President Obama: Do as I Say Not as I Do
FOR IMMEDIATE RELEASE
May 15, 2009
CONTACT: Ryan Murphy
(202) 225-2452 (Office)
(202) 689-4825 (Cell)
President Obama: Do as I Say, Not as I Do
WASHINGTON – Congressman Joe Wilson (R-SC) issued the following statement today after President Obama yesterday told a town hall audience in New Mexico that there were dangers to borrowing and spending too much.
President Barack Obama, calling current deficit spending “unsustainable,” warned of skyrocketing interest rates for consumers if the U.S. continues to finance government by borrowing from other countries.
“We can’t keep on just borrowing from China,” Obama said at a town-hall meeting in Rio Rancho, New Mexico, outside Albuquerque. “We have to pay interest on that debt, and that means we are mortgaging our children’s future with more and more debt.” (Obama Says U.S. Long-Term Debt Load ‘Unsustainable’, Bloomberg, 5/14/2009)
“I appreciate President Obama’s acknowledgement of the dangers inherent in his fiscally irresponsible policies,” said Rep. Wilson. “Unfortunately, holding a media event to talk about it does nothing to rein in the unprecedented borrowing and spending occurring on his watch. Republicans have repeatedly called on the president to join us in pursuit of policies that will restore some fiscal sanity in Washington. I hope, moving forward, that President Obama’s actions will match his rhetoric.”
In a recent op-ed published in the Beaufort Gazette, Congressman Wilson highlighted the consequences of the excessive spending by the Obama Administration and their Democrat allies in Congress.
“Unchecked government borrowing and spending will lead to a decline in global confidence in our currency while also inviting the prospect of higher interest rates into the economic mess. When the cost of borrowing capital becomes prohibitive, it can diminish what if any positive effect billions in government spending had on jumpstarting growth.” (We’ll Pay Price for Spending Excesses, Beaufort Gazette, 2/23/09)