CNS News reported yesterday:
House Speaker John Boehner (R-Ohio) and House Majority Leader Eric Cantor (R-Va,) were not among the 72 House Republicans who signed a letter to the Joint Select Committee on Deficit Reduction–the so-called “Supercommittee”–asking the committee not to call for increasing taxes.
This is a chart from USGovernmentSpending.com which shows where the budget problem is:
It shows a dramatic rise in government spending as a percentage of the gross domestic product since about 2006 (when the Democrats took over the House of Representatives–the branch of government that controls the purse strings). Until the spending is brought down to the traditional 18 to 20 percent of the gross domestic product, we will continue to borrow (from China) 40 cents of every dollar we spend. Eventually, we will go bankrupt.
The problem is not low taxes–it is out of control spending. If the Republican leadership does not realize that, we need new Republican leadership.