Tags: Barack Obama | Economic- Crisis | Priebus | Obama | economy | RNC

RNC Chief Priebus: Obama Runs Economy Like Credit Card

Monday, 09 May 2011 01:14 PM

President Barack Obama is ruining the U.S. economy because he's running up bills on a credit card that is escalating the national debt, Republican National Committee Chairman Reince Priebus says. Obama’s approval rating on the economy is at the lowest point since he took office, and even most economists are “less optimistic” about the economy, Priebus writes in an article published Monday on the conservative website The Daily Caller.

Reince Priebus, Obama, economy
Reince Priebus: U.S. "cannot spend today and budget tomorrow. (Getty Images Photo)
“These are times of great fiscal consequence; times that call upon leaders to act with purpose in a reasonable, responsible, reform-minded manner,” Priebus writes. “Americans of all political persuasions are coming to the inescapable conclusion that we simply cannot go on like this. What seems so fundamental in the minds of voters continues to elude many in Washington, namely: money runs out; debts become due; negative credit has negative consequences.”

Americans understand that the country “cannot spend today and budget tomorrow.”

“There are consequences to the culture of economic complacency that has pervaded throughout the federal government for far too long,” the RNC chairman said. “This president in particular remains intent on running up the national credit card and spending money that, quite simply, we don’t have. "

Priebus cites these facts:
  • Washington borrows roughly $4.5 billion a day to pay its bills, and 43 cents of every dollar spent is borrowed.
  • Medicare will be bankrupt in nine years.
  • "In 2040, our national debt will be TWICE the size of our economy."
“These are not Republican facts. These are not Democratic facts. These are just facts,” Priebus writes.

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