Our national debt is at $16.5 trillion and we owe $1.2 trillion of that to Communist China, but Nancy Pelosi doesn’t think that constitutes a “spending problem.” It’s just that the government doesn’t tax you enough.
from the Hill:
House Minority Leader Nancy Pelosi (D-Calif.) on Sunday called sequestration “a bad idea all around” and urged a balance of spending cuts and closed tax loopholes to avoid it.
Pelosi rebuffed GOP calls for the sequester replacement to focus exclusively on targeting more spending cuts and entitlement reforms.
“It is almost a false argument to say we have a spending problem. We have a budget deficit problem that we have to address,” she told Fox News’s Chris Wallace on Sunday.
Pelosi added that the deficit and debt are at “immoral levels” and “must be reduced.”
The Democratic House leader said she backed a “big, bold proposal,” that targeted ending subsidies for large oil companies and eliminating loopholes in the tax code.
“It isn’t as much a spending problem as much as it is priorities,” she said, arguing that tax subsidies were a better target than additional cuts that could hit programs such as education.
Note to Nancy Pelosi: taxing the American people at 100% wouldn’t get rid of our debt. Only spending cuts will do that.