Wednesday, December 15, 2010

Sovereign Debt Crisis Can Happen Here

By Bill Wilson

All year long, Congress has failed to address the budget. Instead, the government is currently operating on a continuing resolution that expires in less than ten days. So, it needs to pass another one just to keep the government running, like the one that passed the House on December 8th.

The House-passed budget resolution will lock in current spending levels at $3.5 trillion until September 30th, 2011. That includes $1.1 trillion for discretionary spending, and does nothing to rein in the spiraling costs of entitlements.

Senate Democrats want to go even further by turning the continuing resolution into a 1,924-page omnibus monstrosity with even more spending, including year-long funding for ObamaCare and $15 billion to the International Monetary Fund to bail out Ireland.

This is nothing more than a transparent ploy by Nancy Pelosi and Harry Reid to negate the impact of the November elections. The American people spoke out against the unbridled spending, the growing $13.8 trillion national debt, and government overreach into all areas of the economy.

Get full story here.

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