President, Republicans, Duel Over $3.6 Trillion Budget Plan[SIZE=-1]Declaring "I work for the American people," President Obama made it clear in his weekly address that he was prepared to defend his ambitious $3.6 trillion budget. Senator Richard Burr, delivering the Republican weekly address, pilloried the President's plan as an irresponsible and unnecessary response to the nation's economic woes.
Acknowledging that "passing this budget won't be easy," the President sought to draw a clear connection between his campaign and his budget.
That is the change I promised as a candidate for president.* It is the change the American people voted for in November.*And it is the change represented by the budget I sent to Congress this week.
The President claimed that the bill would target special interests to the benefit of all Americans."I know that the insurance industry won?t like the idea that they?ll have to bid competitively to continue offering Medicare coverage," Obama said, "but that?s how we?ll help preserve and protect Medicare and lower health care costs for American families."
"I know that banks and big student lenders won?t like the idea that we?re ending their huge taxpayer subsidies," he continued, "but that?s how we?ll save taxpayers nearly $50 billion and make college more affordable.*I know that oil and gas companies won?t like us ending nearly $30 billion in tax breaks, but that?s how we?ll help fund a renewable energy economy that will create new jobs and new industries."
Senator Burr said that while he "appreciated [the President's] optimism," the President's budget was too expensive.
Republicans have grappled with how best to define the cost of the government's plans, now commonly expressed in terms of billions and trillions of dollars. "The numbers are so large, and the deficits so staggering," Burr said, "it?s difficult for the average person to imagine how much money we?re talking about. We become numb to what the dollar figures really mean, or the obligation that accompanies them."
"If we just look at what our debt spending will cost us in interest payments alone, we are talking about 4 trillion dollars over the next 10 years, more than a billion dollars of interest payments every day. Think of that 4 trillion as a finance charge on your credit card bill -- you have to pay, but you get nothing for it in return. This finance charge obligates more than $52,000 for every family in America over the same 10-year period."
"Will we rise to the challenge, and make the tough choices necessary?," Burr asked in conclusion, "Or will we simply hand the obligation to our children and wish them good luck?"[/SIZE] [SIZE=-1]Subscribe now![/SIZE]Subscribe to [SIZE=-1]ConsumerReports.org[/SIZE] for expert Ratings, buying advice and reliability on hundreds of products. [SIZE=-1]Update your feed preferences[/SIZE]