Former President Bill Clinton blamed Republicans in Congress for the state of the economy. Mr. Clinton called out the GOP as hypocrites for implementing massive tax cuts and increased spending during the Bush administration, policies that directly contributed to the present recession.
Speaking to a group of liberal group activists in Washington, Clinton said, “”Partly because the Republicans who control the House and have a lot of pull in the Senate have now decided, having quadrupled the debt in 12 years before I took office and doubled it after I left, that it’s all of a sudden the biggest problem in the world.”
The former President, who opposes spending cuts in a downward economy, again expressed his concerns with the present budget talks, and he referenced the United Kingdom and their mistake of cutting spending at a time when spending should have been increased. Clinton continued;
“In the current budget debate, there’s all this discussion about how much will come from spending cuts, how much will come from tax increases, and almost nobody is talking about one of the central points – that everyone who’s analyzed the situation makes, including the bipartisan Simpson-Bowles commission, which said you shouldn’t do any of this until the economy is clearly recovering.
“Because if you do things that dampen economic growth, and the U.K. is finding this out now, they adopted this big austerity budget, and there’s a good chance that economic activity will go down so much that tax revenues will be reduced even more than spending is cut, and their deficit will increase.”
President Obama meets today with both Republican and Democratic leaders to discuss the debt ceiling. Democrats have offered about $3 trillion in defense and other spending cuts and they have asked Republicans to agree on closing some tax loopholes that benefits millionaires and billionaires. Republicans have so far, dismissed this proposal and have demanded Democrats leave these loopholes alone.