Founded in 2010

News & Entertainment for Mason City, Clear Lake & the Entire North Iowa Region

Alexander: Obama 10-year budget never balances, adds $8 trillion to federal debt

WASHINGTON – U.S. Senator Lamar Alexander (R-Tenn.) this week said President Obama’s proposed 10-year budget for 2015 “never balances” and does not do enough to address “runaway entitlement spending” that is driving the federal government’s debt, which is more than $17 trillion.

“President Obama’s proposed 10-year budget never balances and adds about $8 trillion to the federal debt over the next 10 years,” Alexander said. “The president also failed to include a more accurate measure of inflation for adjusting entitlement spending and tax rates, a simple, fair way to fix the federal debt that he already proposed last year.”

Alexander continued, “We need to do more to fix the federal government’s more than $17 trillion debt by enacting plans like the Fiscal Sustainability Act I’ve introduced with Senator Corker, which would reduce the growth in runaway entitlement spending by nearly $1 trillion over 10 years. If we don’t make tough decisions now, we’ll have let America slip from the hands of the ‘greatest generation’ to the ‘debt-paying generation’ with nothing to show for it but the bill.”

In last year’s 10-year budget, the president proposed what is known as the chained Consumer Price Index (CPI), which Alexander said is a more accurate way to calculate inflation for entitlement spending and tax rates. The Fiscal Sustainability Act Alexander introduced with Senator Bob Corker (R-Tenn.) includes chained CPI and other reforms to reduce the growth in mandatory entitlement spending by nearly $1 trillion over the next 10 years.

0 0 votes
Article Rating
Subscribe
Notify of
guest

1 Comment
Newest
Oldest Most Voted
Inline Feedbacks
View all comments

Even more news:

Need help with your website?
Call your local professional,
Breakthrough Web Design:
515-897-1144
or go to
BreakthroughWebDesign.com

Copyright 2022 – Internet Marketing Pros. of Iowa, Inc.
1
0
Would love your thoughts, please comment.x
()
x