The President, yesterday, unveiled his budget for fiscal year 2012 and forward. It is an amazing abdication of leadership. He never gets to an annual deficit below $600 billion, even in spite of rosy economic projections that are substantially higher than those given by almost anyone else. He has a number of tax increases and few spending reductions. But, the blatant omission is of any significant reform to any of the entitlement programs in spite of his comments during the State of the Union that this is necessary.
I will have more comments later in the week about the President’s newfound lack of initiative on anything. But, here is a floor speech I gave yesterday about our budget challenges and the reactions to them.