We didn’t say it; he did:
"The long-term deficit and debt that we have accumulated is unsustainable." – President Barack Obama, May 14, 2009
In an effort to save the country from economic and fiscal disaster, Republican Study Committee Chairman Tom Price (R-GA), along with RSC Budget and Spending Taskforce Chairman Jim Jordan (R-OH) and RSC Financial Services Working Group Chairman Scott Garrett (R-NJ), have introduced H.R. 3140, Reducing Barack Obama's Unsustainable Deficit Act (REBOUND). This RSC legislation makes a much needed turn in the direction of fiscal responsibility, including:
- Repeals the spending portion of the President’s “stimulus” package - saving taxpayers $460 billion;
- Leaves intact the package’s tax relief and unemployment benefits;
- Prohibits the Treasury Secretary from obligating any further TARP funds - saving taxpayers $150 billion; and
- Requires all repayments of TARP money to go exclusively to debt reduction - no open-ended slush fund.
“President Obama himself has admitted that his deficit spending is unsustainable, and the American people agree wholeheartedly,” House Republican Study Committee chairman, Rep. Tom Price said in a written statement. “As the President doesn’t seem to have a plan to deal with his deficits, the Republican Study Committee has introduced the Reducing Barack Obama’s Unsustainable Deficit Act. Our legislation will lift the taxpayer burden for the President’s failed stimulus and begin to turn the tide against the mounting tsunami of debt.”
It's now been six months since President Obama moved into the White House and in that short time, all his economic policies have fallen flat on their face. The unemployment rate has skyrocketed to 9.5%, and the stimulus package has been defined by delays, fraud, and poor management. Americans are becoming increasingly fearful about the path the country is going - the spending, the borrowing, and the government intervention.
The first step of the legislation is to cancel the spending portion of the stimulus package and recall the $460 billion that has not yet been spent. This is money that hasn’t gone out the door that can be retained.
The second step is to reclaim all unobligated TARP money so none of the remaining $150 billion can be wasted. The legislation then requires that all TARP money paid back must go directly to paying down the debt.
This simple measure will save taxpayers billions and help reduce this year’s projected $1.85 trillion deficit – by far the largest in U.S. history!
A lot of Americans are saying they want their ‘change’ back, but the truth is Obama’s into us for a lot more than pocket change. And it’s clear buyer’s remorse has set in across this country.
Isn't it time we got our change back?
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