"I still don't believe the memo has been received" said Bob Corker in response to a question about President Obama's State of the Union address. "I know we must do things much, much, more serious and severe than were laid out last night."
Corker discussed the need for Washington to act courageously to bring spending under control during CNBC’s “Squawk Fiscal Summit.” He was member of a panel that included Senate Budget Committee Chairman Kent Conrad, D-N.D., Economist Alice Rivlin, and former Service Employees International Union (SEIU) president Andy Stern.
During the fall, Corker spoke to 43 audiences across Tennessee and delivered sobering statistics about America’s fiscal situation.
• In 2009 the federal government spent $1.4 trillion more than it took in, borrowing nearly 40 cents of every dollar.
• The gap between spending and revenue is almost four times the historic average. Even when we reach historic revenue levels, we are still projected to be spending nearly six percent more of our gross domestic product than we take in, and the gap will continue to widen.
• By 2035, on our current trajectory, our debt will reach 185 percent of GDP. If this occurs, interest payments on our debt will reach nearly nine percent of GDP – as much as we currently spend on national defense, education, roads, and all government agencies combined.
Next week Senator Corker and Senator Claire McCaskill, D-Mo., will introduce legislation to dramatically cut spending over the next 10 years.
I am proud to have Bob Corker as my Senator and think everyone needs to hear his message, especially the people of Iowa.
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Oh come on, Senator Bob Corker. You want to "cap" spending, but you certainly don't want to cap the giant campaign contributions you regularly receive from big banks like Bank of America and Wachovia and W. Allan Jones, Jones Management, and Check Into Cash.
ReplyDeleteWhere is your integrity? Did you sell it to your good friend W. Allan Jones? I hope it was worth it.