Tuesday, June 14, 2011

Joe Biden Promises $1 Trillion in Budget Cuts by the Fourth of July

Vice President Joe Biden predicted today that the deficit reduction talks he is leading will have a deal on well over $1 trillion in budget cuts to present by the July 4th Congressional recess. With a goal of cutting $4 trillion over the next decade, that's a good start but a long way left to go.

The catch is that Joe Biden may not know how much $1 trillion is. Let's hope he didn't confuse his billions with his trillions. And that he meant this Fourth of July not some year in the future.

With President Obama scheduled to play golf with Republican U.S. House Speaker John Boehner this Saturday, it may be match play for the last $100 billion. Republican Ohio Governor John Kasich will team up with Boehner, while Vice President Biden will tee up with the President.

While deficit reduction would seem a Tea Party issue, President Obama needs these cuts to make good on some 2008 election promises. Which raises the question, would Joe Biden have gotten $1 trillion in cuts out of Democratic Speaker Nancy Pelosi?

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