Sen. Thune: We can't borrow 'like there's no tomorrow'
S.D. lawmaker on hopes for president's agenda
- Duration 4:46
- Date Feb 12, 2013
S.D. lawmaker on hopes for president's agenda
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Government spending and the economy sure to play a major role in tonight's State of the Union Address as well as the GOP response.
Even -- President Obama has said the US does not have a spending problem.
A new fox poll shows Americans overwhelmingly believe the country's purse strings are way too loose take a look at this.
A whopping 83% of Americans say the federal government does have a spending problem.
South Dakota Republican senator John -- agrees saying Washington is addicted to spending your money.
At sixteen point four trillion dollars our nation's total debt is now larger than our entire economy.
This means that every man woman and child -- of 53000.
Dollar share of this debt.
That level spending is unsustainable.
The only way.
The only way to dig ourselves out of this hole and put our country on a sound financial footing is to get spending under control.
Senator John soon joins me now from the capitol senator -- President Obama won reelection in part.
Touting the same thing that got -- through his first term which seemed to involve a lot of government sending.
How do you turn that around.
Good question John and I expect tonight we'll hear in the president's address a lot about investing investing in -- and investing in that which is code for.
More spending but that should -- red flags up for all Americans because.
In order for this government to spend more.
The president is going to have to raise taxes more we cannot continue to borrow like there's no tomorrow that's what we're doing right now you look at that.
Financial picture for the country where as you said already sixteen trillion dollars in debt.
We're gonna add another ten trillion dollars over the next decade according to the Congressional Budget Office we've got to get spending and debt under control.
The president has not been serious about that and I hope tonight.
That he will get serious about controlling spending and debt and getting the economy growing again creating jobs for for working class Americans.
You said in that Republican radio address that you gave a couple of weeks ago you said that reducing our spending and debt.
Will jump start our economy and create jobs and opportunities the president season just the opposite he says you create jobs and opportunities.
By spending government money taxpayer money or money that we borrow.
And that's the great contrast that we have here John is a very different philosophy about how to get the economy growing again if you look at the last four years the president doubled down.
On growing the size of government what we have to show for who had chronic high unemployment sluggish growth massive amounts of new debt.
And if you look at the history of countries.
Throughout history you'll find that when you get debt that exceeds or debt as a percentage of your GDP exceeds a certain amount.
Then you get fewer jobs you get a start a slower economy and that's what we're seeing in this country right now our debt to GDP gross debt is now over a 100%.
That puts us in the category of countries in Europe and in obvious we don't want wanna end up like Greece that's where we're headed.
If we don't turn this around so really does come down I think the president to be willing to acknowledge we've got a debt problem we've got a spending problem.
That the 70% of the people in your survey the 83% to get it.
Get it understand that we have a spending problem the 70% seem to be here in Washington DC because -- the last place that we're getting that message across.
Also in that poll we asked people about the country's big issues what are they extremely concerned about 32%.
The number one issue.
For Americans 32% said government spending is their top issues.
The president doesn't see it that went -- Well he doesn't and again and he comes from a different very different view of the world and he really believes that government is the answer and I think the most people across the country still understand that the genius of America.
Comes from our private economy from the people out there who were.
Creating jobs and if you want to improve this the the overall standard of living withholding of life for middle class Americans the way -- you do that -- you get your economy expanding and growing again.
And the president has that approach a prescription for that that consists of growing government raising taxes and making it more difficult more expensive to -- jobs in this country.
That's the wrong prescription for the future now again I hope this evening happens.
Trying to be optimistic and hopeful about this -- the president will have a serious plan for reducing spending and debt and for -- that.
The economy and creating jobs but.
We're not holding our breath based on past experience and of course is it is you know -- the last two years the president submitted a budget to congress which hasn't received a single vote.
Republican or Democrat both voted either the house of the senate would suggest.
That he is just not serious about this issue.
It's time for him to get serious and we want to work with him when he when he does South Dakota senator John for noon today beyond thank you thanks John.