Heehaw! Maybe, if his commissions ALL run outta money, he'll have to be like a real president and think about something. I think it's a tell-tale sign that when someone is paying for something out of their own pocket, that person is admitting that he is delegating what he should be doing himself and his cabinet. He just wants to be president by proxy. Maybe if they can first figure out, as a committee, how to live on rice and beans, they'll be able to better pass on that valuable info to us, so we can survive until 2012. :o)

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    9. Lynn Bryant DeSpain says:

      Well duh? Who couldn't have seen that one coming? Nothing like bailing water into a sinking boat to make it go down faster!

      Prior to the last Depression, the Federal Government begged J.P. Morgan to bail out Wall Street and the Banks, for doing what they've been doing today. He complied. The Stock Markets and Banks did not correct their mistakes, and once again, Uncle Sam, hat in hand, asked J.P. for help, and he did, and nothing changed.

      The third time the Feds asked, Morgan said,"Go to Hell." and it all colapsed, because nobody changed the errors of their ways until there was no other choice.

      The Bailouts, TARPS, Buyouts of GM and Chrysler, just meant that nothng was learned from the last Depression. We learned nothing from our parents, Grand Parents and their Parents before them.

      Whenever you have enough, don't believe the fool who says, "You don't!"

    10. Greg K says:

      Great post Drew. Our country is like the oil spill in the Gulf. We keep gushing out of control with spending. We need to stop blaming all the past administrations and get control of the budget and spending.

    11. Marina Kesling, Caba says:

      And just what about adding: STOP THE PORK THEY ADD TO BILLS!

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    13. Leon, Durango, CO says:

      Doesn't that just prove that the Debt Commission is not a serious effort but a sham to delay the release of any real information. This is a feint! The Demo-crats need more time to demolish the economy, so this half hearted farce puts off the criminal investigations that should be done. This Administration refuses to enforce the Law. Understand, these are not loyal Americans. They think human beings need super mommy control. It is not healthy. It has nothing to do with the good of the People. They just need to bash somebody (other than themselves) while they steal everything.

      It makes me sick how these clowns commit massive crimes in plain sight but Republicans are "too decent" to stop them. Dear hearts, it is more than irony at play here. Beck is right. It is criminal, but of course you mustn't profile for Communist Infiltraitors. Goodness! No!

      It is all perfectly clear to me since Obama's 'election' that our form of Representative Government has been usurped by 10% loyal Communists ((who usurped Progressives) who usurped the Democratic Party). Now, in plain sight with manipulation of Primary Elections we know exactly how they did it. The encouraged the real Democrats not to run so their Socialist buddies can. Criminal. Now if you aren't boiling mad, you don't know what is going on! Quit playing pattycake with these traitors. The truly decent thing is to stop them! They usurped Representative Government! Oh, and killed our economy.

    14. Markalleus, Monroe, says:

      Come on guys, the government doesn't have any money. They are spending your money. If I work for you, and I tell you I need money to buy whatever, I can ask for a loan. If I want you to work for me, I will have a bunch of my "budies" destroy your operation and then offer you an opportunity to feed your family working for me after i sell everything your own to pay off my "budies" for a job well done. Quit paying these educated extortionists and get a real citizen to run the show. Lawyers are not rulers, they are anti common sense drama queens that have you convinced that "they" are necessary. Every problem or conflict can be resolved with common sense. It is not against the law to deny payment for piss poor performance. Don't pay any of them, cut em off. Yes we can.

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