OPINION: Washington Myths

From The Heritage Foundation, I’m Ernest Istook.

Let’s look at Washington myths:

The U.S. Doesn’t have to default on its debts even if Congress doesn’t agree to borrow more. Annual interest payments are just over $200-billion a year, but the government’s income is over $2-trillion. So there’s plenty of money to pay interest and roll over the principal on the national debt. The real problem is that there’s an additional $1.4-trillion in annual deficit spending.

And how about tax hikes? Higher taxes were already set in motion as part of Obamacare, and most of them start in 2013. Almost a 4% tax hike on what the wealthy pay for Medicare; new taxes on medical devices; taxes on many health care insurance plans; taxes on many drugs, and even on real estate transactions. We already have big tax hikes scheduled, and they’re already killing jobs.

Why does President Obama think we need more?

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