"Today at the White House President Obama is hosting a “Fiscal Responsibility Summit.” Yes, you read that right. I couldn’t make this up if I tried. Just one week after signing the biggest spending bill in American history, which doubles the historic budget deficit already at $1.2 trillion, the president has suddenly decided that it is time to show some interest in “fiscal responsibility.”
If it weren’t so serious, it would be laughable. Over the weekend, the White House signaled how it intends to implement its fiscal plans for the future, and it’s anything but responsible. On Saturday, the Washington Post reported that Obama’s initial budget blueprint calls for “raising taxes on business and the wealthy and … slashing spending on the wars in Iraq and Afghanistan.”
So when we are still at risk from Islamofascist terrorism (and actually sending more troops to Afghanistan), President Obama is gutting spending on the war. And in the middle of what the president is describing as the most severe economic crisis since the Great Depression, he proposes to do what most rational economists would say is the absolute worst thing to do in an economic downturn – raise taxes and take money away from people and businesses so they can’t invest in the economy or create new jobs.
The Post column also warned that Obama’s budget will “press aggressively for progress on the domestic agenda Obama outlined during the presidential campaign. This would include key changes to environmental policies and a major expansion of health coverage that Obama hopes to enact later this year.” Translation: Socialized health care, which we warned you about two weeks ago, and a carbon cap-and-trade tax scheme, which, as we warned in Friday’s report, will dramatically increase energy costs and kill economic growth."
Campaign for Working Families