President Barack Obama today asked his Cabinet to find a mere $100 million to cut from the federal budget in the next ninety days. This hollow attempt to placate a concerned citizenry represented by at least 360,000 tax day tea party attendees is an insult to taxpayers and equals less than one day of interest on the $787 billion “Stimulus” bill.
Obama's $100 Million in Spending Cuts = Less Than One Day of Interest on the "Stimulus" Bill
Here’s the math:
--The “Stimulus” bill created $787 billion in new debt
--Assume an interest rate of 5 percent
--5 percent of $787 billion = $39.5 billion
--$39.5 billion divided by 365 days = $108.2 million per day in interest generated from the debt issued to finance the stimulus package
“This is a pathetic joke”, said Grover Norquist, president of Americans for Tax Reform. This ‘cut’ is less than three thousandths of one percent of the federal budget. Penny wise, trillion dollar stupid.”