Saturday, February 13, 2010

The New Era of Fiscal Responsibility

Today in his radio and Internet address, President Obama announced his signing of the “pay as you go” legislation, calling for fiscal restraint in Washington. The new law places new budget rules that will offset the growing deficit by requiring Congress to balance any increased spending by equal savings elsewhere.

Similar budgeting rules were in place by law from 1990 through 2002, when they expired. Obama argued that the absence of the requirement made it “too easy for President George W. Bush and lawmakers to run up spiraling deficits in recent years.”

By focusing more on passing massive tax cuts for the wealthy and allowing special interests to dominate Washington politics, the Bush Administration showed a clear lack of fiscal responsibility. This disregard for fiscal restraint accounts for much, if not all, of the $1.3 trillion federal deficit inherited by Obama.

“Now, Congress will have to pay for what it spends, just like everybody else,” the president also says in Saturday’s address.

It seems simple enough to understand that you cannot continue to borrow money without trying to pay in back. This applies to both individuals AND the government. Yet during the Bush administration, it appears the common sense rules of budgeting and managing a set budget did not apply.

If only our leaders and representatives focused more on finding solutions to problems rather than
on partisan tactics and party politics. Thank you President Obama for taking the first step in fixing how Washington politics are run and how our leaders chose to conduct themselves.

I only hope others realize their mistakes before it is too late.

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