The Ramifications of Obama's Budget

If President Obama’s budget gets passed, there is something other than growing debt that will be hampering the U.S. economy. Currently, the U.S. has a Triple-A debt rating, and Moody’s warns that this would come crashing down.

Americans for Limited Government President Bill Wilson mentions that this is no coincidence, as the President’s budget will add an additional $10.6 Trillion to the national debt. Additionally, the U.S. Senate voted to increase the debt ceiling by $1.9 Trillion, which would bring the national debt limit to $14.294 Trillion. Wilson also mentioned, “it was time “to set aside partisan differences and work together, not to ‘reduce the deficit,’ which means nothing, but to reduce the debt. The hour grows late. The nation cannot afford Congress continuing to borrow and print its way into a financial Apocalypse to pay for unsustainable entitlement programs. The national debt is a near-term problem, and there is not a moment to lose.”

Perhaps, we need to place more focus on getting out of debt by reducing government spending and looking at certain unnecessary government programs that need to be eliminated before looking to pass costly initiatives, such as government-run health care.