2013-03-01 04:12:24

Sequester Only Hope to Reduce U.S. Debt

Voicing frustration with the political games played in Washington, the Chinese-language Sing Tao Daily published an editorial arguing that the sequester cuts represent the "only hope" for achieving any kind of debt relief.

The across the board cuts, which are set to take effect March 1, offer an alternative to the seemingly hopeless notion that this deeply divided Congress will hatch a genuine debt reduction plan. The fact, as the Sing Tao notes, is that neither the White House or Congress may have no intention doing so.

Stressing that the U.S. debt -- which now stands at $16 trillion -- will impact generations to come, Joseph Leung, Editor-in-Chief of the West Coast edition of the Sing Tao Daily, stressed that paying down the debt is a must. “The truth is before our eyes," Leung wrote, "our federal government has seriously overspent."

The editorial questioned whether reaching a consensus budget was preferable to the sequester. “Every year, our federal budget is a compromise between the two parties, with no sign of our debt coming under control. It is unrealistic to believe that Republicans and Democrats can negotiate a practical debt reduction plan, considering the election cycle and term limits, which do not enforce long term responsibility.”

Leung also took to task the Obama administration, accusing the president of "playing a dishonest trick" by trying to spread fear about the sequester cuts.

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