Gephardt: The Government Has a “Spending Problem”
January 16th, 2013 by Mark Truman · No Comments
Over the past three decades, U.S. presidents and lawmakers from both parties have routinely used the debt-limit debate to reform government spending. So President Obama may not want to cut spending as part of the upcoming debt-limit debate, but history shows that deficit-reduction measures tied to debt-ceiling increases are about as standard in Washington as the Cherry Blossom Festival. And with the federal debt now at a mind-numbing $16.4 trillion, it’s a debate the president will have whether he wants to or not.
The government has a “spending problem” and that needs to change, former House Majority Leader Richard Gephardt told CNBC on Wednesday. “We’re spending 24 percent of GDP and we’re taking in 16 percent,” the Missouri Democrat said in a “Squawk Box” interview. Read more…
Rasmussen Reports: 30% Think More Tax Hikes Needed