Posted By RichC on August 1, 2011
As I watch the talking heads on CNBC blabber back and forth, their premarket guest politicians covered their bases for the “lite” deal which in reality kicks the can down the road. It is expected that there will be enough votes to pass the small bill … enough to keep the government functioning and bills paid and give the President a debt ceiling increase.
As far as savings over the long term, there really is little to cheer about. Realize that 2.1-2.4 Trillion in planned savings (the current small bill) hardly dents our nation’s debt. It also doesn’t balance our spending with our revenues (previous post and graphic). Voters like me are puzzled how representatives in congress refuse to listen to the public’s demand that they use this moment to spend only what we have. In fact poll after poll shows most Americans would even support a balanced budget amendment … I’d go a step future and suggest we amend the constitution to include term limits for congress as well.