Obama’s $100 Million in Spending Cuts = Less Than One Day of Interest on the “Stimulus” Bill

From John Kartch on Monday, April 20, 2009 3:41 PM

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.

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.”

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And demoRats charge Republicans for being fiscally irresponsible. This country will be France in no time.
>> alwaysrightwing Monday, April 20, 2009 4:21 PM Report Comment

France? More like Cuba at this rate!
>> Glen Garrad Monday, April 20, 2009 5:23 PM Report Comment

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Obama’s $100 Million in Spending Cuts = Less Than One Day of Interest on the “Stimulus” Bill

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