President Barack Obama on Saturday congratulated Congress for restoring a requirement that the federal government spend only what it can afford — a day after authorizing $1.9 trillion more federal debt.
Obama used his weekly radio address to report that he signed into law on Friday night the legislation commonly known on Capitol Hill as “Pay-Go,” which has been used sporadically over the past 20 years by congressional budget-writers. Obama also repeated his call for $20 billion in budget cuts, a freeze in certain government spending, and the creation of a fiscal commission.
But it was the pay-go legislation that highlighted the address. Obama credited the concept with the balanced budgets of the 1990s and its abandonment for the deficits of the past decade. He signed the law as part of a larger measure that raised the government’s debt ceiling from $12.4 trillion to $14.3 trillion, as Congress authorized in a divisive vote last month. Obama’s address did not mention the debt ceiling increase.
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So - you expected Bushes deficits to end overnight? You thought the deficits could continue without raising the ceiling?
Go back to the lifts my friend. You should skip the gratuitous bitching while on vacation.
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