Addressing a joint Congress last Friday September 9th, 2011, President Obama, specifically stated:
The American Jobs Act will not add to the deficit. It will be paid for. And here’s how: “{Congress} [Super-committee] (is to come up with an additional $1.5 trillion in savings by Christmas. Tonight, I am asking you to increase that amount so that it covers the full cost of the American Jobs Act}”.
Not a bad idea to pass the buck to the “Joint Select Committee on Deficit Reduction” known as the Super-committee, they surely will find another $447 billion in spending cuts, “right away” and overnight !.The President mentioned a few more times “And everything in this bill will be paid for”, when it is not.
For the Super Committee to analyze, locate and recommend $1.5 trillion in spending cuts is bad enough, finding another $447 billion is outrageous. Following congressional agreement lifting the debt ceiling, the debt ceiling was raised by $400 billion to a new ceiling of $14.7 trillion. Most of that new debt has been spent, leaving President Obama’s with no choice other than to ask for spending cuts “elsewhere”. Also, during the debt ceiling crisis, Congress passed the Budget Control Act of 2011, with the sole purpose to curb runaway spending and to provide for a Balanced Budget Amendment.
The President was not truthful, in telling the American people his version of another job creation program- “The American Jobs Act”, everything (in this bill) will be paid for. First, every item will have to pass Congress, have to become law and signed into law. One, will involve new taxes, designed to raise $400 billion plus, by limiting deductions for individuals earning over $200,000/year, limiting deductions for charitable contributions.
Just today, in testimony before the Super Committee, the Congressional Budget Office said – the CBO’s baseline projections incorporate the assumption that current law remains in place so they can serve as a benchmark for policymakers to use in considering possible changes to the law.