Tags: excuses | economy | spending

DeMint: Obama 'Out of Excuses' on Economy

By Greg McDonald   |   Thursday, 31 Jan 2013 09:19 AM

Former Sen. Jim DeMint said Wednesday that President Barack Obama has run out of excuses for why the economy is performing so poorly and accused him of creating a false standoff with Republicans over the budget to cover up his own bad economic policies.
"It was all theater," DeMint, now head of the conservative Heritage Foundation, said of Obama's fight late last year with Republicans over the fiscal cliff deal.
"We don't have to guess at what's happening," he told Fox News' Greta Van Susteren. "It's not Republican obstruction. Fact is, the policies that the president has put in place is making it more and more difficult for businesses to succeed."

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Pointing to reports that the U.S. economy actually contracted by 0.1 percent during the last quarter of 2012, DeMint said "the president is running out of excuses.
"He can't blame the last administration because he is the last administration," he added, blaming the nation's economic problems on government spending.
"President Obama has spent more and created more debt than any president in history. Yet we've got the slowest recovery of any recovery in history."
He said it's "very clear" now, based on the last quarter's economic report, that businesses are pulling back because of uncertainty about how the president and the Congress will deal with the debt issue. He said "they were already beginning to pull back because of expected costs of Obamacare."
Adding to the problem, DeMint said, are policies that were put in place by the Democratic-controlled Congress after the housing collapse and corporate bailouts.
"The Dodd-Frank legislation that was basically a federal takeover of our financial system is making it harder for businesses to get loans," he said.
"The policies in place are hurting our economy. And even more than that, the uncertainty from the mounting debt on individual Americans is putting us in a position where it's going to be harder to dig out of it.
The South Carolina Republican insisted that only way to turn things around is for Congress and the president to agree on deeper spending cuts and other reforms to help limit the amount of money the U.S. has to keep borrowing just "to keep the lights on."

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"The goal now of the whole conservative movement is push the Congress to put our country on a path to a balanced budget," DeMint said.

"The president calls that radical. But over a 10-year period, if we don't stop spending more than we're bringing in . . . we're going to bankrupt our country."

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