Senator Stabenow Porker of the Month

Washington, D.C.) – Today, in recognition of the potfuls of taxpayer gold that have been squandered on subsidizing ill-advised green energy programs, Citizens Against Government Waste (CAGW) named Senator Debbie Stabenow (D-Mich.) its March 2012 Porker of the Month.

Sen. Stabenow was chosen for submitting amendment #1812 to S. 1813, the Moving Ahead for Progress in the 21st Century Act, which would have extended federal subsidies for green energy, including alternative fueling stations, biofuels, refined coal, energy-efficient appliances, and wind power, among others. Many of the initiatives singled out for continued subsidies in Sen. Stabenow’s amendment, such as the Treasury Department’s 1603 grants, the Renewable Energy Production Tax Credit, and the tax credit for Alternative Fuel Vehicle Refueling, were expanded or begun as part of the $787 billion American Recovery and Reinvestment Act of 2009 (stimulus).

Fortunately, the amendment was defeated on March 13 when it garnered just 49 votes in its favor, 11 short of the 60 it required. Taxpayers need look no further than Advanced Ethanol Council Executive Director Brooke Coleman’s reaction to the amendment’s failure to know that it was a win for their wallets; he claimed that lawmakers “missed an opportunity” by failing to extend the Cellulosic Biofuels Producer Tax Credit, which eases the way for America’s expensive ethanol program.

Sen. Stabenow’s amendment exemplifies the public policy fallacy gripping the Obama administration and many lawmakers, which holds that the key to unlocking a green energy surge is simply more taxpayer money. But as Washington Post columnist Charles Lane put it in his March 5, 2012 column, “Advocates insist that the government should help them crank up mass production of electric vehicles. Once economies of scale kick in, they argue, electric vehicles can compete…Four decades after the 1973 oil crisis, this logic is wearing thin. Any company that figured out how to build a practical mass-market electric car would be swimming in cash. That no one has done so suggests we are bumping up against the limits of nature, not just politics or economics.”

“When the stimulus originally passed, one of the biggest concerns, beyond its exorbitant initial cost, was that supposedly temporary programs would become permanent and waste taxpayer dollars in perpetuity,” said CAGW President Tom Schatz. “Sen. Stabenow has demonstrated that those fears were not unfounded. The past six months have been marred by examples of the futility of picking winners in energy markets, which already have access to private capital. Failures at Solyndra, Ener1, Beacon, Tesla, Amonix, Evergreen Solar, SpectraWatt, SunPower, and others make it obvious that the government has about as much chance of stumbling across a four-leaf clover as it does of being successful as a venture capitalist,” added Schatz. “Not only should these programs not be extended, they should be terminated.”

For attempting to compound the federal government’s costly foray into green energy investment, and doing her best to bury taxpayer greenbacks at the end of the rainbow, Senator Debbie Stabenow is CAGW’s March 2012 Porker of the Month.

CAGW is a nonpartisan, nonprofit organization dedicated to eliminating waste, fraud, abuse, and mismanagement in government. Porker of the Month is a dubious honor given to lawmakers, government officials, and political candidates who have shown a blatant disregard for the interests of taxpayers.

Hands Off My Health Care Barry!

Americans for Prosperity to Hold Historic “Hands Off My Health Care” Rally in DC as Supreme Court Takes Up Legal Challenge to Obamacare

The rally will be on Tuesday, March 27, 2012 at 1:00 PM (ET) in Washington, DC

AFP Citizen Activists, Including Nearly 1,000 from New York and New Jersey, Will Descend on DC and Call on Supreme Court to Strike Down Unconstitutional Government Takeover of Health Care

BOGOTA, NJ – Americans for Prosperity, the state’s leading free-market, grassroots organization will deliver close to a thousand citizen activists from the New York/New Jersey area to Washington, D.C. this coming Tuesday, March 27, for the group’s “Hands Off My Health Care” rally.

The rally will take place in Upper Senate Park, near the Supreme Court Building, as the nation’s highest court takes up the most important case in a generation: the multi-state challenge to the constitutionality of the government health care takeover.

The “Hands Off My Health Care” rally is expected to draw thousands of citizen activists from across the country and will be headlined by numerous congressional leaders, including Rep. Paul Ryan of Wisconsin, Rep. Michelle Bachmann of Minnesota, Sen. Pat Toomey of Pennsylvania, Sen. Rand Paul of Kentucky and Sen. Jim DeMint of South Carolina.

Americans for Prosperity state director Steve Lonegan has issued the following statement in advance of next week’s momentous rally.

“Two years ago, despite months of public opposition and outcry, Barack Obama, Nancy Pelosi, Harry Reid and the Democratic Congress rammed through their government health care takeover, trampling on the Constitution and violating the right of American citizens to make their own health care choices.

“The burden now falls on the Supreme Court to preserve, protect and defend those precious freedoms bequeathed to us by the framers. The Court must rule the individual mandate, compelling American citizens to purchase health insurance against their will, to be unconstitutional, inseverable from the rest of the law and, thus, strike down this vicious assault on our rights in toto.

“On Tuesday, thousands of patriots from across the country will gather in Washington, D.C. to deliver this very message to the nine Supreme Court justices and to the nation at large: We will not stand for our Constitutional rights and liberties to be infringed. We demand that this law be overturned”

Coalition Co-sponsors include:

60 Plus Association
American Doctors for Truth
Americans for Tax Reform
Concerned Women for America
Doctor Patient Medical Association
Eagle Forum
Family Research Council
Hagerstown Tea Party
Heartland Institute
Institute for Liberty
Let Freedom Ring
Restore America's Voice Now
Smart Girl Politics
Students for Life
The Richmond Patriots
TeaParty.net
Tea Party Express
Tea Party Patriots
Tea Party WDC
The Mommy Lobby
---

Obamacare Will Have Tax Hikes on Young Adults and Children

The jobs-killing Obamacare law contains 20 new or higher taxes on American families and employers. Many of these tax increases fall on families making less than $250,000 — a direct violation of candidate Obama’s promise not to raise “any form” of taxes on these families.


Out of the 20 new or higher taxes in Obamacare, there are four that most hurt young adults and children. Every single one of these taxes violates President Obama’s “firm pledge” not to raise any form of taxes on families making less than $250,000.

The first is the “individual mandate” excise tax. Under Obamacare, all young adults must purchase “qualifying health insurance” (defined by unelected federal bureaucrats) or face an excise tax penalty of at least 2.5 percent of adjusted gross income. For many people in their late 20s or early 30s, health insurance may not fit into a budget that includes paying back student loans, starting a family or finding a job. Others might want to obtain health insurance, but find their preferred plan is no longer “qualified” by President Obama’s HHS bureaucrats. Raising taxes on young people is the wrong way to get them to buy health insurance.

The second Obamacare tax hike on young adults and kids is the “medicine cabinet tax.” This tax increase is already in effect. Since January of 2011, young people have not been able to purchase non-prescription, over-the-counter medicines from their flex-spending accounts (FSAs) or health savings accounts (HSAs). Since many young people require only light use of medical providers and can treat many illnesses over the counter, this tax increase falls on a large percentage of their actual out-of-pocket health expenditures.

The third Obamacare tax hike on young adults and kids is on FSAs. Many young people and parents of young children participate in flex accounts (FSAs) at work. Obamacare imposes a new cap of $2,500 per year on these accounts, which currently face no limits from the tax code. This will, again, fall largely on parents with young children. Consider braces, for example. A parent needing to buy a $4,000 pair of braces might want to run that cost through their flex account to make it pre-tax. A $2,500 cap makes that impossible for the whole cost.

Marco Rubio at CPAC 2012

This Video is the speech by Marco Rubio at CPAC in 2012. Marco Rubio has given some spectacular speeches and this is one of his best. Marco Rubio called this speech "Is America Still An Exceptional Nation?". Conservatism is alive and well. We should listen and stop tip toeing around the spineless self-loathing Liberals.

We must Reclaim America!

“Try to fathom the hypocrisy of a Government that requires every citizen to prove they are insured... But not prove they are a citizen.”

Top 5 Failed Barry Soetoro Policies

Obama Promised Big Things, But The Promises He Actually Followed Through On Have Hurt More Than They've Helped

THE STIMULUS
Obama's Stimulus Failed To Keep Unemployment Below 8 Percent As Obama Promised
Obama's $825 Billion Stimulus Failed To Keep The Unemployment Rate Below The 8 Percent And Is Nowhere Close To The 6 Percent They Predicted It Would Be At By Now. (Bureau Of Labor Statistics, Accessed 1/6/12; Christina Romer and Jared Bernstein, "The Job Impact Of The American Recovery And Reinvestment Plan,"1/9/09; Congressional Budget Office, 5/25/11)

Instead, Since The Stimulus Was Passed, The Unemployment Rate Has Increased From 8.2 Percent To 8.5 Percent And Has Remained Above 8 Percent For A Post-WWII Record 35 Straight Months. (Bureau Of Labor Statistics, Accessed 1/6/12)

The Unemployment Rate Peaked At 10.1 Percent In October 2009. (Bureau Of Labor Statistics, Accessed 1/6/12)
Obama's Stimulus Failed To Create The Over 3.5 Million Jobs That His Advisors Predicted It Would Create
PROMISE: Obama's Advisors Predicted That The Stimulus Would Create Over 3.5 Million Jobs And Raise Payroll Employment To Over 137.5 Million By The Fourth Quarter Of 2010. (Christina Romer and Jared Bernstein, "The Job Impact Of The American Recovery And Reinvestment Plan,"1/9/09)

FAILURE: Since President Obama's $825 Billion Stimulus Passed, The Nation Has Lost 1.1 Million Jobs. (Bureau Of Labor Statistics, Accessed 1/6/12)
At The End Of 2010, Payroll Employment Was Only 130.3 Million. (Bureau Of Labor Statistics, Accessed 1/6/12)

The Washington Post's Fact Checker: "Obama Is On Track To Have The Worst Jobs Record Of Any President In The Modern Era." "Unless the economy turns around in the next 18 months, Obama is on track to have the worst jobs record of any president in the modern era. That would be an accurate statement." (Glenn Kessler, "Rick Perry's Claim That Obama Has 'Killed More Jobs' Than Any Other President," The Washington Post's "The Fact Checker", 8/22/11)

OBAMACARE

On CBS' "60 Minutes", Obama Called His Health Care Package One Of His Major Accomplishments
CBS' Steve Kroft: "Why do you think you deserve to be reelected? What have you accomplished?"

President Obama: "Not only saving this country from a great depression, not only saving the auto industry, but putting in place a system in which we're going to start lowering health care costs and you're never going to go bankrupt because you get sick or somebody in your family gets sick." (CBS' "60 Minutes," 12/11/11)

Yet ObamaCare Has Failed To Make Health Insurance More Affordable
PROMISE: Obama Promised His Plan "Would Save The Average Family $2,500 On Their Premiums." (Sen. Barack Obama, Remarks Of Senator Barack Obama's Plan To Fight For Working Families And Take On Special Interests In Washington, Indianapolis, IN, 6/20/08)

FAILURE: FactCheck.org: ObamaCare Is Actually Making Health Care "Less Affordable." "At the moment, the new law is making health care slightly less affordable. Independent health care experts say the law has caused some insurance premiums to rise. As we wrote in October, the new law has caused about a 1 percent to 3 percent increase in health insurance premiums for employer-sponsored family plans because of requirements for increased benefits. Last year's premium increases cast even more doubt on another promise the president has made -- that the health care law would 'lower premiums by up to $2,500 for a typical family per year.'" (D'Angelo Gore, "Promises, Promises," Fact Check.org, 1/4/12)

The Washington Post's The Fact Checker: "Moreover, at this point it is debatable whether the law has made health care more affordable. Insurance premiums have gone up, in part because of new benefits mandated by the law." (Glenn Kessler, "The Fine Print In Obama's 'Promises Kept' Ad," The Washington Post's The Fact Checker, 1/6/12)
"The Cost Of Health Insurance Skyrocketed In 2011 After Several Years Of Relatively Small Increases." (Jane M. Von Bergen, "Health Insurance Costs Skyrocketing," The Philadelphia Inquirer, 9/27/11)

Workers Paid An Average Of $132 More For Family Coverage This Year. "Although premiums rose, employers kept the percentage of the premium workers pay about the same: An average of 18 percent for single coverage and 28 percent for family plans. Still, with rising costs, workers paid more, up an average of $132 a year for family coverage. Since 1999, the dollar amount workers contribute toward premiums nationally has grown 168 percent, while their wages have grown by 50 percent, according to the survey." (Julie Appleby, "Cost Of Employer Insurance Plans Surge In 2011," Kaiser Health News, 9/27/11)

Cost Of Single Employee Coverage Grew 8 Percent According To The Survey. "Family plan premiums hit $15,073 on average, while coverage for single employees grew 8 percent to $5,429, according to a survey released Tuesday by the Kaiser Family Foundation and the Health Research & Educational Trust. (KHN is an editorially-independent program of the foundation.)" (Julie Appleby, "Cost Of Employer Insurance Plans Surge In 2011," Kaiser Health News, 9/27/11)

And Americans Are Losing Their Coverage

PROMISE: President Obama Promised That "If You Like Your Health Care Plan, You Will Be Able To Keep Your Health Care Plan. Period." OBAMA: "So let me begin by saying this: I know that there are millions of Americans who are content with their health care coverage - they like their plan and they value their relationship with their doctor. And that means that no matter how we reform health care, we will keep this promise: If you like your doctor, you will be able to keep your doctor. Period. If you like your health care plan, you will be able to keep your health care plan. Period. No one will take it away. No matter what. My view is that health care reform should be guided by a simple principle: fix what's broken and build on what works." (President Barack Obama, Address To The American Medical Association, Chicago, IL, 6/15/09)

FAILURE: FactCheck.org: ObamaCare "Falls Short Of Making Health Care 'Affordable And Available To Every Single American,' As Promised." "Furthermore, the law falls short of making health care 'affordable and available to every single American,' as promised. The law provides subsidies to help some Americans buy insurance, expands Medicaid and doesn't allow insurance companies to exclude persons with preexisting conditions. But still, the director of the nonpartisan Congressional Budget Office projected 23 million persons will remain uninsured -- some because they can't afford coverage." (D'Angelo Gore, "Promises, Promises," Fact Check.org, 1/4/12)

FactCheck.org: The White House Ad Promising Medicare "Benefits Will Remain The Same" Is False. "Currently, about 1 in every 4 Medicare beneficiary is enrolled in a Medicare Advantage plan. For many of them, the words in this ad ring hollow, and the promise that 'benefits will remain the same' is just as fictional as the town of Mayberry was when Griffith played the local sheriff." (Brooks Jackson, "Mayberry Misleads On Medicare," FactCheck.org, 7/31/10)

The Washington Post's The Fact Checker: "Not Every Single American" Has Health Coverage As Obama Promised. "No matter what one thinks of Obama's health care law, it was certainly a signature legislative achievement--the most sweeping health care law since the creation of Medicare. But notice that Obama said he would bring health care to 'every single American,' but the headline simply says 'more than 30 million Americans.' That translates into 95 percent of non elderly Americans--when the law is fully implemented in 2016. That is certainly an increase over the 82-percent level that would have been expected in the absence of the law, but it is not 'every single American.'" (Glenn Kessler, "The Fine Print In Obama's 'Promises Kept' Ad," The Washington Post's The Fact Checker, 1/6/12)

A Survey Found That Only 60 Percent Of Employers Offered Medical Coverage This Year, A 9 Percent Decrease From 2010. "Sixty percent of employers said they offered medical benefits this year, a decrease from 69 percent in 2010." (Jeffrey Young, "Health-Benefit Costs Rise Most In Six Years," Bloomberg, 9/27/11)

GREEN JOBS

"The Obama Administration Has Managed The Nearly Impossible Feat Of Turning Energy Policy Into A Money Loser, Pouring Taxpayer Dollars Into Green-Energy Busts Like Solyndra."(Editorial, "The Non-Green Job Boom," The Wall Street Journal, 11/28/11)
Obama Predicted His Investments In Green Energy Would Create 5 Million Jobs
PROMISE: In 2008, Then-Senator Obama Claimed His Investments In Green Energy Would Create 5 Million New Jobs. OBAMA: "And I'll invest $150 billion over the next decade in affordable, renewable sources of energy -- wind power, and solar power, and the next generation of biofuels -- an investment that will lead to new industries and 5 million new jobs that pay well and can't be outsourced."(Sen. Barack Obama, Acceptance Speech Remarks At The Democratic National Convention, Denver, CO, 8/28/08)

FAILURE: The Failure Of Obama's Green Jobs Programs "Gets More Embarrassing By The Day." "The green jobs subsidy story gets more embarrassing by the day. Three years ago President Obama promised that by the end of the decade America would have five million green jobs, but so far some $90 billion in government spending has delivered very few." (Editorial, "Green Jobs Brown Out," The Wall Street Journal, 10/11/11)
"The Green Economy Is Not Proving To Be The Job-Creation Engine That Many Politicians Envisioned." "In the Bay Area as in much of the country, the green economy is not proving to be the job-creation engine that many politicians envisioned. President Obama once pledged to create five million green jobs over 10 years. Gov. Jerry Brown promised 500,000 clean-technology jobs statewide by the end of the decade. But the results so far suggest such numbers are a pipe dream." (Aaron Glantz, "Number Of Green Jobs Fails To Live Up To Promises," The New York Times, 8/18/11)

Green Technology Jobs Account For Just 2 Percent Of Employment Nationwide. "A study released in July by the non-partisan Brookings Institution found clean-technology jobs accounted for just 2 percent of employment nationwide and only slightly more -- 2.2 percent -- in Silicon Valley. Rather than adding jobs, the study found, the sector actually lost 492 positions from 2003 to 2010 in the South Bay, where the unemployment rate in June was 10.5 percent." (Aaron Glantz, "Number Of Green Jobs Fails To Live Up To Promises," The New York Times, 8/18/11)

"Federal And State Efforts To Stimulate Creation Of Green Jobs Have Largely Failed." "Federal and state efforts to stimulate creation of green jobs have largely failed, government records show. Two years after it was awarded $186 million in federal stimulus money to weatherize drafty homes, California has spent only a little over half that sum and has so far created the equivalent of just 538 full-time jobs in the last quarter, according to the State Department of Community Services and Development." (Aaron Glantz, "Number Of Green Jobs Fails To Live Up To Promises," The New York Times, 8/18/11)

The Energy Department Has Handed Out $35.2 Billion From The Stimulus, But The Clean Energy Industry Has "Yet To Provide The Boost Many Had Hoped For." "The Energy Department handed out $35.2 billion from the Recovery Act for energy efficiency and other initiatives. At the time, clean energy was seen as a potentially powerful industry for job creation. But the industry has yet to provide the boost many had hoped for." (Vauhini Vara, "Red Flags For Green Energy," The Wall Street Journal, 10/12/11)

Despite Soaring Promises From Obama And His Allies, Green Energy Has Barely Taken Flight And Has Failed To Create Jobs. "New clean-energy sources could address environmental, economic and national security problems all at once. In his 2008 convention speech, Barack Obama promised to create five million green economy jobs. The U.S. Conference of Mayors estimated in April 2009 that green jobs could account for 10 percent of new job growth over the next 30 years. Alas, it was not to be." (David Brooks, "Where The Jobs Aren't," The New York Times, 9/5/11)

"There's A Wealth Of Other Evidence To Suggest That The Green Economy Will Not Be A Short-Term Jobs Machine. According To Investor's Business Daily, Executives At Johnson Controls Turned $300 Million In Green Technology Grants Into 150 Jobs -- That's $2 Million Per Job." (David Brooks, "Where The Jobs Aren't," The New York Times, 9/5/11)

The Energy Department's Loan Program Has Fallen Far Short Of The 65,000 Jobs That It Said It Would Create

"In The Understatement Of The Year, The IG Says The Program Failed To 'Assist Those Most Impacted By The Recession." "A new report by the Labor Department's Office of Inspector General examined a $500 million grant under the stimulus program to the Employment and Training Administration to 'train and prepare individuals for careers in 'green jobs.'' So far about $162.8 million has been spent. The program was supposed to train 125,000 workers, but only 53,000 have been 'trained' so far, only 8,035 have found jobs, and only 1,033 were still in the job after six months. Overall, 'only 10% of participants entered employment.' In the understatement of the year, the IG says the program failed to 'assist those most impacted by the recession.'" (Editorial, "Green Jobs Brown Out," The Wall Street Journal, 10/11/11)

Obama's $38 Billion Green Energy Stimulus Program Only Has A Few Thousand Jobs To Show For It. "A $38.6 billion loan guarantee program that the Obama administration promised would create or save 65,000 jobs has created just a few thousand jobs two years after it began, government records show. The program -- designed to jump-start the nation's clean technology industry by giving energy companies access to low-cost, government-backed loans -- has directly created 3,545 new, permanent jobs after giving out almost half the allocated amount, according to Energy Department tallies." (Carol D. Leonnig and Steven Mufson, "Obama Green-Tech Program That Backed Solyndra Struggles To Create Jobs," The Washington Post, 9/14/11)

"The Jobs Record Is Even More Dismal When You Consider That Many Of The Jobs Classified As Green Aren't Even New Jobs, Much Less Green." "The jobs record is even more dismal when you consider that many of the jobs classified as green aren't even new jobs, much less green, according to a report from the House Committee on Oversight and Government Reform. They include positions that have been 'relabeled as green jobs by the BLS [Bureau of Labor Statistics].'" (Editorial, "Green Jobs Brown Out," The Wall Street Journal, 10/11/11)

The Cost Of Each Green Job Is $157,000. "This means that bus drivers, Environmental Protection Agency regulators, university professors teaching ecology, and even the Washington lobbyists who secure energy loan guarantees count as green employees for the purposes of government counting. The Oversight Committee finds that even a charitable assessment of the Labor program puts the cost of each green job at $157,000." (Editorial, "Green Jobs Brown Out," The Wall Street Journal, 10/11/11)

HOME FORECLOSURES

PROMISE: President Obama Promised That His Housing Program Would Prevent 7 To 9 Million Families From Foreclosure. "And we will pursue the housing plan I'm outlining today. And through this plan, we will help between 7 and 9 million families restructure or refinance their mortgages so they can afford--avoid foreclosure." (President Barack Obama, Remarks On The Home Mortgage Industry In Mesa, Arizona, 2/18/09)

FAILURE: Obama Has Only Helped 1.7 Million Avoid Foreclosure Of The 9 Million Homeowners He Promised. "President Obama pledged at the beginning of his term to boost the nation's crippled housing market and help as many as 9 million homeowners avoid losing their homes to foreclosure. Nearly three years later, it hasn't worked out. Obama has spent just $2.4 billion of the $50 billion he promised. The initiatives he announced have helped 1.7 million people." (Zachary A. Goldfarb, "Obama's Efforts To Aid Homeowners, Boost Housing Market Fall Far Short Of Goals," The Washington Post, 10/23/11)

The Administration's Foreclosure Prevention Programs "Have Had Little Impact On The Overall Housing Sector." "The administration is already using taxpayer funds from its $700 billion bank bailout program to help prevent foreclosures and give struggling Americans a reprieve on their mortgage payments. But the programs have had little impact on the overall housing sector." ("White House Says Needs To Deal With Housing Problems," Reuters, 6/5/11)

"To Date, Administration Programs Have Permanently Reduced The Debt Of Just One Tenth Of 1 Percent Of Underwater Borrowers." (Zachary A. Goldfarb, "Obama's Efforts To Aid Homeowners, Boost Housing Market Fall Far Short Of Goals," The Washington Post, 10/23/11)

Obama's Housing Programs "Dramatically Underperformed"

This Summer At The White House, Obama Offered A Rare Acknowledgment That His Response To The Housing Crisis Had Fallen Short." (Zachary A. Goldfarb, "Obama's Efforts To Aid Homeowners, Boost Housing Market Fall Far Short Of Goals," The Washington Post, 10/23/11)

Obama Said That Housing Has Been The "Most Stubborn In Us Trying To Solve The Problem." "Asked what mistakes he had made in handling the recession and what he would do differently, he said: 'We had to revamp housing several times to try and help people stay in their homes and try to start lifting home values up. Of all the things we've done, that's probably been the area that's been most stubborn in us trying to solve the problem.'" (Zachary A. Goldfarb, "Obama's Efforts To Aid Homeowners, Boost Housing Market Fall Far Short Of Goals," The Washington Post, 10/23/11)

President Obama Said "I'll Be Honest With You, [Housing] Is Probably The Biggest Drag On The Economy Right Now." "'I'll be honest with you, this is probably the biggest drag on the economy right now,' Obama replied to a questioner at an economic forum in Palo Alto, Calif., who lamented that the 'housing crisis will not go away.'" (Abby Phillip, "Housing Crisis Back On President Obama's Agenda," Politico, 7/11/11)

Treasury Secretary Geithner: "But Our Programs Have Dramatically Underperformed What We Thought. ... We Are Very Disappointed And Frustrated By It And We Have A Lot Of Challenges Ahead." (Treasury Secretary Timothy Geithner, Testimony Before The House Financial Services Committee, Washington, D.C., 10/6/11)

DEFICIT SPENDING

Obama Promised To Cut The Deficit In Half, But Has Failed To Even Present A Plan That Would Bring The Deficit To Those Levels
PROMISE: Obama Pledged To Cut The Deficit In Half By The End Of His First Term. OBAMA:"And that's why today I'm pledging to cut the deficit we inherited by half by the end of my first term in office." (President Barack Obama, Remarks At The Fiscal Responsibility Summit, Washington, D.C., 2/23/09)

"President Barack Obama Plans To Cut The U.S. Budget Deficit To $533 Billion By The End Of His First Term ..." (Hans Nichols, "Obama Plans To Reduce Budget Deficit To $533 Billion By 2013," Bloomberg, 2/21/09)

One White House Official Told Politico "We'll Cut It At Least In Half." "Under White House projections, this year's inherited budget deficit of $1.3 trillion will be cut to $533 billion by fiscal year 2013, the end of the first term. 'So we'll cut it at least in half,' the official said." (Mike Allen, "Obama Vows To Cut Huge Deficit In Half," Politico, 2/22/09)

FAILURE: Even If Every Part Of Obama's Deficit Reduction Proposal Was Enacted, The Deficit At The End Of His First Term Would Still Be $1.33 Trillion, Over Double What He Promised. ("The President's Plan For Economic Growth And Deficit Reduction; Table S-3," Office Of Management And Budget, 9/19/11)

Politifact: "Obama Made A Pledge To Cut The Deficit In Half By The End Of His First Term. And He's Falling Short So Far." (Gregory Trotter, "Tim Pawlenty Says President Obama Is Going To Break Promise On Deficit And Will Double It," Politifact, 6/10/11)

Treasury Secretary Timothy Geithner Said Even If Congress Enacted The President's Budget "We Would Still Be Left With A Very Large Interest Burden And Unsustainable Obligations Over Time." (Treasury Secretary Timothy Geithner, Remarks Before Senate Budget Committee, Washington, D.C., 2/17/11)

In Doing So The "Undisputed Debt King" Has Put The Economy At Risk
At $15.22 Trillion, The National Debt Has Officially Surpassed 100 Percent Of GDP. (Treasury Direct, Accessed 1/3/12; Bureau Of Economic Analysis, Accessed 1/3/12)
The Nation's GDP Is $15.18 Trillion. (Bureau Of Economic Analysis, Accessed 1/3/12)

Politifact: "Obama Is The Undisputed Debt King Of The Last Five Presidents." "So by this measurement -- potentially a more important one -- Obama is the undisputed debt king of the last five presidents, rather than the guy who added a piddling amount to the debt, as Pelosi's chart suggested." ("Nancy Pelosi Posts Questionable Chart On Debt Accumulation By Barack Obama, Predecessors," Politifact, 5/19/11)

"By The Time The Next Election Rolls Around, The Government Will Have Taken On Almost $7 Trillion In Debt Under Obama. It's Hard To Explain Away A Number So Big." "For that reason alone, it is unimaginable that debt doesn't become an even bigger issue in the presidential election. The size-of-government spat is a hard one for the president to win. By the time the next election rolls around, the government will have taken on almost $7 trillion in debt under Obama. It's hard to explain away a number so big." (Jim VandeHei and Mike Allen, "President Obama's Big Drags," Politico, 8/4/11)

By The Next Election Obama Will Have Added "$22,500 In New Debt For Every Man, Woman And Child In The Nation." (Jim VandeHei and Mike Allen, "President Obama's Big Drags," Politico, 8/4/11)

The Government Is In A Debt Trap That Could Be Fueling The Recession. "Our recession may be driven, at this point, by the balance sheet of the government. Repairing that balance sheet by lowering spending may be the only way out of the debt trap. Call it the New Paradox of Thrift: the government can stimulate growth only by refusing to borrow. We need thrift all the way down." (John Carney, "From Jackson Hole: A Defense Of The Debt Ceiling," CNBC, 8/29/11)

CBO Director Douglas Elmendorf: Growing Debt Increases Risk Of "Sudden Fiscal Crisis." "Growing debt also would increase the probability of a sudden fiscal crisis, during which investors would lose confidence in the government's ability to manage its budget and the government would thereby lose its ability to borrow at affordable rates." (Douglas Elmendorf, "CBO's 2011 Long-Term Budget Outlook," Congressional Budget Office "Director's Blog", 6/22/11)

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