The Budget Control Act Spending Reductions Have Vaporized
Back in August of last year, Congress passed the Budget Control Act of 2011. This raised the debt ceiling $2.1 Trillion dollars to ~$16.4 Trillion dollars. As Tyler points out, Obama will more than likely breach the new debt ceiling this year. That's not shocking, especially not to ZH readers.
And while this video isn't necessarily shocking either, it is rather maddening to see how humorous OMB Director Jeffrey Zients thinks it is to not adhere to any laws, let alone promises when putting together the Administration's newest budget proposal.
If you recall, the Budget Control Act said that if the "super committee" wasn't able to come to an agreement, there would be an automatic spending cut in the amount of $1.2 Trillion dollars over the next ten years. Well, clearly the super committee fell flat on it's ass, and therefore we should see $1.2 Trillion in debt reduction when reviewing the new budget proposal -- right? Obviously this wasn't the case. Perhaps the law has "vaporized", similar to the missing MF Global funds (and the middle class).
When asked about this at a budget committee hearing today, Zients just smirked and refused to answer the very simple question: "Does your plan spend more money over the next ten years, than the agreement in current law"
Sorry folks, we're fresh out of vomit bags, you'll have to improvise.
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