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After a week of withering attacks on President Obama's fiscal record, top Democrats on Sunday defended the president's plans for shaving down the deficit -- but said balancing the budget now would actually be a bad idea.
Originally posted by jjf3rd77
Voting for Obama will give you more spending and more taxes!!!!!!!
Senior campaign adviser David Axelrod, speaking on "Fox News Sunday," repeated claims that Obama's plan would cut the deficit by $4 trillion over the next decade, bringing the budget shortfall down to a point that would "stabilize" the debt.
"And then, with growth, we'll be in a position to begin reducing it further," he said...
...What's necessary is to stabilize the debt and then work from there," he said. "You can't balance the budget in the short term, because to do that would be to ratchet down the economy."
Axelrod was referring to warnings that to act too quickly to close the deficit would deprive the economy of needed federal dollars at a time when it is barely growing and is creating jobs at a still-modest pace.
A recent Congressional Budget Office report said that if tax rates rise and sweeping defense cuts go into effect as planned in January, it could result in the economy contracting by .5 percent and unemployment rising to 9.1 percent -- even though the tax hikes and defense cuts would help to close the deficit...
Originally posted by marg6043
reply to post by jjf3rd77
Well, many of us understand where the government stands right now, we have a unsustainable deficit that never will be repaid, under the type of governance we have right now.
In other words to keep the economy revolving and to avoid falling into economic chaos is with more spending.
When your generated income is less of what you have in debt, guess what, you either keep getting into debt to maintain your way of living with more spending or defaulting on that debt.
edit on 2-9-2012 by marg6043 because: (no reason given)