Big Budget, Big Debt Could Be Big Trouble

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WASHINGTON -- As lawmakers prepare to return from a winter break, one of their top priorities will be tackling President Obama's huge new federal budget.

The President insists one of his goals is to rein in spending. But with Congress in control of the purse strings, that may be easier said than done.

Brian Riedl, lead budget analyst at The Heritage Foundation, is well-known for interpreting and explaining the often difficult aspects of federal budget policy. Riedl appeared on Thursday's edition of The 700 Club to talk more about how the President's plan could burden American families even more.  Click play to watch the interview.

 At a time when most Americans are trimming their budgets, Obama's proposed plan for next year's federal government is bigger than ever: $3.8 trillion. 
 
Still, with a record $1.6 trillion federal budget deficit, the president also said it's time for America to stop going into debt. 

"We won't be able to bring down this deficit overnight, given that the recovery is still taking hold and families across the country still need help," Obama said in early February.
 
Many lawmakers on the right and the left agree with the President's call to rein in the deficit. But that's about where it ends.

The 2011 budget roll out got off to a rough start as soon as it came off the presses Feb. 1. It immediately met resistance from Republicans.
 
Rep. Michele Bachmann, R-Minn., complained that Obama's first budget had more red ink than all the budgets of every other president combined, from George Washington to George W. Bush. The new budget will have a deficit even larger than the 2010 budget.
 
Bachmann, a former federal tax attorney, also warns that Obama's proposed deficit will weaken America's global competitiveness.

"We're competing against China, India, other economies around the world, and what we don't want to do is so cripple and hamstring ourselves by this sea of debt that we're drowning in that we can't compete anymore," she said.
 
But it's not just Republicans complaining.  The budget has also run into trouble with Democrats on Capitol Hill.  Many are concerned about how some of the proposed cuts in the budget, including a three-year freeze on non-security related spending could mean less money for their states.

 

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