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 “sequestration”March 4, 2013 By Terence P. Jeffrey (CNSNews.com) - During the month of February--as President Barack Obama was warning Americans they would see dramatic effects in their lives if “sequestration” of some planned federal spending kicked in--the federal government’s debt climbed by $253.5 billion. That one-month increase in the debt was nearly six times as much as the $44 billion in spending cuts the Congressional Budget Office estimates will take place in all of fiscal 2013 as a result of sequestration. At the close of business on Jan. 31, 2013, the federal debt was $16,433,791,850,294.04, according to the U.S. Treasury. At the close of business on Feb. 28, 2013, the federal debt was $16,687,289,180,215.37. Thus, the federal debt increased $253,497,329,921.33 during the month. In its Budget and Economic Outlook for Fiscal Years 2013-2023, published in February, the CBO explained that only $44 billion in planned federal spending will be cut during this fiscal year as a result of sequestration. The CBO also says additional cuts that will be “attributable” to fiscal 2013 will actually take place “in later years”—not in fiscal 2013. “By CBO’s estimate, budgetary resources for defense (other than spending for military personnel) will be cut by around 8 percent across the board, and nondefense funding that is subject to the automatic reductions will be cut by between 5 percent and 6 percent,” said CBO. According to that estimate, discretionary outlays will drop by $35 billion and mandatory spending will be reduced by $9 billion this year as a direct result of those procedures; additional reductions in outlays attributable to the cuts in 2013 funding will occur in later years.” The combined $35 billion in discretionary cuts and $9 billion in mandatory cuts—or $44 billion--that will actually take place this year equal approximately one-sixth of the new debt the federal government accumulated in February. Bottomline: In February alone, the government borrowed nearly 6 times as much as it intends to save with the sequester over the rest of the fiscal year. cnsnews.com |
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I was wrong. (way wrong) Not only is this sequestration not a cut, it is only a reduction in the planned increase in spending. This year we will spend more than last year, even with the sequestration "cuts". Our debt will continue to go up about another trillion dollars. Our budget deficit will remain nearly a trillion dollars this year. The president will continue to not accept the authority to prioritize where the "cuts" will be made in order to maximize the most amount of pain possible on the public... punish them until Republican vote for tax increases. They have already released about 2000 criminal illegal aliens in Arizona for that very purpose. Does anyone wonder why the public feels this administration is immoral and corrupt? |
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Also I'm tired of his casual and laid back routine. His "open" white house and "open" administration and his rolled up sleeves, no tie and no blazer 98% of the time. I'm totally against any and all defense spending cuts though. Terrible idea. We're keeping PBS and other nonsense but cutting defense spending? Give me a break. |
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