Sequestration is the only way to cut spending or is it?

11/24/12
At the last increase in the debt ceiling, since Obama would not implement the Simpson-Bowles recommendations, a deal
was struck that if the debt ceiling was increased and
the problem kicked down the road another year, there
would be automatic cuts in spending(We all know the
Washington definition of a cut as a decrease in the
rate of increases in spending versus an actual cut in
spending) of one trillion over ten years. Half of this
would come from defense and half from the entitlement
programs. And the increases in taxes on everyone who actually pays taxes to pay for Obamacare. Have the increases in medical premiums for employers and employees which is causing employers to cut employees back to part time work.
“Sequestration’s the only hope we have to get spending under control,” “I would like to see adjustments made within the sequestration levels to reduce the cuts to defense spending, spending. But it’s the only chance we have to avoid a sovereign debt crisis.”
The 2011 Budget Control Act (BCA). McClintock sympathizes with that view. “I opposed the BCA because of the disproportionate focus on defense cuts,” he said. So why does he think sequestration (a set of automatic spending cuts, outlined in the 1985 Gramm-Rudman-Hollings Balanced Budget Act, that kick in if the deficit exceeds a target) is the best solution to uncontrolled spending? “It’s not the best thing we have. It’s the only thing we have,” he said, noting that negotiations to reduce spending between President Obama and Republicans (who are set to begin “fiscal cliff” negotiations Friday) have failed to produce any reductions. “I think we need to fix the disproportionate adjustments in defense spending. Failing that, sequestration is still the only tool we have. Sequestration is an agreement Congress made with itself. If we can’t even keep that agreement, we’re going to be looking at another federal credit downgrade this year.”
In 2011, Standard and Poor’s, Fitch Ratings, and Moody’s Investor Service all lowered their ratings for Federal credit. Moody’s warned of another potential downgrade in September. That budget health won’t come without major changes to spending on Social Security, Medicare, Medicaid and entitlements. “We can’t save the nation from bankruptcy without entitlement reform.”

Sources: human events, tom mcclintock,

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