Yesterday, Republican Rep. Paul Ryan (R-Wis.) announced reaching a budget deal with Democrats to roll back sequester cuts and increasing the deficit back up to make trillion dollar deficits the Washington standard. Following the results of the partial government shutdown in October in which Republicans were blamed for barricades being put around the WWII Memorial and other monuments on the Washington Mall, GOP leadership wishes to avoid the next two budget battles before the 2014 mid-terms. TEA Party conservatives argue that these continued massive increases to the federal debt will lead to a financial collapse that will make Greece look like Utopia.
Democrats argue that taxes must be increased a trillion dollars a year to cover the shortfall, especially for ObamaCare funding whose mandates were supposed to help raise hundreds of billions in new tax revenue. On the O’Reilly Factor, Bill O’Reilly argued that ObamaCare, whose mandates have been pushed back one year because of the chaos of the rollout, would implode and be abolished, while John Stossel argued that government expenses don’t go away and Congress would find ways to tax and spend more to fund it. Meanwhile, Rush Limbaugh argued that most of the deficit, $85 billion a month, is being poured into Wall Street to artificially bolster the economy that he says has been devastated by Obama’s policies. Limbaugh declares that, should Republicans regain power and do away with this “quantitative easing” the economy would collapse and Democrats would blame Republicans.
Congress, under Democrat control, has increased the national debt every year since Eisenhower was president, with the exception of four years in the 90s when Republicans held Congress and balanced the budget under Newt Gingrich. Since retaking full control of Congress in 2007, and projecting to the end of Obama’s second term, Obama and the Democrats are expected to add twelve trillion dollars to the national debt. In his 2008 campaign Obama excoriated President Bush as “unpatriotic” for increasing the debt by $4 trillion during his eight year tenure.