The Reducing Barack Obama’s Unsustainable Deficit Act
Jobs are being lost everyday, the deficit continues to explode and the American people are angry.
It’s now been six months since President Obama moved into the White House and in that short time, we have seen all his economic policies fall flat on their face. The unemployment rate has skyrocketed to 9.5%, and the stimulus package has been defined by delays, fraud, and poor management.
Every day, I talk to Americans who are terrified about the path the country is going – the spending, the borrowing, the government intervention. That’s why we have introduced a bill that attempts to save the country from economic and fiscal disaster. It’s called the “Reducing Barack Obama’s Unsustainable Deficit Act” and it makes a much needed turn in the direction of fiscal responsibility.
On May 14th of this year, the President said, “The long-term deficit and debt that we have accumulated is unsustainable. We can’t keep on just borrowing from China, or borrowing from other countries…At some point they’re just going to get tired of buying our debt.”
While true, I think the American people are also getting tired of buying the President’s empty rhetoric.
To actually match word to deed, we have offered legislation to give Americans their money back. The first step is to cancel the spending portion of the stimulus package and recall the $460 billion that has not yet been spent. The money hasn’t gone out the door and we can still get it back.
The second step is to reclaim all unobligated TARP money so none of the remaining $150 billion can be wasted. The legislation then requires that all TARP money paid back must go directly to paying down the debt.
This simple measure will save taxpayers billions and help reduce this year’s projected $1.85 trillion deficit – by far the largest in U.S. history!
A lot of folks out there are saying they want their ‘change’ back, but the truth is Obama’s into us for a lot more than pocket change. And it’s clear buyer’s remorse has set in across this country. I, for one, think it’s time we get our money back.