The Obama White House admitted today that their first budget plan they proposed a month ago was a joke. Obama White House senior adviser David Plouffe announced today that they would come out with another try later this week.
We all knew Obama punted on the deficit and debt a month ago.
Obama’s original plan would double the deficit in five years and triple it in ten years.
Investor’s reported:
President Obama plans a Wednesday speech laying out new ways to cut the deficitand address America’s long-term fiscal woes, including entitlements, White House aides said Sunday.
“You’re going to have to look at Medicare and Medicaid and see what kind of savings you can get,” Obama adviser David Plouffe said on NBC’s “Meet the Press.”
That is a tacit admission by the White House that its 2012 budget plan wasn’t serious. Obama released a plan that would double the federal debt over 10 years and steered clear of entitlements. It would put the U.S. at risk of losing its AAA sovereign debt rating in 2018, if not earlier.
Even many liberal pundits criticized Obama for essentially punting on America’s budget crisis and ignoring the work of his own Fiscal Commission.
House Budget Committee Chairman Paul Ryan’s “Path To Prosperity” is the first serious effort by a major political party to address America’s budget woes in decades. It would bring federal spending back into line with historical norms, prevent a dangerous debt spiral and eventually balance the budget, while also addressing entitlements and reducing marginal tax rates.
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