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IBD | Yes, Obama, There Is A Spending Problem

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."


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