Neither the Obama administration nor even Republican leaders in the House are going far enough to curb spending, says Charles Koch, CEO of Koch Industries. “In spite of looming bankruptcy, President Obama and many in Congress have tiptoed around the issue of overspending by suggesting relatively minor cuts in mostly discretionary items,” Koch writes in an Op-Ed piece in today’s Wall Street Journal
Few politicians are talking about serious cuts in military and entitlement programs, even though these areas account for about 75 percent of federal spending, Koch explains.
“Yes, some House leaders have suggested cutting spending to 2008 levels. But getting back to a balanced budget would mean a return to at least 2003 spending levels — and would still leave us with the problem of paying off our enormous debts.”
Koch’s Op-Ed article also addressed criticisms directed at his company and family for their contributions to political causes.
“For many years, I, my family and our company have contributed to a variety of intellectual and political causes working to solve these problems,” he wrote. “Because of our activism, we've been vilified by various groups. Despite this criticism, we're determined to keep contributing and standing up for those politicians, like Wisconsin Gov. Scott Walker, who are taking these challenges seriously.”
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