Barack Obama On Federal Deficit
Barack Obama has stated: “The cost of our debt is one of the fastest growing expenses in the federal budget. This rising debt is a hidden domestic enemy, robbing our cities and states of critical investments in infrastructure like bridges, ports, and levees; robbing our families and our children of critical investments in education and health care reform; robbing our seniors of the retirement and health security they have counted on. . . .” (US Senate speech in 2006)
Senator Obama believes in fiscal discipline and supports rules which require any changes to taxes or new spending commitments be budgeted for by new revenue, or cuts to other programs and services. Obama believes that PAYGO (pay-as-you-go) rules should be re-instated.
The federal Government needs to become more efficient and accountable, especially in the area of spending. Senator Obama will ensure competitive bidding for all government contracts over $25,000. Better pricing should be available to the federal government through coordinated high-volume purchases. He also believes government effectiveness can be improved by the enhanced use of computerized technologies and better over-all organization.
Barack Obama will evaluate obsolete federal government programs and stop funding those that are not financially sound. He also believes that oil and gas companies, which are making huge profits, should no longer be subsidized. Obama will also work to eliminate inefficient Medicare spending. He also believes subsidies to private student loan companies should end.
Senator Obama has introduced and passed special-interest group legislation requiring transparency and disclosure. Obama believes that there needs to be public scrutiny to justify spending and that the public needs to be part of the spending decisions.
