Recorded on February 17, 2011
It's time for common sense; I'm Ernest Istook.
A couple of years ago, Congress passed a law that made interest rates soar on credit cards. So consumers started paying off their credit cards rather than carrying such high loads of debt.
But our federal government is doing the opposite.
President Obama's budget is filled with rosy projections, yet shows interest on the national debt skyrocketing as he proposes borrowing more and spending more. Soon the interest will be $2,500 a year for every person in the country. Interest payments will exceed the combined amount we spend on education, transportation, and a bundle of other purposes, and still keep going up.
Yet Obama's plan is to spend more and borrow more.
It's time for our government to show the same discipline that our families have, and stop the nonsense.
For common sense, from The Heritage Foundation, I'm Ernest Istook