Reason 7 to Vote Obama: It’s Fiscally Responsible

This is the 7th installment of my planned 18 reasons to vote for Obama.  Since the early 2000s Republicans have controlled both the Presidency and Congress. Their fiscal legacy has been a shameful one of borrowing and spending. They’re not spending our money so much as they are spending the money of our children and grandchildren. Barack Obama will work with Congress to reverse that replacing massive tax cuts combined with massive, war-driven spending increases with the pay-as-you-go system that brought us a government surplus in the 1990s.

From his website, here are some of Obama’s plans:

• Reinstate PAYGO Rules: Obama believes that a critical step in restoring fiscal discipline is enforcing pay-as-you-go (PAYGO) budgeting rules which require new spending commitments or tax changes to be paid for by cuts to other programs or new revenue.
• Reverse Bush Tax Cuts for the Wealthy: Obama will protect tax cuts for poor and middle class families, but he will reverse most of the Bush tax cuts for the wealthiest taxpayers.
• Cut Pork Barrel Spending: Obama introduced and passed bipartisan legislation that would require more disclosure and transparency for special-interest earmarks. Obama believes that spending that cannot withstand public scrutiny cannot be justified. Obama will slash earmarks to no greater than year 2001 levels and ensure all spending decisions are open to the public.
• Make Government Spending More Accountable and Efficient: Obama will ensure that federal contracts over $25,000 are competitively bid. Obama will also increase the efficiency of government programs through better use of technology, stronger management that demands accountability and by leveraging the government’s high-volume purchasing power to get lower prices.
• End Wasteful Government Spending: Obama will stop funding wasteful, obsolete federal government programs that make no financial sense. Obama has called for an end to subsidies for oil and gas companies that are enjoying record profits, as well as the elimination of subsidies to the private student loan industry which has repeatedly used unethical business practices. Obama will also tackle wasteful spending in the Medicare program.

Make the Tax System More Fair and Efficient

• End Tax Haven Abuse: Building on his bipartisan work in the Senate, Obama will give the Treasury Department the tools it needs to stop the abuse of tax shelters and offshore tax havens and help close the $350 billion tax gap between taxes owed and taxes paid.
• Close Special Interest Corporate Loopholes: Obama will level the playing field for all businesses by eliminating special-interest loopholes and deductions, such as those for the oil and gas industry.

And Obama has more than plans. He’s already been doing his part by:

• PAYGO: Obama voted in 2005, 2006, and 2007 to reinstate pay-as-you-go (PAYGO) federal budget rules.
• No-Bid Contracts: Obama has introduced and helped pass bipartisan legislation to limit the abuse of no-bid federal contracts.
• Against Raising the Federal Debt Limit: In 2006, Obama voted against misguided Republican efforts to raise the statutory debt limit at the same time the Republicans were pushing through massive debt-financed tax cuts for the wealthy.

So, if you want the government to stop spending your grandchildren’s money, elect Senator Obama as President and give him a Congress that will get back to spending within our means by matching spending to revenues.