Jason Furman, one of President Obama’s top economic advisers and the chairman of the White House Council of Economic Advisers, told a Wall Street Journal panel that the White House will stay out of the budget negotiations going on in DC. But then he let it be known what they want, and that Obama won’t just sign off on anything. If you’re wondering what they’re looking for, it’s more of the same – tax hikes and increased spending.
Speaking Monday at a Wall Street Journal breakfast, Mr. Furman said that while the administration prefers tax increases as part of any deal, it is up to Democrats and Republicans in Congress to try and reach an agreement ahead of a deadline next month. “We don’t want to sit here and both engage in hypotheticals and prejudge the work that they’re doing.…People know where we’re coming from,” Mr. Furman said.
Yeah, we know where they’re coming from, and it’s nowhere good. Tax receipts are at an all time high, but it’s not enough to close the deficit and start paying down the debt because they spend so much. So, of course, they want more spending.
While Mr. Furman signaled that the White House would let congressional budget negotiators do their work he also indicated that the administration wouldn’t sign off on just any budget deal. He said the White House would prefer that any deal include new spending to help boost economic growth.
“You don’t want to take the sequester and replace it with something that is just as bad or even worse,” Mr. Furman said.
We already have “even worse” and that’s over $17 trillion in debt.