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Time to Borrow Again

Recorded on February 27, 2012

From The Heritage Foundation, I’m Ernest Istook.

Last August, President Obama and Congress reached a controversial deal.

They claimed they would cut spending by $2.1-trillion dollars, spread out over ten years, in exchange for borrowing $2.1-trillion, just to get us through 2012. They calculated the government would nor have to borrow again until 2013, conveniently after the elections this fall.

It was a typical Washington deal: Borrow and spend now, and only promise to cut spending in the future. And put things off, hoping the voters won't notice.

That plan is not working. Some calculations show the feds will burn through that borrowed $2.1-trillion even before the elections. So how do they tell the voters that it's time to borrow again, even as spending goes unchecked?

The answer is that there is no good reason, only the same old tired excuses.

From The Heritage Foundation, I’m Ernest Istook.