Breaking News: If you voted for a "tea party" congressman in 2010
Congratulations on not knowing how this works.
We have to commit to paying our debt BEFORE we change the way we spend our money. Failing to do so will have devastating consequences on our already battered economy.
And it's not just about spending, it's also about revenues. 15% of GDP is collected in taxes, yet we spend 24%. Other nations collect far more (39% for the UK; 40% for Germany, etc) so the whining about our taxes being too high is a little short sighted because it's never put in context. We cannot continue to provide misguided tax credits and expect to have enough revenue to cover our expenses.
BOTH revenue and spending need to be addressed which was exactly the position the Obama and Boehner started from. But now, through rhetoric and party politics, we have gotten to a point where we risk defaulting on debts that have ALREADY been incurred. People that blame Obama for this are durab, as are people that blame Bush:
The spending has been going on for a decade from both presidents. Our current fiscal budget is the result of commitments made by both men for military and stimulus spending, it's spending that was voted for by both parties and it was ratified into law under both administrations. Now that the bill is due people are squabbling about paying it due to sticker shock and political granRABtanding.
It's fucking retarded.