Former Obama Official Admits Deficit Problem as Republicans Fight for Conservative Budget Cuts
Steve Rattner, a former Obama administration official, recently appeared on MSNBC’s ‘Morning Joe’ to address our nation’s deficit problem. “We shouldn’t kid ourselves, we do have a deficit problem,” Rattner confessed. “The problem is the growing deficit without doing something.” Finally, someone from the left has admitted that there is a real issue with the budget – and it’s about time.
Luckily, the Republican-controlled House of Representatives has already taken steps to address the problem with the passing of HR 2811, the Limit, Save, Grow Act. This legislation has garnered strong bipartisan support and increases the debt ceiling by $1.5 trillion. Along with this, portions of the Inflation Reduction Act are repealed and new work requirements for welfare programs are established. It’s clear the GOP understands the urgency of the situation.
Rattner also brought up an important point about the budget itself. “Here’s our budget, $6.3 trillion. Moist of most of it is made up of things Congress doesn’t appropriate on a yearly basis,” he said, while pointing to a pie chart. “What we’re fighting about, what Republicans are aiming at, is this 11% slice of the budget.”
This slice includes many programs that Democrats consider to be vital, such as NASA, energy, labor, and the state department. However, if Republicans are successful in their proposed 47% cuts, these important programs will take a significant hit. But, of course, Democrats continue to demand that the debt ceiling be increased without any conditions.
Thankfully, President Joe Biden and some GOP leaders, including House Speaker Kevin McCarthy, Senate Minority Leader Mitch McConnell, and Senate Majority Leader Chuck Schumer, met to discuss the debt ceiling issue. While the meeting didn’t result in any significant decisions, it shows that everyone is aware of the severity of the issue.
It’s time for Democrats to put their political ideology aside and join with the Republican Party to enact meaningful and effective measures to improve the budget deficit. Let’s hope they realize that before it’s too late.