Debt Ceiling Mess
Recorded on May 6, 2011
It's time for common sense; I'm Ernest Istook.
Our national government has borrowed $14.3-trillion dollars and exhausted its credit line. The White House wants permission from Congress to borrow even more. This week, they told us how much--it's another $2-trillion dollars.
That's an enormous sum. If you started counting, one number each second, to reach two trillion would take you 64-thousand years.
President Obama wants to borrow more now, and decide later about possible spending cuts. But what he really wants is higher taxes.
All sorts of plans are being floated: So-called trigger plans, SAVE-GO, PAY-GO, spending caps. Most are based on promising to cut spending at some future date, but not right now.
Overwhelmingly, the public isn't buying it. Their message is clear: Make tough decisions now—which requires reforming entitlement programs—before you even think about borrowing more.
For common sense, from The Heritage Foundation, I'm Ernest Istook.