Next year, the federal government will incur a $1.65 trillion deficit, with deficits continuing each year for the next decade. For every $10 we spend, we borrow $4. This level of spending is unsustainable and places our future economic prosperity at risk.
S.B. 365, the Budget Control Act of 2011, a compromise bill that passed the House and Senate with bipartisan support, was signed into law by President Barack Obama.
Is this bill perfect? No. But we must remember that at this time last year, Congress was approving historic spending increases and accumulating record deficits. The latter increase requires Congress to reduce spending by an additional $1.5 trillion or pass a balanced budget amendment. If this doesn’t happen, automatic across-the-board spending cuts of $1.2 trillion will be triggered.
To ensure this happens we have to get responsible people elected in 2012 to turn this administration/economy around!