White House Ignores Interest Payments in Claiming to Control Debt

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This is beyond belief: The White House has decided to make believe the interest payments required to pay back the federal debt do not exist in their claim that their budget is reducing that debt. Key quote from Senate hearings yesterday:

To justify the administration claim, [White House Budget Director Jack] Lew said the administration was merely referring to “primary balance” — or federal spending minus interest payments. Lew sought to forgive the public for their confusion. “The terminology that we use in Washington of primary balance is a little confusing,” Lew said.

“It’s because I believe it’s dishonest,” [Senator John] Ensign (R-Nevada) shot back.


One comment

  • David Hollick

    I especially like the part about the how the administration “forgives” us for “our confusion”. So the problem here is that WE aren’t smart enough?

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