Government
Debt Ceiling: Cato Institute Says $2 Trillion in ‘Cuts’ Will Increase Spending by $1.8 Trillion
- Posted on July 7, 2011 at 6:55am by
Tiffany Gabbay
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$2 Trillion in spending “cuts” seems to be the magic number cited by President Obama and members of Cogress in favor of raising the debt ceiling. The Cato Institute, however, released a video Wednesday explaining why those $2 Trillion might in fact be a series of smaller projected cuts over a ten year period.
According to Cato, this year’s portion would only be around $200 Billion, which is still less than the interest paid on our federal debt. The video also asserts these “spending cuts” would only reduce baseline spending, ergo spending would actually increase to the tune of $1.8 Trillion overall.
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Comments (94)
sWampy
Posted on July 7, 2011 at 9:06amWe should just give every federal employee 3 months mandatory extra unpaid time off that must be spent doing community service work in their neighborhoods, that should enable us to cut spending by quite a chunk, and cut entitlements by another huge chunk since all these government workers will be helping their neighborhoods.
Report Post »9X18
Posted on July 7, 2011 at 8:59amOne of these days we will all realize the only way to reduce the Federal Government and its budget is to starve it to death. When your in a war for your existence you cut off the enemies supply lines. It’s time to remove every Rino from office. What are we doing dealing with Obama. He is a proven liar and has no intentions of reducing anything. He does intend to finish destroying the United States.
Report Post »Southern Rebel
Posted on July 7, 2011 at 8:57amIt may be time to start legal proceedings against anyone who votes in favor of increasing spending in the face of economic disaster because of their rediculous spending habits. These morons need to be held accountable!
Report Post »Rweb
Posted on July 7, 2011 at 8:52amOOk I think I just vomited in my mouth. What a joke. We need 10 trillion to start and more like 20 trillion to balance what are these mental midget doing.
Report Post »Viking64
Posted on July 7, 2011 at 8:50amThere are many people I know, who firmly believe since his first day in power, Obama and his hand picked culture of corruption cronies, have systematically planned the collapse of our national economy, so if and when this happens, there will need to be some drastic immediate new changes. Just what might those new changes be? Martial law, total wealth distribution, huge new civil army force, hundreds of corrupt socialistic presidential appointees, dictatorship, national control of most all businesses, new paper money, new green energy laws, carbon emission laws, massive expansion of government with only his friends in real positions of power, more taxes, etc. ,etc. I see our congress having less and less total power every day, where is all this going and how can we the people figure how to stop it , before the USA is doomed?
Report Post »Founding Dad
Posted on July 7, 2011 at 8:50amAnd there you have the logic of the federal government. They actually believe that increasing spending equates to spending cuts.
Report Post »jessieH
Posted on July 7, 2011 at 8:46amTwist, twist, twist the truth till it looks like we’ve done something. Congress & obama’s theme song.
Report Post »Ruffus
Posted on July 7, 2011 at 8:31am“Neither the wisest constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt.” Samuel Adams……
I think we can all share in the blame for allowing the degradation of our morals, our schools, our sacred institutions (marriage, American traditions, Love of Country & of God)…but we still have time, time to right the wrongs, make JUST the our cause and energize ourselves 10-fold greater than what we experienced on 9/12 and 8/28!!!! Rise up – teach your children, enlighten your neighbors! Fire up the kilns – To WAR!!!! Or at least to the ballet box!!! :)
Report Post »kunman
Posted on July 7, 2011 at 8:27amThe objective is a surplus bugdet in order to pay down the narional debt. How does “saving” 2 trillion over 10 years do that? Stop playing games Congress!
Report Post »smalldog
Posted on July 7, 2011 at 8:19amThis is why the founders created a limited government. This is what happens when the ‘limits’ turn into a ‘blank check’ from taxpayer pockets.
Report Post »NVFreeMan
Posted on July 7, 2011 at 8:06amTime for a TAX REVOLT!!!! Let’s starve the beast!!
Report Post »Marylou7
Posted on July 7, 2011 at 8:05amWhen is the lieing going to stop? When Washington shuts down? I say don’t raise the debt ceiling and let government show down. The only thing is they only shut down the unnecessary people. They should just send all the unnecessary people home NOW. Why wait, if they aren’t needed then they are needed, send them home and you’ll probably save a few trillion there alone.
Report Post »ALL4FREEDOM
Posted on July 7, 2011 at 8:00amAnother thing to remember: any decisions to “cut” spending by this Congress is not binding in the future. Only a Constitutional amendment can force real spending limits. Go to http://www.cutcapbalancepledge.com.
Report Post »Anonymous T. Irrelevant
Posted on July 7, 2011 at 8:50amHey, it’s after tax season, what jobs are really needed in Washington? Shut it down, save the tax payers probably 3 or 4 Billion for a few weeks. Just stop spending. Don’t only vent on this forum, contact your Congressional Rep. on their website and write them a letter. Also, go to Speaker Boehner’s website, there’s a link to send him and email, also. Send it, tell him like it is!
Report Post »TRILO
Posted on July 7, 2011 at 7:59amJust like the last round of so called “cuts”. Congress puffed up their bloated chests and proclaimed we cut $38B from the budget – even though the Republicans made campaign promises to cut $100B. Then that darn CBO came along and scored the cuts as about $352M. So we cut proposed increases to department budgets and call them spending cuts. These bozo’s (democrats and republicans alike) in Washington are an absolute joke. They should all go to jail for accounting fraud. I’m sure my Congressman will go along with this farce. He is nothing but a RHINO. I no longer trust one single career politician. They all speak a good story then go back on everything they say when in office.
Report Post »debkk9
Posted on July 8, 2011 at 2:14am2 things…balance the budget and term limits
Report Post »ares338
Posted on July 7, 2011 at 7:56amThis will NOT work. STOP SPENDING! This is the only way!
Report Post »Mr. Oshawott
Posted on July 7, 2011 at 7:55amMr. Obama has proven America that he simply can’t shake off the “Spend, spend, spend!” mentality.
Report Post »Rob
Posted on July 7, 2011 at 7:38amStop spending, and stop passing laws….it is just crazy.
Report Post »SpankDaMonkey
Posted on July 7, 2011 at 7:28am.
Report Post »It’s just a matter of time. Not “IF” but “WHEN” is it gonna all fall down. We the People did this to ourselves, putting shiny things into places of power. And little by little, right in front of our eye’s we watched the slow fornacation of this the Greatest Country ever, to Tears………
TheWord-DH077
Posted on July 7, 2011 at 4:06pmDoom, doom, the great city doomed!
City of Babylon, strong city!
In one hour it’s over, your judgment come!
The traders will cry and carry on because the bottom dropped out of business, no more market for their goods: gold, silver, precious gems, pearls; fabrics of fine linen, purple, silk, scarlet; perfumed wood and vessels of ivory, precious woods, bronze, iron, and marble; cinnamon and spice, incense, myrrh, and frankincense; wine and oil, flour and wheat; cattle, sheep, horses, and chariots. And slaves—their terrible traffic in human lives.
Everything you’ve lived for, gone!
All delicate and delectable luxury, lost!
Not a scrap, not a thread to be found!
The traders who made millions off her kept their distance for fear of getting burned, and cried and carried on all the more:
Doom, doom, the great city doomed!
Dressed in the latest fashions,
adorned with the finest jewels,
in one hour such wealth wiped out!
Revelation 20:10-17
Report Post »50BMG
Posted on July 7, 2011 at 7:26amThese liars and thieves are playing a game of musical chairs. When the music stops (i.e. when our government can no longer borrow money and we’re broke and in chaos like Greece), let’s make certain that none of them have a chair to sit on.
Report Post »Wigglesworth
Posted on July 7, 2011 at 7:26amCongress does a budget every year so real cuts can only take place when you actually do the budget. If Obama signs a deal to “cut” spending 6 years from now that means absolutely nothing. He won’t be in office and Congress will be different. The bottom line is every year we need a budget signed into law that makes real cuts, say 200 billion for example. After 6 years of doing this the budget will be balanced, maybe sooner depending on the economy.
Report Post »vonclausewitz
Posted on July 7, 2011 at 8:56amActually the dems haven’t made a budget in two years. Haven’t seen any spending reductions during that time. In fact just the opposite. Budgets seem to be fictions and meaningless. The problem is central planning. Bureaucrats can not allocate scarce resources efficiently. Only the free market can do that on a large scale.
Report Post »firstlast
Posted on July 7, 2011 at 5:29pmthe private sector? Really? Can you explain, because I see so many useless products on the market that seem like such a waste of limited resources. I mean my cell phone seems to be programmed to self-destruct at the end of my 2-yr contract just so I must buy a new one and renew. They dont make thing like they used to because if it lasted as long as it could, applianceCo wouldnt be able to maximize profits. Then you consider the concentrated wealth, and the monopolistic market shares acheived through economies of scale…I still wonder how that is an efficient allocation.
Report Post »firstlast
Posted on July 7, 2011 at 5:31pmreply function is not working, so I apologize if my comment is out of context here.
Report Post »clarkm
Posted on July 7, 2011 at 11:35amAgree. I read a good viewpoint about this on http://www.whitehousevoice.com
Report Post »BuckleUpAmerica
Posted on July 7, 2011 at 7:21amJust got through reading obama puts medicare and social security on the table if repubs put increase in taxes. Aint gonna fly!
Report Post »Ron_WA
Posted on July 7, 2011 at 7:09amAn amazingly honest assessment by the Cato Institute which has a rep as a mostly un-biased but Libertarian private think tank.
Report Post »ricrhino
Posted on July 7, 2011 at 7:05amanother trick………….time for them to go
Report Post »Bowmaster
Posted on July 7, 2011 at 6:59amThe shell game continues…
Report Post »jnobfan
Posted on July 7, 2011 at 9:29amExactly Bowmaster. The Obama offer will be pie in the sky BS and I‘m afraid Boehner and the rest of the RINO’s will gobble it up. The media will declare Obama the great saviour of America”s future – the only man to take on SS blah blah blah and meanwhile the debts climb onward and upward.
Report Post »Michele Bachman is our only hope right now folks. If Romney gets the nod its business as usual.
UncleBuck
Posted on July 7, 2011 at 10:57amWrong Bachmann doesn’t understand what a Constitutional Conservative is! Ron Paul is the only straight shooter! If you want to hear the truth Ron Paul is the answer in 2012!
Report Post »UncleBuck
Posted on July 7, 2011 at 10:24amTime to revoke Congress’s ability to pass a budget without the states consent! If we require state approval of the budget line item by line item before it can be submitted to congress for passage we could finally get control of the out of control spending and power grab of the Federal Government. Can you imagine how much pork would be stripped from the budget by this process? We need to revoke the stranglehold of the federal government on our pocketbook!
Report Post »SpankDaMonkey
Posted on July 7, 2011 at 6:58am.
Report Post »Only in Washington…. SpankDaMonkey 2012 is the answer………..
Ironmaan
Posted on July 7, 2011 at 7:21amOnly in Washington can they make an objective science like math confusing, misleading and difficult.
Report Post »http://guerillatics.com
NOTAMUSHROOM
Posted on July 7, 2011 at 8:23amWhy do reporters and pundits, even here on the Blaze, continue to think that the Liar in Chief really has the best interest of our country at heart? HE WANTS TO COLLAPSE OUR ECONOMY! GET IT? Even Brent Musberger was talking about O’Bimbo as if he would do something about the spending to gain political advantage. No. No he won’t. Duh!
Report Post »Somekindapatriot
Posted on July 7, 2011 at 7:34pmI have been saying this all along. It has become more obvious all the time. Why did he not jump right on the protest in Iran? These people are most like us in their lifestyles because of our influence there in past decades. I thought it so obvious the muslim brotherhood would jump right in when Mobarak was pushed out. What business do we have in Libya? Why announce were leaving Iraq and Afghanistan and then tip our hand and tell the enemy when. Why basterdize President Bush plan (fast and furious) to send weapons to Mexico to track them. They flooded the market without following these arms so he could use the mis-information against the second ammendment. He has released several enemy combatants to fight against us again. He turned against Israel. Watch the campaign speeches and then look at what he has done. His friends are radicals, his pastor of twenty years is a radical. He campaigned with his radical muslim cousin Raila Odinga in Kenya, whos supporters are the people that are burning Christians alive, trapped inside churches. They are radical muslim extremist who push for sharia law. We find ourselfs nearly bankrupt, our troops spread to thin and surrounded. The country virtually split in two and on the verge of anarchy. I could go on and on. Unfortunately, here I am, preaching to the choir. This kind of deception could only be masterminded and accomplished by satan. I know of no mention of America in end times prophecy. I suggest we all pray. NOTAMUSHROOM BUT A FUNGI
Report Post »dwh320
Posted on July 7, 2011 at 8:29amGet the vasoline out… looks like the politicians will shove it up our ass again as they LIE about what they are doing. I will vote and campaign against ALL the politicians who vote to raise the debt limit. Republicans included.
Report Post »beckisnuts
Posted on July 7, 2011 at 9:25amWhat does that mean?
Report Post »beckisnuts
Posted on July 7, 2011 at 9:27amoh, I guess the reply function doesn’t work anymore. Nice work HuffPo girl.
Report Post »smithclar3nc3
Posted on July 7, 2011 at 11:28amClinton spent big(D) Bush spent bigger(R) Obama spent even bigger(D) as long as we elect D”s and R’s our fguture is sealed.
Report Post »paperpushermj
Posted on July 7, 2011 at 12:04pmAttention Reader please correct my math for me. This Country spends over 3 1/2 Trillion Dollars a year of which the Government takes in about 2 Trillion. Over the next ten Years without any
Report Post »Growth that is 35 Trillion in total spending of which around 16 Trillion is rated as over spending and they are thinking of cutting 2 Trillion of the 16. That I think is 1/8 of the OVERSPENDING is my math correct?
fatjack
Posted on July 7, 2011 at 3:02pmobama will never work under a budget, never.
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