Apparently, President Obama never got around to reading the final report of his own deficit commission. How else to explain his belief that federal spending isn’t the cause of the nation’s debt crisis?
That’s apparently what Obama told House Speaker John Boehner during their recent "fiscal cliff" negotiations.
"At one point several weeks ago," Boehner told the Wall Street Journal, "the president said to me, ‘We don’t have a spending problem.'"
That would be news to Obama’s debt commission, which in its final report made clear that spending is the driving force behind the nation’s debt crisis.
Here’s what the report said: "Even after the economy recovers, federal spending is projected to increase faster than revenues, so the government will have to continue borrowing money to spend."
The panel added, "Over the long run, as the baby boomers retire and health care costs continue to grow, the situation will become far worse."