A Quote by Jack Lew
In the budget, the president will call for a five-year freeze on discretionary spending other than for national security. This will reduce the deficit by more than $400 billion over the next decade and bring this category of spending to the lowest share of our economy since Dwight Eisenhower was president.
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President Bush, yes, spent money like a drunken sailor, and left the nation with a record $400-billion deficit. President Obama, however, is spending far more money than Bush, with a record $1.8 trillion deficit projected for his first year.
Does it sound outrageous to you that military spending for fiscal year 2000 will be almost $290 billion and all other domestic discretionary spending, such as education, job training, housing, Amtrak, medical research, environment, Head Start and many other worthwhile programs will total $246 billion, the biggest disparity in modern times ?
Domestic discretionary spending on education and health care and the environment has been growing at 2 to 3 percent a year. He says we have to rein it in, but he ignores the spending category that is the big spike in the budget.
And so we go over the cliff fiscally, and our Republican friends try to pin the blame on discretionary domestic spending, including spending for security. We pass budget resolutions that fall far short.
It is being alleged that the Federal Government is 'cutting' spending. In fact, we are not 'cutting' anything. Defense spending under this budget would rise by 4.3 percent over last year. Other discretionary spending would also rise.
When my husband was president, we went from a $300 billion deficit to a $200 billion surplus and we were actually on the path to eliminating the national debt. When President Obama came into office, he inherited the worst economic disaster since the Great Depression. He has cut the deficit by two-thirds.
If our nation goes over a financial Niagara, we won't have much strength and, eventually, we won't have peace. We are currently borrowing the entire defense budget from foreign investors. Within a few years, we will be spending more on interest payments than on national security. That is not, as our military friends say, a 'robust strategy.'
To reduce deficit spending and our enormous debt, you reign in spending. You cut the budget. You don't take more from the private sector and grow government with it. And that's exactly what Obama has in mind with this expiration of Bush tax cuts proposal of his.
The only way to reduce our national debt is to grow the economy and cut spending. We have no idea how our money is being spent. As president, I will move all agencies to zero-based budgeting so that every agency has to justify every dollar that they spend.
Of course I don't know what's going on in that meeting on in the mind of Donald Trump. But I do know one of the things President Barack Obama was struck by was how much time he spent on cyber-security as president. And one of the things he said was that, in the years ahead, the next president will be spending even more time. And cyber-security isn't a thing that goes away after this election. It's a constant flow.
Governing isn't as easy as you think. Many of you have taken pledges that are contradictory - to balance the budget and cut taxes, for example. You must be honest about the numbers, since our annual deficit now exceeds all discretionary spending combined.
With a congressional mandate to run the deficit up as high as need be, there is no reason to raise taxes now and risk aggravating the depression. Instead, Obama will follow the opposite of the Reagan strategy. Reagan cut taxes and increased the deficit so that liberals could not increase spending. Obama will raise spending and increase the deficit so that conservatives cannot cut taxes. And, when the economy is restored, he will raise taxes with impunity, since the only people who will have to pay them would be rich Republicans.
When you look at February's (2011) deficit spending alone, and the fact that it was larger than what our total deficit spending was in 2007, the proposals that the Senate is sending us simply are ridiculous, because it's not even a solution. It doesn't address the amount of spending that we have in a week's time. We need to get serious.
Under the Barack Obama rules, if you wanted to help the military, if you wanted a pay raise for the soldiers, if you wanted to buy new airplanes and new ships and more munitions, a dollar for that, you had to have a dollar domestic spending. We just broke that parity. That's the biggest victory we could have had: $25 billion year over year for our military, to begin to rebuild our military, without that kind of corresponding increase in domestic discretionary spending.
My dad challenged every president from President [Dwight] Eisenhower and Vice President [Richard] Nixon to President [J.F] Kennedy, Vice President [Lindon] Johnson to President Johnson and Vice President [Hubert] Humphrey. It`s challenging the administrations to do the right thing.
President [ Dwight] Eisenhower warned us, five star general, he said watch out for the military-industrial complex. That's a threat to our freedom, to our economy, and what we have now is a gigantic taxpayer draining empire that is devouring itself, which, as you say, it's creating more resistance, more fighting, against us oversees.
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