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House Republicans submit new budget proposal
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Wisconsin Representative Paul Ryan and other House Republicans have drafted an alternative budget. The Republican sponsored budget calls for the opposite course of action than the budget proposed by President Obama. It seems that Rep. Ryan has studied history and learned to choose the path of Reagan and shun the economic policies of Carter. The GOP Sponsored bill calls for halting spending and reducing taxes.
Ryan said Obama's budget "is little more than a thinly veiled attempt by Washington to spend its way into prosperity, tax its way into tax relief, and borrow its way into debt reduction."
Although the Republican plan, in my opinion makes more sense and has a greater chance of working, it has no chance to be passed into law. Unfortunately, the House Republicans do not have enough votes to pass their budget, nor do they have the votes to stop Obama's budget from passing.Given the recession and the financial crisis, the budget outlook has become truly bleak, with the deficit for the current budget year expected in the $1.7 trillion range and the deficit for 2010 seen at between $1.2 trillion to $1.4 trillion, depending on whether additional financial bailout funds are approved. Obama's budget, according to the Congressional Budget Office, would produce unsustainable deficits that never go below 4 percent of the size of the economy. The alternatives offered by House and Senate Democrats would do somewhat better.
There is no easy answer to get us out of this economic quagmire. One of the comments to my last article (unitethegop) referenced a bill before the House entitled Federal Reserve Transparency Act of 2009, H.R. 1207. This bill needs our support to be passed. Essentially this bill requires a full audit of the Federal Reserve, for the FIRST TIME in the history of the Federal Reserve. We would actually see where our money is being spent. This bill is essential for our time in history. The time has come for all of us to get our financial houses in order, most especially the Federal Government. Please contact your representatives and encourage them to pass H.R. 1207. Let's make our government be responsible to "We the People".
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