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Saturday, February 06, 2010

Spending More DOES NOT Equal Spending Less

From the Office of Budget and Management Blog:
A Short History of Deficit Reduction
"It’s been a day since the 2011 Budget was released, and analysts and journalists have written about what it means for individual agencies, specific issues, and states. But let’s not lose sight of the big picture. The President’s Budget represents an important step towards fiscal sustainability: it put forward $1.2 trillion in deficit reduction over the next ten years, even excluding savings from the assumed ramp-down in war funding over time. Including these war savings, the deficit reduction proposed in the President’s Budget rises to $2.1 trillion."
What? The big picture is reducing the budget by increasing our debt?
"The Administration strongly supports passage of an increase in the public debt limit. Such an increase is critically important to make sure that financing of Federal Government operations can continue without interruption and that the creditworthiness of the United States is not called into question." - White House
What? We are more creditworthy because spend more money than we have?