House Budget Committee Chairman Paul Ryan (R-WI) told his colleagues Wednesday that Barack Obama and the Democratic Senate are “deluding” themselves regarding the national deficit.
Ryan said, “It seems as if they think the heavy lifting on debt reduction, deficit reduction is behind us, we have just a little bit left and then we’re done. I really worry that our partners in government, here — two-thirds of it, the Senate and the White House — are deluding themselves in thinking this thing is taken care of.”
Ryan was reacting to Obama’s State of the Union address, in which the President said that because of spending agreements reached in 2011 and $600 billion in new tax revenue from the tax hike in January, more than $2 trillion in debt reduction has been achieved, which would “stabilize” debt growth. Ryan retorted, “The notion that we already have $2.5 trillion in deficit reduction in the bank, that we don’t have much farther to go to finish the job. This calculation does not count the spending that took place in that time.”