During a Senate Budget Committee hearing today, U.S. Senator Mike Enzi, R-Wyo., questioned Secretary of the Treasury Jack Lew on President Obama's Fiscal Year 2014 Budget. In his comments, Enzi discussed the rosy economic projections the Administration used in preparing its budget, the $8 trillion in new debt the president's fiscal plan would add to the national debt, and way the sequester was implemented. Below are excerpts of Enzi's comments.
"In actual dollars the president's budget increases the national debt from $17.2 to $25.4 trillion. That doesn't sound like a lot of belt tightening to me. OMB expects that the cost of servicing our national debt will exceed the costs of national defense by 2020."
"The sequester could have been done a lot more diplomatically and a lot more beneficially. I didn't appreciate the notice that went out that said it should be made painful.
"Our state had a budget deficit and the governor asked every department, agency, and program to give him a 2, 4, 6, and 8 percent reduction. He looked through those to see how consistent the reductions were in those areas and he wound up having to do a 6 percent reduction. You didn't hear a whine from the people of Wyoming that they had been significantly hurt because the governor cut the worst first. There's ways of doing that but not unless there is leadership from the White House."
"Government has a phenomenal record of being wrong."