We Need Spending Controls On Obama -- Not Taxes On The Rich

Last month -- the first month of the federal government's new fiscal year -- the October deficit hit $120 billion; up 24% from $98 billion in the year prior.  On top of that, October's spending was up a whopping 16% or $42 billion from the prior year; from $262 billion to $304 billion. Together, those two percentages tell us that we are increasing spending while revenues are falling.  Or, in other words, the economy is stalling again and certainly not producing enough of the needed revenues to cover Obama's massive spending spree.

According to the number crunchers, taxing the rich would only result in about $85 billion a year in additional tax revenues; or, about $7 billion a month.  What good does it do to collect an additional $7 billion in revenues when this President keeps increasing his spending at rates that are 6 times that amount?  Even the dreaded "spending sequestration" -- which would cut federal spending by $10 billion a month -- wouldn't make a dent in the deficit when, in fact, you have year-over-year monthly spending increases of $42 billion.  You'd almost have to completely disband our military to offset the kind of increases that are we seeing and will continue to see if Obama is left unbridled.

The President is flat out lying when he says we need these higher taxes on the rich to solve our deficit problems and allow the country to spend more on other things; like teachers.  Obama spending is our deficit problem. Further, the U.S. Senate, under Harry Reid's direction, has not passed a single budget into law since Obama took office; giving Obama free rein to keep spending this country into oblivion.  Additionally, we are now approaching another debt ceiling showdown where it is expected that the President and the Democrats will ask for another trillion dollars plus in authorized debt expansion; thus pushing us well over $17.5 trillion dollars in federal debt in early 2014.  Obviously, his promise to cut the deficit in half was just another hollow campaign ploy that played well with a lot of stupid and gullible voters.

They say elections have consequences.  Well, this is one helluva consequence.

--- Reuters News: Budget deficit rises to $120 billion in October: http://ca.news.yahoo.com/budget-deficit-rises-120-billion-october-190237736--business.html

--- Washington Post: The Sequester, Explained:  http://www.washingtonpost.com/blogs/wonkblog/wp/2012/09/14/the-sequester-explained/