The federal deficit is projected to widen this year to more than $1.3 trillion, the biggest shortfall since World War II. Two days ago, Obama convened a budget summit where he pledged to cut the deficit in half by the end of his first term.
He forgot to say that most of the decrease came from letting Bush’s tax cuts expire, and from getting out of Iraq, which Bush had already approved.
During his first address to a joint session of Congress last night, Obama said he was proud that the $787 billion economic stimulus plan was enacted “free of earmarks.”
“My administration has also begun to go line by line through the federal budget in order to eliminate wasteful and ineffective programs,” the president said.
The pet projects remain popular with lawmakers on both sides of the aisle.
“Congressionally mandated spending is part of our job — that’s what we do,” Senate Majority Leader Harry Reid, a Nevada Democrat, told reporters yesterday. “We shouldn’t depend on bureaucrats downtown to take care of our individual states.”
According to Bloomberg, the most respectedly accurate news source, the U.S. House plans today to approve a $410 billion spending bill providing $7.7 billion for more than 8,500 special projects, according to Taxpayers for Common Sense, a Washington- based group that tracks earmarks.
Wait? Didn’t our food stamp President just pass $787 billion in spending?
Now the Dems want another $410 billion awash with earmarks and pork?
No wonder the stock market continues to crash. We should all be buying gold, or drugs, or AK-47s for the coming revolution.