March 18, 2011

CBO numbers show the need for serious spending cuts

Antony Davies

Senior Affiliated Scholar

The CBO’s latest projections finding that President Obama’s budget will cost more than expected makes the bipartisan call from the majority of Senators, asking President Obama to take the lead on deficit cutting, all the more necessary. If politicians are serious about real budget solutions, they will need to work on long-term solutions, rather than trying to patch short-term problems.

The President initially offered to cut the budget by $6.5 billion, and Republicans responded by asking for 10 times that amount.  The truth is, we need 100 times that amount before we come close to balancing the budget. On any given day, the government spends $6.5 billion before lunch.

Working toward a balanced budget is necessary to gain control of the promises made to people in programs like Medicare, and with some Senators calling for targets for Medicare and Social Security cuts, we’re beginning to move in the right direction.

The government needs to slowly cut back on what it’s promising with Medicare, to make its future sustainable.  If we wait for the laws of mathematics to shut Medicare down for us, we will put grandma out on the street. No one wants that.  By having this conversation now, we prevent people from becoming dependent on benefits that won’t exist.