D.C. spending is hammering the dollar (Rep. Ed Royce)



Let's be honest, though.  The current path of Washington spending is hammering the dollar.  When I spoke with Federal Reserve Chairman Ben Bernanke earlier this year, he told me that "trillion dollar deficits as far as the eye can see would not be sustainable."  Well, budget numbers released last month show that we're rapidly nearing that point.  Our budget deficit for this year ($1.6 trillion) will be roughly 11 percent of our GDP -- twice the size of any year since WWII.  Earlier this week, President Obama prodded Congress to takeover the healthcare sector, a trillion dollar commitment, economists predict.  Many in the market assume that inflation is around the bend, pressuring the dollar downward, making those now holding greenbacks poorer.  The attack on the dollar, and the U.N. silly-talk, is self-invited.  We must end our fiscal bleeding. 

President Obama is bold enough to draw that line of distinction for America.

Cross-posted from the Foreign Intrigue blog.