Democrats Decide Federal Deficit is Too Much – Now That They See Political Whiplash on Horizon
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Tomorrow is Election Day, or judgment day for some, in the states of New Jersey and Virginia. Both Democratic Governors are up for reelection, and both are trailing in the polls. Gov. Corzine of New Jersey is in the race of his life against Republican candidate Chris Christie. In Virginia, it is predicted to be a landslide victory for Republican Bob McDonnell.
Reading the signs, not to mention seeing thousands protest in the “tea party” demonstrations, some Democrats now believe that perhaps racketing up the largest deficit in U.S. history isn’t such a smart thing after all, and maybe Americans really are serious about their economic views for the country.
Treasury Secretary Timothy F. Geithner acknowledged Sunday on “Meet the Press” that the federal deficit was too high but said the Administration had economic growth and job creation as its top priorities right now.
“Right now we’re focused on getting growth back on track,” he said on air. “A lot of damage was caused by this crisis. It’s going to take some time for us to grow out of this. It could be a little choppy,” he said.
Unemployment hit a 26-year high of 9.8 percent in September, and the October report, due Friday, could show it topping 10 percent. “Unemployment is worse than almost everybody expected,” Mr. Geithner said. “But growth is back a little more quickly, a little stronger, than people thought.”
Democratic lawmakers in Washington have proposed putting together a bipartisan commission to reduce the federal deficit. The deficit for the fiscal year that ended Sept. 30 was $1.4 trillion, and the combined deficits projected over the next decade would add close to $9 trillion to the national debt.
The proponents for the commission are pressing for a Senate vote this month. “If we have the same process and the same people, we are going to get the same results,” said Senator Evan Bayh (D – IN) who recently met with Mr. Obama to discuss the idea. “The Democratic Party wants to spend more than we can afford; the Republican Party tends to want to cut taxes more than we can afford. So we are stuck.”
“It is imperative that we act,” said Senator Kent Conrad (D – ND) who is chairman of the Senate Budget Committee and supports the idea of a deficit cutting commission. “The default position now is to take care of things by not paying for them. We are no longer in a position where we can continue to do that.”
Senator Judd Gregg (R – NH) announced that Republicans were “openly in support of it. It would be a very significant step in the right direction,” he said, and “send a definitive signal to the markets and the American people that we are finally serious.”
Joining in on the call for more responsible spending is prominent Democrat Russ Feingold from Wisconsin. The Senator is submitting provisions that he says would reduce the deficit by $500 billion in 10 years.
“The message from taxpayers is clear – we must cut programs that do nothing but drain taxpayer dollars and institute reforms to prevent wasteful spending in the future,” Feingold said.
Mid-term elections will be held in one year. The risk of losing their seat in Washington seems to motivate elected officials to return to ideals and values such as faithful stewardship, responsible spending, and proceeding with honesty and integrity.
TheAmericano/Agencies
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