Under President Obama, our national debt has increased more than $6 trillion, more than under any other president. In 2009 and 2010, the first two years of his administration, the federal deficit rose $1.88 trillion and $1.65 trillion, respectively.
America was on a runaway spending spree that threatened to leave our children and grandchildren trapped in debt from which they could never hope to escape. But in 2011, Republicans drew a line in the sand.
Thanks to the historic election of 2010, which gave Republicans control of the House and increased numbers in the Senate, Congress was able to put a stop to the blank-check policies of the previous two years.
The battle over whether our nation would be allowed to go bankrupt took place within the context of the president’s request to raise the debt ceiling.
As is well known, the battle over increasing the amount of debt this administration could place on future generations resulted in passage of the Budget Control Act, which requires that the government automatically cap spending through a process known as the sequester. To the president’s credit, he agreed to these controls as a way to rein in out-of-control deficits.
The sequester has worked. After running a deficit in 2011 of $1.3 trillion, or 8.6% of the gross domestic product, this year the Congressional Budget Office reported that the federal deficit was $750 billion through the first 11 months of the fiscal year, with the full-year deficit likely to be even lower.
This equals a $400 billion reduction from the same time last year, when the deficit stood at $1.164 trillion. Since 2011, Congress has passed $2.1 trillion in spending cuts.
This good news comes with a significant caveat: the U.S. is still going bankrupt, just more slowly than before.
In order to reverse course, Washington must agree to further checks on the out-of-control government growth, reforms to save our entitlement programs, and pro-growth policies that encourage entrepreneurs and small businesses to create new products and jobs.
Unfortunately we instead find ourselves in yet another fight about raising the debt ceiling.
Worse, some want to use this current debate to eliminate the sequester and return to the reckless spending policies which still threaten the plans and opportunities of future generations of Americans as well as those of us living today.
Regrettably, some have not learned that America cannot deficit-spend its way to prosperity.
In the debt-ceiling debate Congress and the president must agree to remain true to the promise they made in 2011 to stop runaway federal spending.
The president has repeatedly called the sequester a “meat cleaver,” and he is correct that a more focused approach to spending cuts would make more sense.Follow this link to read more.