With No Plan to Budget, Fed Chair Calls Target Dems' Spending Spree ‘Unsustainable’

June 10, 2010

FYI, a version of the release below went out to the following incumbent and challenger districts: John Adler (NJ-03); Jason Altmire (PA-04); Michael Arcuri (NY-24); John Barrow (GA-12); Ami Bera (CA-03); Sanford Bishop (GA-02); Tim Bishop (NY-01); John Boccieri (OH-16); Leonard Boswell (IA-03); Allen Boyd (FL-02); Rick Boucher (VA-09); Paula Brooks (OH-12); John Callahan (PA-15); Dennis Cardoza (CA-18); Russ Carnahan (MO-03); Chris Carney (PA-10); Ben Chandler (KY-06); Travis Childers (MS-01); Gerry Connolly (VA-11); Jim Costa (CA-20); Joe Courtney (CT-02); Kathy Dahlkemper (PA-03); Lincoln Davis (TN-04); Suzan DelBene (WA-08); Joe Donnelly (IN-02); Chet Edwards (TX-17); Bill Foster (IL-14); Joe Garcia (FL-25); Gabby Giffords (AZ-08); Alan Grayson (FL-08); John Hall (NY-19); Debbie Halvorson (IL-11); Colleen Hanabusa (HI-01); Denny Heck (WA-03); Martin Heinrich (NM-01); Stephanie Herseth Sandlin (SD-AL); Baron Hill (IN-09); Maurice Hinchey (NY-22); Tim Holden (PA-17); Rush Holt (NJ-12); Steve Israel (NY-02); Steve Kagen (WI-08); Paul Kanjorski (PA-11); Marcy Kaptur (OH-09); Mary Jo Kilroy (OH-15); Ron Kind (WI-03); Ann Kirkpatrick (AZ-01); Ron Klein (FL-22); Suzanne Kosmas (FL-24); Frank Kratovil (MD-01); Rick Larsen (WA-02); Bryan Lentz (PA-07); Dave Loebsack (IA-02); Dan Maffei (NY-25); Betsy Markey (CO-04); Jim Marshall (GA-08); Jim Matheson (UT-02); Michael McMahon (NY-13); Jerry McNerney (CA-11); Walt Minnick (ID-01); Harry Mitchell (AZ-05); Chris Murphy (CT-05); Patrick Murphy (PA-08); Glenn Nye (VA-02); Bill Owens (NY-23); Ed Perlmutter (CO-07); Tom Perriello (VA-05); Gary Peters (MI-09); Earl Pomeroy (ND-AL); Steve Pougnet (CA-45); Nick Rahall (WV-03); Ciro Rodriguez (TX-23); Mike Ross (AR-04); John Salazar (CO-03); Loretta Sanchez (CA-47); Mark Schauer (MI-07); Kurt Schrader (OR-05); Dan Seals (IL-10);Carol Shea-Porter (NH-01); Ike Skelton (MO-04); Zack Space (OH-18); John Spratt (SC-05); Betty Sutton (OH-13); Harry Teague (NM-02); Dina Titus (NV-03); Manan Trivedi (PA-06); Niki Tsongas (MA-05); Tim Walz (MN-01); Tom White (NE-02); Charlie Wilson (OH-06); David Wu (OR-01) and John Yarmuth (KY-03).

With No Plan to Budget, Fed Chair Calls Schrader’s Spending Spree ‘Unsustainable’
Bernanke Says Decisive Action Needed, but Democrats Continue to Spend at Will

The nation’s chief economist warned yesterday that America’s fiscal path is unsustainable and called for swift action to manage a growing national debt crisis, but Kurt Schrader and his fellow Democrats still refuse to do the necessary work to lead the country back to fiscal stability. While Schrader and his colleagues still refuse to create a budget for the upcoming fiscal year, Federal Reserve Chairman Ben Bernanke testified to the House Budget Committee yesterday that it’s time for Congress to act:

“Federal Reserve Chairman Ben Bernanke said on Wednesday that Congress needs to develop a plan to manage the nation’s burgeoning debt, because the federal budget “appears to be on an unsustainable path.”

“Testifying before the House Budget Committee on the state of the economy, Bernanke urged lawmakers to take decisive action to show investors that the country can get back on the right financial path.” (Simmi Aujla, “Ben Bernanke: Federal Budget ‘Unsustainable,'” Politico, 6/10/10)

During the same hearing, Bernanke told Congress that Democrats could tackle the deficit by cutting spending – if they wanted to:

Rep. Gerry Connolly (D-VA): “Is there enough spending to be cut?”

Federal Reserve Chairman Ben Bernanke: “Well, of course.”

Connolly: “National defense? Homeland security?”

Bernanke: “That’s your judgment. That’s the Congress’s judgment.” (Bernanke testimony to the House Budget Committee, 6/9/10)

As Democrats continue to convince themselves that the country doesn’t need a plan to deal with $13 trillion in national debt and a ballooning deficit, voters think otherwise. According to a Gallup survey released last week, key swing voters see the federal deficit as the top issue that is threatening the country’s well being:

“The federal budget deficit ranks as the top issue concern for independents — 42% call it extremely serious — thus aligning independents closer to Republicans than to Democrats on this issue.” (Lydia Saad, “Federal Debt, Terrorism Considered Top Threats to U.S.,” Gallup, 6/4/10)

“Americans are desperate for a plan to lead the country out of its growing fiscal crisis, but Kurt Schrader continues to toe the party line as Democrats refuse to do the business of governing,” said NRCC Communications Director Ken Spain. “As the debt continues to grow, Oregon taxpayers are looking to Schrader to restore fiscal sanity in Washington. Unfortunately, all they’re getting is another loyal Democrat who refuses to stop spending while the country’s long-term stability is on the line.”