Memeorandum didn’t give this story as much attention as they did to the “$1.6 million and $1.8 million” Republican New Gingrich received “in consulting fees” from Freddie Mac, one of the government-sponsored enterprise’s at the heart of the nation’s financial meltdown in 2008, so you might have missed the news that today, the federal debt topped $15 trillion:
Don’t look now, members of the “supercommittee” battling the national debt, but the amount the U.S. owes topped the $15 trillion mark Wednesday afternoon.
That’s a lot of George Washingtons, as you can see here live atUSdebtclock.org.
With a week until the committee’s deadline to reach agreement on cutting $1.2 trillion to $1.5 trillion from the federal deficit over the next 10 years, the Joint Select Committee on Deficit Reduction still has no agreement to stem automatic cuts to the budget.
Interesting how the article’s writer writer, Bill McGuire, spins this story, quoting at length only one supercommittee member, “Chris Van Hollen, a Democrat from Maryland”, a partisan who offers the standard Democratic boilerplate about the Republicans’ “hard line.” McGuire quotes the panel’s top GOP member as saying that Republicans had “’gone as far as we feel we can go’ on tax hikes”, but failed to put that remark in context (you know, like mentioning the “new revenues” Republicans offered, but which Democrats rejected).
Seems our friends in the mainstream media want to pin the debt on Republicans.* And yes, they do share some of the blame. But, no word in the article on the amount federal spending has increased under the watch of Barack Obama, a Democrat who, in his campaign for the White House, promised a “net spending cut.” For the record, the national debt increased by 41% since that Democrat took office (sharing power with an overwhelmingly Democratic Congress (both houses)) when it stood at $10.6 trillion.
And that Democrat still hasn’t put forward a plan to reduce the national debt. He hasn’t even offered a detailed budget to match his budget speech on April. (more…)