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'Til Debt Do Us Part ...

Family Research Council

February 5, 2010

With U.S. debt mounting faster than the snow from today's Nor'easter, the House of Representatives moved to extend its "credit limit" yesterday. By just five votes, 217-212, members made some wiggle room for President Obama's massive 2011 budget and raised the debt ceiling to the highest level in American history -- $14.3 trillion. To put the increase in perspective, the $1.9 trillion boost calculates out to roughly $6,000 per person. For some practical examples of exactly how much that is, check out the Washington Post's blurb, "How big is a $1.9 trillion? Very." Thirty Democrats seemed to agree and voted against the hike.

Believe it or not, the new debt threshold is almost triple what it was in 2001. Unfortunately, the September 11 attacks -- combined with the attacks on our wallets under Presidents Bush and Obama -- have made basic cost containment seem like the impossible dream. To be fair, this spending freefall is just the continuation of a long era of irresponsibility set in motion by the last administration. But at some point, this President has to take ownership of his own decisions -- decisions that, as the Wall Street Journal points out, have grown the public debt more in 20 months than President Bush ran up in eight years.

While Republicans paved the way for this fiscal fiasco, President Obama would be wise to borrow a page from their leader's tax policy. Instead of encouraging more debt, why not help families out of theirs? By extending President Bush's tax cuts, the White House would not only stabilize more households, but also empower parents to make the best decisions for their kids. If this administration insists on pulling that relief out from under families, taxes could increase $1,800 per person -- with 48 million married couples facing an average burden of $3,007. Instead of addressing the problem, President Obama's budget encourages homes with two working parents to shuttle their kids off to daycare, subsidized by a generous IRS tax break. It leaves families where one parent stays at home (or where other family members care for the kids) out in the cold. Join us in urging the President to make the Child Tax Credit that FRC helped create permanent for all families -- and then take it a step farther by raising it to $5,000 for every household. To add your voice to ours, stop by our new website to sign FRC's petition before it's too late!